Making sure no US residents are accepted as clients is one of the top priorities of any offshore broker who wants to remain in business. Now we are given another example of this, as the U.S. Commodity Futures Trading Commission (CFTC) is again going after a broker for having American traders. The London Summit 2017 is coming, get involved! [gptAdvertisement] The CFTC has filed a lawsuit against Tallinex for allegedly accepting US clients without being licensed to do so. According to the allegations, the broker collected over $1.5 million in deposits from US-based FX traders between September 2012 and at least September 2016. According to its website, Tallinex operates in the jurisdiction of St Vincent and the Grenadines. It promises a true ECN/STP brokerage with a PrimeXM FX bridge to Integral's FX Grid system. Tallinex provides the MetaTrader 4 (MT4) ) platform in 32 languages including English, Swedish, Russian, Finnish and Estonian. Importantly it also warns: "Tallinex does not operate within the United States of America or Canada, nor does it solicit residents of those countries, nor of Puerto Rico, Guam, American Samoa, Northern Mariana Islands, Virgin Islands (US), United States Minor Outlying Islands, Finland, Estonia or St Vincent and The Grenadines in relation to the provision of retail Forex services." As we can see, this warning was not enough to protect the firm from the long arm of American law. Actively searching for US ties among new leads wishing to trade with your brokerage and banning them is a necessity if you want to be safe.
Making sure no US residents are accepted as clients is one of the top priorities of any offshore broker who wants to remain in business. Now we are given another example of this, as the U.S. Commodity Futures Trading Commission (CFTC) is again going after a broker for having American traders. The London Summit 2017 is coming, get involved! [gptAdvertisement] The CFTC has filed a lawsuit against Tallinex for allegedly accepting US clients without being licensed to do so. According to the allegations, the broker collected over $1.5 million in deposits from US-based FX traders between September 2012 and at least September 2016. According to its website, Tallinex operates in the jurisdiction of St Vincent and the Grenadines. It promises a true ECN/STP brokerage with a PrimeXM FX bridge to Integral's FX Grid system. Tallinex provides the MetaTrader 4 (MT4) MetaTrader 4 (MT4) MetaTrader 4 (MT4) functions as a comprehensive platform for trading foreign exchange (FX), analyzing financial markets, and using expert advisors. Despite the emergence and adoption of the newer MT5 variant, MT4 has remained the dominant and de-facto platform utilized by brokers since its release by MetaQuotes Software since 2005.MT4 is widely used in the online retail foreign exchange space by traders. The software is licensed to FXbrokers who provide the software to their clients and consists MetaTrader 4 (MT4) functions as a comprehensive platform for trading foreign exchange (FX), analyzing financial markets, and using expert advisors. Despite the emergence and adoption of the newer MT5 variant, MT4 has remained the dominant and de-facto platform utilized by brokers since its release by MetaQuotes Software since 2005.MT4 is widely used in the online retail foreign exchange space by traders. The software is licensed to FXbrokers who provide the software to their clients and consists Read this Term) platform in 32 languages including English, Swedish, Russian, Finnish and Estonian. Importantly it also warns: "Tallinex does not operate within the United States of America or Canada, nor does it solicit residents of those countries, nor of Puerto Rico, Guam, American Samoa, Northern Mariana Islands, Virgin Islands (US), United States Minor Outlying Islands, Finland, Estonia or St Vincent and The Grenadines in relation to the provision of retail 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 services." As we can see, this warning was not enough to protect the firm from the long arm of American law. Actively searching for US ties among new leads wishing to trade with your brokerage and banning them is a necessity if you want to be safe.
