Broker Updates During Nov. 23-29

Vietnam

ScammerArrested

1. Matthew Piercey, the man behind two investment companies – Zolla and Family Wealth Legacy was apprehended by FBI agents in Sacramento on charges of wire fraud, witness tampering, mail fraud and money laundering, which has misappropriated around $35 million worth of investor funds, as stated by the US court.

Hack Attack

2. An e-commerce platform, Origin Protocol, has reported a hack which has resulted in around $7 million. Out of these funds, $1 million belonged to Origin founders and staff.

Business Expansion

3. CFI Financial Group, a multi-regulated FX and CFDs brokerage firm, has brought the total number of products available to over 1500 instruments. It has expanded its service offering and trading products by incorporating new CFDs into stocks and ETFs.

ActivitiesTermination

4. Cypriot brokerage operator, Coverdeal Holdings Limited is renouncing its Cyprus Investment Firm (CIF) license and has terminated all its activities.

Indonesia

EntityBlocking

5. Commodity Futures Trading Supervisory Agency (Bappebti) of the Ministry of Trade has blocked 299 sites of illegal entities in the field of commodity futures trading (CPB) throughout the year. Head of Bappebti, Tjahya Widayanti, revealed that the blocking was carried out to create fair business competition and protect the public from harmful illegal spending investments.

Forex DemoTool

6. To make it easier for anyone to do forex business, online brokers even provide demo versions of transaction support software. This demo tool provides a clearer picture of how the foreign exchange transaction business is running. One of the online forex service providers and demo facilities is Cyber Futures Forex (www.cfforex.com).

Top Brokers

7. Joining an illegal broker will obviously make you lose,so as a trader you should be able to choose a trusted broker. It doesn't have to be an international broker. In this country it seems that there are qualified brokers with world-class quality who are certainly regulated by BAPPEBTI. The four best and worthy brokers are Octa.id, HSB.co.id, GKFX, MIFX.com.

Forex Training

8. The difficult conditions caused by Covid-19 pandemic have motivated the broker “FX Primus” and the training institute “9 Academies” to be more active in holding forex business training. These two interrelated institutions work together to invite people to pursue businesses that can be done at home or anywhere.

Even though the Covid-19 pandemic has made their customer number increase by itself, but that doesn't mean they have to be passive or not provide education to attract the public to become customers.

Thailand

WebsitesBlacklisted

9. Malaysias financial regulator has blacklisted yet another group of FX and cryptocurrency websites, citing their brands are not authorised to operate in the country.

Firstly, the Securities Commission (SC) said Midtou Global, and its associated brands MFG Global and Midtou Global Financial, are carrying out unlicensed capital market activities. Midtou Financials is the forex trading arm of Indonesia-based Midtou Global Financial Group.

Japan

Transaction Data

10. Monthly Data (Retail OTC Currency Binary Option)

The table below reported by FFAJ members serves as a summary of monthly transactions of Retail OTC Currency Binary Option. A “Currency Binary Option” refers to a binary option whose underlying asset is a currency exchange rate or a currency index. A “Retail Binary Option” is the one that is governed and under the supervision of FFAJ's “Over-The-Counter Binary Options with individual business conduct rules”.

Commonwealth of Independent States (CIS)

Partnership Expansion

11. Forex broker FxPro decided to expand its partner network during the pandemic. The terms of the program are available to a wide range of people who consider the referral system as a business option on the Internet. The company is ready to consider as candidates the owners of websites on financial topics, channels in popular messengers and other interested parties.

Acts Amendments

12. In connection with the increased frequency of complaints about forex and pseudo brokers, representatives of the financial supervision agency of Kakhakhstan announced the introduction of amendments to a number of normative acts. In the near future, licensing of Forex intermediaries may become mandatory.