FCA bans BDSwiss from offering CFDs to UK customers | Crypto Craft

  • FCA bans BDSwiss from offering CFDs to UK customers

    From fxnewsgroup.com

    The UK financial regulator The FCA has announced that it has acted to stop Cyprus based firm BDSwiss Holding Plc, and other members of the BDSwiss Group, from offering high risk contracts for differences (CFDs) to UK investors. The BDSwiss Group trades using the brands BDSwiss, Swissmarkets and BDS Trading. The regulator said that BDSwiss Group used the fact that one of its firms was regulated in the UK to convey legitimacy on the group as a whole. However, 99% of UK consumers taken on by the group traded through the group’s overseas entities. These overseas firms had no authorisation to provide regulated services ... (full story)

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NotAtrader
Aug 6, 2021 4:39am
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Quoting Guest
why doesnt the cyprus regulator do something about them if they are being frauds like this
This is not about being frauds. The case is obviously about licensing, contracts, deals and paying commissions to FCA for providing services to U.K. citizens. They (BDSwiss) did obviously something they weren’t licensed for.
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Trader#09C0
Aug 9, 2021 1:33am
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Looks like BDSwiss rakes in 99% of its revenues from “affiliate partners” who mislead retail investors not just in the UK, but also in Europe and globally.

If so, doesn’t this make BDSwiss “non-compliant” in both the EU and the UK? And when it comes to clients outside of the EU — why should people in developing countries (with arguably less financial market knowledge) be subjected to the affiliate marketing model being perpetrated by BDSwiss?

In other words, if BDSwiss isn’t good enough for Brits and Europeans (Westerners), why are they good enough for people in the developing world?
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Trader#DD5D
Aug 6, 2021 3:14am
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why doesnt the cyprus regulator do something about them if they are being frauds like this
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