Don’t wanna sound naive (I love regulated brokerages either, and would have loved them much more if regulated ones had better trading conditions about spreads and leverage) BUT check out any A+++ rated brokerage and you’ll see they have tons of negative reviews too. There can be a few reasons for that and this is yet another topic of discussion why people do that. I’ll only mention the most obvious one - they belong to true customers who had their accounts blocked for rules violations. I.e they launched HFT algotrading with AAFX, while it’s clearly forbidden with the rules. People often have hard time acknowledging own mistakes. They have no hope to succeed in trading in my opinion.
As for the FPA’s alert, I see it deals with some scam alert, not a violation. Unregulated by HK authorities brokerage attempted to deal with HK investors which was not approved by these authorities and they issued the alert. No other violation detected. Yeap, this is why many brokerages who wish to keep their leverage with no cap (like AAFX) don’t deal with investors from USA, Japan and some other countries. They should have added HK to their black list to avoid this trouble.