5 Websites Added to France's AMF Blacklist

Frances financial watchdog, the Autorité des Marchés Financiers (AMF), maintains an evolving blacklist, continuously expanding to encompass new websites and entities that offer unconventional investment opportunities lacking proper authorization.

Highlighting its ongoing vigilance, the AMF has exposed multiple unregulated forex brokers operating under various brands before wrapping up 2023, delivering professional investment services to French clients without the mandated authorization, constituting a legal offence. The rationale behind this sweeping measure is the suspicion of potential scam operations, prompting the denial of licenses for engaging with French clientele.

Since the beginning of 2023, the AMF has appended ten unregulated sites. Commencing in 2017, the blacklist has ballooned to encompass over 400 unauthorized online addresses, reflecting the regulators escalating scrutiny.

In 2022, the French regulatory body added 49 Forex investment entities to its watch list, a reduction from 61 in 2021. Notably, the number of blacklisted websites dealing with crypto-asset derivatives drastically plummeted to a mere two, in contrast to the 24 added the previous year.

Beyond the absence of proper authorization, these brokers have been flagged for unsolicited communication tactics, including unwarranted calls and emails offering online trading, financial guidance, and credit services to locals.

The AMFs active oversight extends to crypto-related activities, encompassing warnings alongside strict prohibitions on advertising and disseminating cryptocurrency derivatives. While familiar bans on specific offerings endure, the update underscores that advertising crypto derivatives necessitates compliance with a defined set of regulations by brokers offering such products.

Despite claims of being based in France, many firms listed in the AMF's blacklist provide false addresses and operate internationally, spotlighting the persistent challenge of crypto-related fraud in Europe.

The registry includes the following domain names: bouchonpourpre.com, espace-financiereclc.com, financiereclairac.com, financierehlc.com, and malinsplacements.fr/or.

The AMF has continuously received reports of victims ensnared in scams promising shares in listed companies via fraudulent platforms masquerading as authorized “savings account” providers, urges public caution. It warns against stock recommendations on social media and messaging apps, often originating from overseas 'brokers', notorious for peddling high-risk or valueless shares through persistent and convincing sales tactics, resulting in significant investor losses.

Additionally, the AMF identifies another prevalent scam involving “pump and dump” schemes, where fraudsters manipulate penny stocks' prices by circulating fictitious yet positive information, such as claims of detecting coronavirus cases or developing cures, leading to potential financial deception.

To avoid falling into the trap of such schemes, download the free WikiFX mobile application or visit www.wikifx.com to conduct thorough due diligence before engaging with any financial service provider online. It is always better to be safe than sorry. You have nothing to lose – the almighty global forex regulatory query platform, WikiFX, is free anyway!