CFTC Pursues Bogus Entities Claiming to be Registered with the Commission

The Commodity Futures Trading Commission today announced it has filed charges against 14 entities for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED). The bogus platforms claimed to be located in the United Kingdom, Sweden, North Dakota, New York, California, and Arkansas.

Each complaint filed against the scofflaws seeks an order directing the respondent to cease and desist from committing violations of the Commodity Exchange Act (CEA) and CFTC regulations.

The problem is not just for consumers in the US but is a global issue with all regulators battling fake websites claiming to be something they are not.

A list of the platforms were compiled beginning in January 2023.

  • Bit Block FXtrades
  • Bit Trading
  • Cross Trade FX
  • Fast Option Subdivision
  • Prime Finance Network
  • TFX Trading
  • Trust Pay Market
  • Voltfxtrade

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