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“Regulation takes a very long time to set up”: Forex broker JAFX gets targeted by CFTC

“The United States Commodity Futures Trading Commission (CFTC) continues with its actions against unregistered Forex brokers targeting US clients” reports The CFTC Complaint against the broker says that, beginning in at least September 2016 and continuing to the present, JAFX has offered retail Forex services to customers in the United States.The application process involves a drop-down menu of countries from which JAFX accepts customers and the first name in the list is the United States.Less than a month after the CFTC secured a default order against Tallinex, the US regulator has launched a civil action against another offshore entity that allegedly operates as an unregistered foreign exchange dealer targeting US customers.JAFX appears to acknowledge its unlawful conduct by stating: The CFTC notes it has not received any application from JAFX. The US regulator alleges that JAFX operates as an unregistered foreign exchange dealer and has failed to provide a disclosure statement.

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