Release Number 8693-23
CFTC Charges 14 Entities for Fraudulently Claiming to be Registered with the Agency
April 21, 2023
Washington, D.C. — 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 entities, which claim to be based in the United Kingdom, Sweden, North Dakota, New York, California, and Arkansas, are Betatradeoptions.com, Bitfinmarket.com, Bit Block FXtrades, Bit Trading, Cross Trade FX, Fast Option Subdivision, Garantitrademiness.com, Garantitrademinex.net, Instantearners247.com, Prime Finance Network, Sparkleswhite.com, TFX Trading, Trust Pay Market and Voltfxtrade. Each complaint seeks an order directing the respondent to cease and desist from committing violations of the Commodity Exchange Act (CEA) and CFTC regulations.
“Today’s actions continue to reflect the CFTC’s ongoing efforts to vigorously protect customers and promote market integrity by taking action against bad actors seeking to promote themselves through false claims of registration,” said Director of Enforcement Ian McGinley.
The complaints allege that from at least January 2023 to the present, the entities have claimed to be registered FCMs and RFEDs with the CFTC and members of NFA, but in fact are not registered with the CFTC. Twelve of the entities claim to have an identical NFA Identification number. The remaining two claim to have a different, but identical, NFA Identification number.
The CFTC strongly urges the public to verify a company’s registration with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that entity. A company’s registration status can be found using NFA BASIC. More information can be found at cftc.gov/check.
The Division of Enforcement staff members responsible for this case are Christopher Giglio, Elizabeth C. Brennan, David W. Oakland, Lara Turcik, K. Brent Tomer, Lenel Hickson, Jr., and Manal M. Sultan.