France’s AMF Blacklists 7 Forex and 3 Crypto Entities

The Autorité des marchés financiers (AMF), alongside the Prudential Supervisory and Resolution Authority (ACPR), have today updated their warning lists to include a suite of entities that are operating in France without the proper authorization.

This Tuesday, the French regulator has identified websites that are operating in the foreign exchange (forex) and cryptocurrency markets without having the proper authorization. Specifically, the AMF has flagged seven FX entities and three crypto websites.

The new unauthorized players that have recently been identified by the watchdog are:

• www.capitaltradefx.com / Capital TradeFx Ltd
• www.fargo-global.com / Fargo Global Limited
• www.grandcapital.net / Grand Capital Ltd
• www.hqbroker.com / HQ Broker
• www.investors-strategy.com/reussir-your-investments/ / Kito Marketing
• www.lh-broker.com/Larson and Holz IT Ltd
• www.lockwoodinv.com / Elit Property Vision Lt

For the crypto space, the websites are as follows:

• www.cryptoprofx.com
• www.interactifonline.com
• www.lh-crypto.com

“Be careful, these lists are updated regularly but are not intended to be complete because new unauthorized actors appear regularly,” the statement from the AMF said.

“To ensure that the intermediary who offers you financial products or services is authorized to operate in France, you can consult the list of authorized investment service providers (https://www.regafi.fr) or the list of authorized intermediaries in the Financial Investment Advisor (CIF) or Participatory Investment Advisor (CIP) category (https://www.orias.fr/search).”

AMF: scams are moving from FX to crypto

Scams within the FX and crypto space remain a real threat to consumers in France. As Finance Magnates reported, the French regulator revealed earlier this year that fraudsters are moving away from selling binary options and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and towards Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

In 2016, the AMF wrote in its report that it received 3,768 requests from retail investors pertaining to FX and binary options scams. In the same year, just 18 requests were related to cryptocurrencies.

Fast forward to 2018, and only 968 consumer requests were related to FX and binary options. Conversely, 2600 demands were made regarding cryptocurrencies.

“The rapid and large-scale deployment of these offerings and their impact has led to questions about phishing techniques deployed by networks of clearly structured, organized and agile individuals,” the AMF said in its report.