US CFTC Sues Offshore (St Vincent) FX, Crypto Dealer

Martin Everson

Offshore Consultant
Business Angel
p.s The company in question is www.jafx.com. Thought some might find this interesting as a lot of wannabe crypto/forex people out there using SVG setup.

CFTC Sues Forex Dealer for Registration and Disclosure Violations | U.S. COMMODITY FUTURES TRADING COMMISSION

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CFTC Sues Forex Dealer for Registration and Disclosure Violations

JAFX, Ltd. Solicits U.S. Retail Customers to Trade Forex without Registering as a Retail Foreign Exchange Dealer

Washington, DC – The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the District of Utah against JAFX, Ltd. (JAFX), a/k/a JAFX, EOOD, of Sofia, Bulgaria and Kingstown, St. Vincent and the Grenadines. The CFTC Complaint alleges that, from at least September 2016 and continuing to the present, JAFX operates as a retail foreign exchange (forex) dealer, without being registered with the CFTC, as required, and that it fails to provide customers with the required Risk Disclosure Statement.

Specifically, the CFTC’s Complaint, filed on July 27, 2018, charges that JAFX has been the counterparty to leveraged, retail forex transactions for customers located in the United States, who are not Eligible Contract Participants (ECPs). JAFX allegedly solicits orders from U.S. customers who are not ECPs to open leveraged, retail forex trading accounts through JAFX’s website, as well as videos on YouTube, where JAFX is, or offers to be, the counterparty to each leveraged retail forex transaction. Customers are directed to open trading accounts by submitting an online account application through JAFX’s website, and JAFX encourages customers to access and trade their accounts via a mobile application, according to the Complaint. U.S. customers allegedly may open an account with JAFX for as little as $100.

The CFTC appreciates the assistance of the Financial Supervision Commission of Bulgaria.

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