Well, shiver me timbers, the CFTC is at it again. Article posted on Leap Rate about what happened with the CFTC complaint about Tallinex.
Apparently, part of this was a Utah-based business that introduced customers to Tallinex…
“The Consent Order finds that GTF, which was in the business of providing forex trading instruction, paid “coaches” to teach its customers forex trading using hypothetical accounts. The Order finds that at least one coach introduced U.S. customers who were non-ECPs, i.e., not eligible contract participants…”
Oh, the Humanity!
So the CFTC is happy to see newbie traders blowing their accounts trading full-sized FX Futures contracts. They are equally pleased to see the ICE price gouging with $110/month data fees to the newbies so they can blow their accounts on Dollar Index Futures that much quicker. But we Forex traders are assumed to be so mindlessly stupid, incapable of learning, unable to choose a suitable overseas Forex broker to trade even $1000 notional micro-lots unless we have a net worth of at least $10M, required for ECP status.
Also, there was some mention of “victims” and “restitution”. Funny, I don’t recall a single complaint on this site about Tallinex stealing from traders.
We’ve heard a lot about Fake News this year. If this isn’t Fake Regulation, I don’t know what is
Cheers to all