United States:
CFTC Sues Offshore Foreign Exchange Dealer
08 August 2018
Cadwalader, Wickersham & Taft LLP
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The CFTC filed a civil enforcement action against an
offshore company operating from Saint Vincent and the Grenadines
and Bulgaria for acting as an unregistered retail foreign exchange
("forex") dealer without being registered and for failing
to provide customers with a Risk Disclosure Statement.
In the Complaint, the CFTC alleged that the offshore
company (i) used its website and videos on YouTube to solicit
customers to open retail forex trading accounts and (ii) acted as
the counterparty on leveraged forex transactions for U.S.
customers.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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