Vittaverse Joins Financial Commission amid Growing EDR Demand in FX

Thursday, 18/01/2024 | 11:26 GMT by Tareq Sikder

Clients can access Financial Commission services, including €20,000 protection per complaint.

As of January 18, Vittaverse officially holds the status of an approved broker member of the Financial Commission.

Vittaverse has been officially welcomed as the newest approved member of the Financial Commission, highlighting the growing interest in independent external dispute resolution (EDR) services within the foreign exchange industry. This announcement solidifies Vittaverse's commitment to providing a secure and transparent trading environment for its clients.

Financial Commission's Evolution from Forex to CFDs and Beyond

The approval of Vittaverse's membership application, effective from January 18, 2024, allows the company and its customers to access a range of services provided by the Financial Commission. Notably, this includes protection for up to €20,000 per submitted complaint, supported by the Financial Commission's Compensation Fund.

The Financial Commission, as an impartial third-party mediation platform, stands at the forefront of facilitating efficient dispute resolution for participants in CFDs, forex, and cryptocurrency markets. Offering an alternative to traditional regulatory channels, such as arbitration or local court systems, the Commission's role is invaluable in overcoming challenges arising from direct agreements between involved parties.

Functioning as an independent EDR organization, it extends its services to consumers and traders unable to directly resolve disputes with their financial services providers. Originally focused on addressing issues in electronic markets like Foreign Exchange, the Commission has expanded its purview to cover CFDs, derivatives, and the certification of technology platforms in trading.

CSA Removes Financial Commission from 'Investors Alert' List

Finance Magnates reported earlier that the Canadian Securities Administrators (CSA) removed the name of the Financial Commission (FinCom) from its 'Investors Alert' list after resolving misunderstandings. The CSA had previously labeled FinCom, a self-regulatory and dispute resolution body in the financial services industry, as fake along with ten other names in June 2023.

The Financial Commission immediately challenged the warning through legal means. The CSA did not provide reasons for initially listing FinCom or for its removal, which appeared to be related to a clone scam involving fake details of legitimate financial services firms deceiving investors. The Blockchain Commission, FinCom's blockchain unit, is now dormant. Social media has been identified as a contributing factor to the rise of such clone scams.