The CFTC filed a civil enforcement action against an offshore company operating from Saint Vincent and the Grenadines and Bulgaria for acting as an unregistered retail foreign exchange ("forex") dealer without being registered and for failing to provide customers with a Risk Disclosure Statement.
In the Complaint, the CFTC alleged that the offshore company (i) used its website and videos on YouTube to solicit customers to open retail forex trading accounts and (ii) acted as the counterparty on leveraged forex transactions for U.S. customers.
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