Regulatory Measures Against Illicit Forex and Crypto Players
In a significant move against fraudulent activities in the forex and cryptocurrency markets, French regulators have reevaluated their blacklist of unauthorized investment websites. On December 21st, the Autorité des Marchés Financiers (AMF) and the Prudential Supervision and Resolution Authority (ACPR) unveiled an updated list, adding 15 new websites to their hall of shame.
Details of the Latest Blacklist
Out of the recently blacklisted sites, only two have the unfortunate honor of carrying a name that suggests a link to the world of cryptocurrency: 24cryptoforextrading.net and cryptoneyx.io. The rest? Well, they’ll remain nameless for now. Talk about an unfortunate branding decision!
Yearly Trends: A Drop in Flagged Sites
Interestingly, there’s been a notable decrease in the number of cryptocurrency-related websites getting flagged by the AMF and ACPR. It seems the regulators have been less busy this year, with just two crypto derivatives sites blacklisted in 2022, a staggering 92% decrease from the 24 sites in the previous year. This drop would suggest that fewer players are trying to pull the wool over investors’ eyes—at least in France.
Forex Investments See Different Trends
In contrast, the forex turf hasn’t been as fortunate. The regulators added 49 websites to the list of unauthorized operators in that domain, compared to 61 in 2021. Talk about a forex crisis—it’s like a bad horror movie that just keeps rolling out sequels!
Stay Informed and Safe
The AMF and ACPR strongly urge investors to do their homework. Ensure any intermediaries offering investment opportunities are indeed authorized to operate in France. Check the official registers for a peace of mind before moving your hard-earned cash.
The Impact of the Cryptocurrency Winter
What might explain the decrease in flagged crypto sites? Could it be the infamous cryptocurrency winter that’s cooled off the market since late 2021, which has seen values plummet by over 70%? Investors are shivering from the cold, and it seems the regulators are taking a breather as well.
The AMF’s press office could not provide any further comment on this development, but rest assured, they’ll continue monitoring the market.
