The Financial Conduct Authority (FCA) has blacklisted unregulated brokers Royal CFDs and DXT Markets. According to the UK Financial watchdog, these companies are not licensed to offer its services in the country, but have been illegally targeting local investors. DXT Marets is a binary options broker that offers trading in various cryptocurrencies and provides an address in the UK, but the company is actually registered offshore, in the British Virgin Islands. According to FCA’s notice, this company is falsely using this UK address that it is not associated with in any way. RoyalCFDs is a forex and CFD broker that also offers trading in cryptocurrencies which is entirely unregulated, and, unsurprisingly, there are numerous complaints about scams against them.
The watchdog tightens scrutiny over shady and scam brokers, its really good news shows that the industry becomes cleaner more transparent and reliable. Crypto-brokers are next in the list so many people lost money because of their manipulations.