October 16, Industry Dynamics: Dukas Bank issues a warning about its clone websites.

Summary：Deutsche Bank has issued a warning about its clone websites; the Spanish CNMV has issued warnings against 10 unauthorized forex traders; FXCM's Australian branch has been renamed Stratos Trading.

1. Dukascopy Bank Issues Warning Against Its Clone Site

Geneva-based retail forex broker Dukascopy Bank (with the domain name dukascopy.com) has announced a new fraudulent clone website, https://dukascopygroup.com. It cautions its customers that the site is unregulated and does not belong to Dukascopy Bank, Dukascopy Japan, or any other entities within the Dukascopy Group.

2. Spanish CNMV Warns Against 10 Unauthorized Forex Brokers

CNMV has updated its warning list to include 10 unauthorized forex brokers such as VIRGOBANK, TRADECMF / CMF GROUP LTD, TEREMA INVEST, ZERMATT GROUP LLC / TRADE TECH SOLUTIONS.

3. FXCM's Australian Division Renamed Stratos Trading

FXCM, a global online forex and CFD broker's Australian division FXCM Australia has been renamed to Stratos Trading Pty. Ltd. According to ASIC registration information, the name change was completed at the end of September.

4. CFTC Charges Technical Trading Team, LLC (TTT) and Its Executives with Fraud

The United States Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against Technical Trading Team, LLC (TTT), its CEO Edwin Carrion, and its COO and Chief Trader Jason Rodriguez, accusing them of defrauding victims of 5 million dollars.

5. CySEC Calls on CIFs to Strictly Adhere to CNMV's CFD Intervention Measures

The Cyprus Securities and Exchange Commission (CySEC) has issued a notice, urging Cyprus Investment Firms (CIFs) to pay attention to the resolution passed by the Spanish National Securities Market Commission (CNMV) on July 11, 2023. This resolution concerns intervention measures related to contracts for differences (CFDs) and other leveraged products offered to Spanish retail investors.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Written byTraderKnows

Created date:2023-10-16 09:00

Last Updated:2024-05-09 10:23

Independent Analysis: Manually researched and fact-checked by the TraderKnows Compliance Team, based on public regulatory records.

Wiki

Contract for Difference (CFD)

Contract for Difference (CFD) refers to a financial derivative in which investors and counterparties engage in speculative or hedging transactions by exchanging the price difference of a commodity. Importantly, this occurs without the need to physically own or trade the underlying asset.