The U.S. Commodity Futures Trading Commission (CFTC) announced today the addition of 23 foreign entities to its “RED List” – a compilation of unregistered firms believed to be soliciting funds from U.S. residents for forex and binary options trading. This brings the total number of entities on the list to over 40 since its inception in September 2015.
The RED List, which stands for “Registration Deficient,” identifies firms required to register with the CFTC but failing to do so. The agency emphasizes that while registration doesn’t guarantee against misconduct, it does enhance security and accountability through financial standards, disclosure requirements, and recordkeeping.
The newly added entities include Banc de Options, Barclays Broker, BeeOptions, Binary Book, Binary Das, Binary Int’l, BTG Option, Diamond Managed Forex, Forex Broker Inc., Forex CBR, Forex Investment Services, Golden Tangent Holdings, Ivory Options, Land FX, Lbinary, NRG Binary, Optionsxo, Paam-Maam Forex Fund Management, Profit Forex Corp, RealForex.com, Tallinex, Titan Trade, and UK Options. A complete list is available at www.SmartCheck.gov/REDList.
The CFTC warns that these unregistered firms are often associated with fraudulent schemes involving binary options, including refusal to credit accounts, denial of reimbursements, identity theft, and manipulation of trading software to ensure losses. The agency’s Consumer Alert highlights these risks to potential investors.
The CFTC encourages individuals who suspect fraudulent activity or violations of commodity trading laws to contact the Division of Enforcement via the toll-free hotline at 866-FON-CFTC (866-366-2382) or submit a tip or complaint online. The agency publicizes the RED List to other regulators, media outlets, consumer groups, and industry organizations.
This action is part of the CFTC’s ongoing effort to protect Americans from fraud in the increasingly complex world of online trading.
Source: CFTC.gov
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