Abstract:The CFTC's counsel and JAFX's counsel have been in good faith conversations about a negotiated resolution of the problems stated in the Commission's complaint.
Less than one month after the United States Commodity Futures Trading Commission (CFTC) indicated it was close to reaching a settlement in a case targeting unregistered FX broker JAFX, the parties have filed a proposed consent order with the Utah District Court.
The document, seen by FinanceFeeds, states that Counsel for the Commission and JAFX have engaged in good-faith discussions concerning a negotiated resolution of issues raised in the
Commissions Complaint. As a result of those negotiations, the Commission and JAFX have agreed to the entry of a Supplemental Consent Order of Permanent Injunction and Other Equitable and Statutory Relief.
The proposed order provides that JAFX shall pay a civil monetary penalty of $600,000. The proposed Supplemental Consent Order resolves all issues remaining.
The CFTC and JAFX jointly move the Court to enter the Supplemental Consent Order, and to provide the parties any further and additional relief as the Court deems just and appropriate.
Lets recall that the CFTC charged JAFX, an offshore company claiming to operate from St Vincent and the Grenadines and Bulgaria, with violating the Commodity Exchange Act and Commission Regulations.
The CFTC Complaint against the broker says that, beginning in at least September 2016, JAFX has offered retail Forex services to customers in the United States. The entity has never been registered as a retail foreign exchange dealer (RFED) or in any other capacity with the CFTC.
The CFTC notes it has not received any application from JAFX. The US regulator alleges that JAFX operates as an unregistered foreign exchange dealer and has failed to provide a disclosure statement.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Interactive Brokers has expanded trading hours for US Treasury bonds, now allowing trading for 22 hours daily.
Proprietary trading firms, commonly known as prop firms, have been gaining attention in the forex and cryptocurrency industry. These firms recruit traders to trade with their capital, offering potentially lucrative opportunities. However, the question arises: Are prop firms truly worth the hype?
CFI Financial Group integrates with TradingView, offering clients access to 4,000 trading instruments and a community of 50M+ traders, along with advanced charting tools for an improved trading journey.
A major event is coming! The "WikiFX Global Supervisors Gathering" event has officially launched, and participants will have the chance to win USDT rewards!