CFTC Sues Bulgarian FX Broker JAFX for Accepting US Clients

[kreslik.news]

The U.S. Commodity Futures Trading Commission on Tuesday hit a Bulgarian FX broker with allegations that it took funds from U.S. traders by conducting retail foreign currency trades without being registered.

The CFTC also alleged that the offshore unregulated broker, called JAFX, misrepresented its profit probability and risk of loss to customers and never disclosed that it was acting as a counterparty to FX transactions without proper registration.

The watchdog explains that from at least September 2016 till now, JAFX violated the Commodity Exchange Act and agency rules by not registering as a retail foreign exchange dealer with ... (read more)