The Canadian Securities Administrators (CSA) has recently issued a notice regarding the Blockchain Association, labeling it as a “fictitious” regulatory body. In response, the chief operating officer of Financial Commission has expressed disagreement and believes that a mistake has been made.
The Financial Commission is an organization in the trading services industry and has well-known members such as Exness, Pepperstone, Axi, Libertex, IC Markets, RoboForex, and others who are popular forex and contracts for differences (CFDs) brokers.
As members of the Financial Commission, these brokers receive various services, including access to mediation services for resolving disputes. Additionally, all clients of these brokers are protected with a deposit coverage of up to €20,000.
This deposit protection is provided by the self-regulators compensation fund, which is particularly helpful for clients of brokers operating under regulators that do not offer similar compensation schemes.
The Financial Commission has implemented strict membership rules and takes action against brokers who fail to comply. As a result, several brokers have been expelled from the organization over the years due to non-compliance.
A spokesperson for the Financial Commission stated:
Based on our experience, it is likely that unknown individuals have cloned or copied our membership certificates to engage in fraudulent activity, including online scams. We actively work to identify and warn the public about these scams on a consistent basis.
The Financial Commission has previously encountered challenges with clone websites attempting to deceive brokers. Earlier this year, the organization identified a clone website that aimed to defraud brokers.
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