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  • #16,621
  • Jun 13, 2023 8:05am Jun 13, 2023 8:05am
https://www.cftc.gov/PressRoom/PressReleases/8716-23

CFTC adds 45 entities to it's "red list". All of my old offshore brokers ar there.
From the prop space, only one is True Forex Funds
The red list is good in a way, they generally cannot threaten or shut these entities down, that is why they "must protect us from ourselves" through the red list.
  • #16,622
  • Jun 13, 2023 8:14am Jun 13, 2023 8:14am
Quoting pipmaster77
From the prop space, only one is True Forex Funds
-Yeah, I think we probably know why they made the list so quickly. The red list can also be considered a white list, depending on how you look at things.
  • #16,623
  • Jun 13, 2023 10:21am Jun 13, 2023 10:21am
Interesting. You would think that they wouldnt single out one firm and just go for all of them. Other than the WD issues what else has TFF done to warrant that ahead of everyone else?

Edit: I didnt have them on my bankruptcy bingo card
  • #16,624
  • Jun 13, 2023 10:44am Jun 13, 2023 10:44am
Quoting Takisd
Other than the WD issues what else has TFF done to warrant that ahead of everyone else?
-Nothing that I know of. But that would be enough to get certain types worked up and start reporting them to authorities over here. It's ignorant, if you ask me. Anyone trading with an offshore broker or firm should do so knowing the inherent risks and plan accordingly.
  • #16,625
  • Jun 13, 2023 11:08am Jun 13, 2023 11:08am
Quoting pipmaster77
https://www.cftc.gov/PressRoom/PressReleases/8716-23 CFTC adds 45 entities to it's "red list". All of my old offshore brokers ar there. From the prop space, only one is True Forex Funds The red list is good in a way, they generally cannot threaten or shut these entities down, that is why they "must protect us from ourselves" through the red list.
other then a handfull of prop firms, majority are located in Europe or outside US. so what can the CFTC do about? even to the american citizens, warn them maybe but they can t ban them from investing outside US? atleast as far as i know. although it doesn t look 2 good to be on that list regardless of jurisdiction etc.
also, don t these props gathered enough money for a good lawyer and an accountant etc? if yes, then they should have already formulated the T.C. in such a way that keeps them out of trouble.
i dunno, i for 1 don t see any major regulations comin atleast for the next couple of years.
  • #16,626
  • Jun 13, 2023 11:12am Jun 13, 2023 11:12am
Quoting 1odi
{quote} other then a handfull of prop firms, majority are located in Europe or outside US. so what can he CFTC do about? even to the american citizens, warn them maybe but they can t ban them from investing outside US? atleast as far as i know. although it doesn t look 2 good to be on that list regardless of jurisdiction etc. also, don t these props gathered enough money for a good lawyer and an accountant etc? if yes, then they should have already formulated the T.C. in such a way that keeps them out of trouble. i dunno, i for 1 don t see any major...
You are underestimating SEC and CFTC, same things happened couple of years ago with Binary options. They stopped binary options all together. They will force credit card companies and Deel (which is main mediator). Only difference here is prop firms can still use crypto to deposit and withdraw.
  • #16,627
  • Jun 13, 2023 11:24am Jun 13, 2023 11:24am
That's just it... what they cannot stop directly, they will try to suffocate by targeting fiat payment processors, banks and transfer systems etc.. Crypto has been the golden ticket, but since it is still not yet widely adopted, people still need on/off ramps to convert their crypto into fiat and vice versa. This is why recent calls for Gary Gensler's removal from SEC chair should be on every US traders' watch list at the moment; at least those that have taken their business offshore.
  • #16,628
  • Jun 13, 2023 11:24am Jun 13, 2023 11:24am
Long ago this CFTC list was the first step before the mass suing of brokers operating in the US without a license. But this list is not complete so there is more to it.
  • #16,629
  • Jun 13, 2023 11:31am Jun 13, 2023 11:31am
Quoting sampat
{quote} You are underestimating SEC and CFTC, same things happened couple of years ago with Binary options. They stopped binary options all together. They will force credit card companies and Deel (which is main mediator). Only difference here is prop firms can still use crypto to deposit and withdraw.
in order to do something like that i d imagine they d need a high nr of real cases (complaints) plus, they d have to prove that the prop firms are fraudsters? how else can they enforce something like that? it s just unreal imo atleast. there will always be cheaters, thiefs and so on, but u can t just set whatever laws u want. let s keep every1 working in factories then on minimum wage so there are no more investing issues joking ofc but seems highly unlikely that scenario.
  • #16,630
  • Jun 13, 2023 11:34am Jun 13, 2023 11:34am
Quoting Takisd
Long ago this CFTC list was the first step before the mass suing of brokers operating in the US without a license. But this list is not complete so there is more to it.
the US brokers. is CFTC the golden standard for the whole world to follow? i hope not.
  • #16,631
  • Jun 13, 2023 11:42am Jun 13, 2023 11:42am
Quoting 1odi
{quote} in order to do something like that i d imagine they d need a high nr of real cases (complaints) plus, they d have to prove that the prop firms are fraudsters? how else can they enforce something like that? it s just unreal imo atleast. there will always be cheaters, thiefs and so on, but u can t just set whatever laws u want. let s keep every1 working in factories then on minimum wage so there are no more investing issues joking ofc but seems highly unlikely that scenario.
Well they are angel guardian, look what they have done with Binance, forex in general, Coinbase (in canada you cant even wire money to coinbase only debit card with limit of 1-3K with high level verification). No body knows when Dodd franks soul gets reincarnated and start scratching prop firms ass at any time.
  • #16,632
  • Jun 13, 2023 11:43am Jun 13, 2023 11:43am
Quoting 1odi
{quote} the US brokers. is CFTC the golden standard for the whole world to follow? i hope not.
Broker i worked for was UK and we got sued by the CFTC with the instructions to settle and forbid US customers from using our services.
  • #16,633
  • Jun 13, 2023 11:44am Jun 13, 2023 11:44am
Quoting 1odi
the US brokers. is CFTC the golden standard for the whole world to follow? i hope not.
-Any broker providing services to US citizens that operates within the jurisdictional reach of regulatory groups and/or where reciprocity agreements/treaties et al. exist with the United States (i.e. where their rules and regulations can be enforced to some capacity).

This is why that are often accused of overreach and bullying, because not only do they drive business overseas, but then they go out of their way to try to bully anyone that dares to provide services to their citizens without playing by their rules and paying their fees etc.. It's a joke, really.

This is why so many brokers and exchanges do not offer services to US citizens (and others, for similar reasoning). The heavy burden and financial costs for compliance (or non-compliance) just isn't worth it in most cases.

Brokers, firms and exchanges etc. that set up shop outside of the reach of various regulatory groups are typically the ones that make the red list, nowadays, to help serve as a warning to US investors and the like. Because, after all, we need to be protected from ourselves.
  • #16,634
  • Jun 13, 2023 11:45am Jun 13, 2023 11:45am
Quoting sampat
{quote} Well they are angel guardian, look what they have done with Binance, forex in general, Coinbase (in canada you cant even wire money to coinbase only debit card with limit of 1-3K with high level verification). No body knows when Dodd franks soul gets reincarnated and start scratching prop firms ass at any time.
that s Trudeaus lala land. why Canadians keep that lier in power beats me
  • #16,635
  • Jun 13, 2023 11:47am Jun 13, 2023 11:47am
Quoting 1odi
{quote} in order to do something like that i d imagine they d need a high nr of real cases (complaints) plus, they d have to prove that the prop firms are fraudsters? how else can they enforce something like that? it s just unreal imo atleast. there will always be cheaters, thiefs and so on, but u can t just set whatever laws u want. let s keep every1 working in factories then on minimum wage so there are no more investing issues joking ofc but seems highly unlikely that scenario.
Unelected federal bureaucrats in the executive branch have been setting whatever unconstitutional "laws" and regulations they want for well over a century in America. The legislative branch unlawfully delegated authority--without representation--to the executive branch to do so, and the judicial branch hasn't done much to stop it but slap their hand every now and then.
  • #16,636
  • Jun 13, 2023 11:48am Jun 13, 2023 11:48am
Quoting 1odi
{quote} that s Trudeaus lala land. why Canadians keep that lier in power beats me
Its same way biden got elected give free shit out, migrate people and appease so called minorities and gets elected.
  • #16,637
  • Jun 13, 2023 11:49am Jun 13, 2023 11:49am
Quoting Takisd
{quote} Broker i worked for was UK and we got sued by the CFTC with the instructions to settle and forbid US customers from using our services.
then imo that broker wasn t clean? otherwise what could be the grounds for that? unless all americans are criminals or whatever, how can the US ask such a thing?
i dunno, seems a bit dictatorial. again i dunno the full story nor my area of expertise, just thinking out loud.
  • #16,638
  • Jun 13, 2023 11:49am Jun 13, 2023 11:49am
Quoting 1odi
{quote} then imo that broker wasn t clean? otherwise what could be the grounds for that? unless all americans are criminals or whatever, how can the US ask such a thing? i dunno, seems a bit dictatorial. again i dunno the full story nor my area of expertise, just thinking out loud.
Its called the Dodd Frank act buddy.
  • #16,639
  • Jun 13, 2023 11:50am Jun 13, 2023 11:50am
Quoting sampat
{quote} Its same way biden got elected give free shit out, migrate people and appease so called minorities and gets elected.


prepare for another 4 years of crap if the american Trudeau get s elected, aka Newsome.
  • #16,640
  • Jun 13, 2023 11:54am Jun 13, 2023 11:54am
Quoting Takisd
{quote} Its called the Dodd Frank act buddy.
cool, just read about it now, so at best they ll try and force props to not take us citizens then?

EDIT> i ve just learned something new today, beats being ignorant
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