The Securities and Exchange Commission (SEC) has taken action against six online trading platforms for offering illegal and unregistered investment and finance services.
The blacklisted firms include Prime Invest, Primeinv.co, FXBoxed, New Finance LLC, New Fx Limited, Axi24, Evolve Consulting LCC, and Trust Fund-Mining Global Pty Limited.
In a circular posted on its website, the SEC warned members of the public against patronising these blacklisted firms. The commission also cited the need for increased vigilance in the face of rising cases of fraud and unscrupulous activities by illegal and unregistered trading platforms.
The SEC’s latest crackdown follows similar actions by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB), which blacklisted five e-commerce websites offering “unauthorised and fraudulent” financial services.
These websites include CMS or capmarketstrategy.io, Bitsterzio, Invest Atlas, Ether-Arena Limited, and Ether-Arena Limited operating under veneab.co.
CONSOB has also ordered internet service providers in Italy to block access to these blacklisted websites, highlighting the global nature of the problem and the need for international cooperation in the fight against illegal and unregistered trading platforms.
The SEC’s move is part of ongoing efforts to protect investors from fraudulent activities and to ensure that only registered and licensed trading platforms are allowed to offer investment and finance services.
The commission has urged members of the public to report any suspicious trading activities or platforms to the relevant authorities.