“A real scourge that creates human dramas.” Here’s how Juvigny Bertrand, Secretary General of the Financial Markets Authority (AMF), describes the explosion of websites offering to trading on the forex market – Forex – or binary options. In one year, the claims of individuals sent to the AMF related to those most at risk financial products, almost doubled (666 in 2013 against 1,293 in 2014). At the same time, the financial policeman was passed 204 to 254 the number of these illegal sites on its blacklist.
” There is a greater focus on binary options, says Bertrand Juvigny. Individuals have a sense of ease and simplicity . They bet on the current euro-dollar, it’s simple and it goes fast. But it is very tricky, especially when the advertising is misleading. ” And it is precisely these commercial approaches “catchy” that the AMF has just denounced in a survey whose first results were reported Wednesday, April 8.
The financial agency has targeted thirty of these sites offering “trader” in France or the Forex binary options. “We were able to open an account with only nine sites, says Nathalie Lemaire, director of relations with the AMF savers. Eight of them have an approval of the Cypriot regulator and is not allowed (The AMF faces the 254 unauthorized sites on its blacklist and those with the approval of a regulator just looking mainly Cyprus, Editor’s note). The other sites did not wish to open an account following our refusal proceed only by bank transfer without giving our credit card codes. “
What does the AMF?
How shall these sites? “Advertising is highly touted and incentive, says Nathalie Lemaire. It urges us to communicate our bank details, it also receives a flurry of text messages, emails, to make us” trader. “The addictive aspect is very important with, for example, the publication of complex classifications that identify those who have earned the most money. It is also “trader” without proof of identity. This is also the obstacle course to recover the funds. Often it does There is no site in question and answer if there is one it is mostly to deter customers and encourage them to continue. The AMF considers that these advertisements do not respect the principles of “good information balanced “, which would attract the attention of Internet on the significant risks of a particular financial instrument.
online advertising ban
With the proliferation of these sites, the financial agency has just proposed to the Minister of Economy and Finance, Michel Sapin, to prohibit online advertising on extremely risky financial products. This proposal aims “advertising on the most toxic,” and must be “precisely framed” to comply with EU law and respect the freedom of enterprise and freedom of expression. “We are targeting advertisements electronic and Internet” whose purpose financial contracts OTC “products that have a high risk and a ratio between risk and return difficult to understand,” said Bertrand de Juvigny .
Faced with this “tidal wave of publicity gimmicks”, the AMF also has legal weapon. She asks the judge and the closure of the “toxic” sites that offer their services in France without authorization. In particular obtained through this closed four of these sites in three judgments of the Tribunal de Grande Instance in Paris.
This survey follows a previous study published by the AMF on October 13 last one. Between 2009 and 2012, scams related to Forex market in France, made 13,224 victims, who have lost a total of € 175 million, revealed the financial gendarme. In these three years of investigation, the AMF also indicated that nine in ten are losers in the Forex market.
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