Forex & Trading News
Latest market insights, broker updates, and trading analysis.
Celsius Network's Collapse: How a $20 Billion Crypto Lender Misled Its Own Customers
The CFTC and DOJ have charged Celsius Network and its founder Alex Mashinsky with fraud. At its peak, the platform held $20 billion of customer assets — almost none of which was managed as promised.
$10 Million Fine: How Binance Let Retail Traders Take a Compliance Quiz Until They Passed
Australia's Federal Court ordered Binance Australia Derivatives to pay $10 million after it misclassified 524 retail clients as wholesale investors — letting them retake a multiple-choice quiz until they achieved a passing score.
FCA Ban and £2 Million Fine Upheld: The British Steel Adviser Who Put His Own Profits Before People's Pensions
The Upper Tribunal has confirmed the FCA's lifetime ban and £2,037,892 fine against Darren Reynolds — the worst British Steel pension adviser the regulator encountered — after he falsified documents, lied to regulators, and extracted assets from his own firm.
My Forex Funds: $20 Billion. Frozen. Gone.
The CFTC and Canadian regulators moved simultaneously against My Forex Funds, freezing $310 million in assets and alleging the entire prop trading model was a fraud designed to extract fees from traders who could never actually win.
Record $80 Million: FinCEN's Largest-Ever Broker-Dealer BSA Penalty Lands on Canaccord Genuity for AML Failures
FinCEN, the SEC, and FINRA simultaneously resolved action against Canaccord Genuity LLC — totalling $120 million — for willful Bank Secrecy Act violations spanning six years. At least 160 suspicious activity reports were never filed.
$300 Million in Low-Priced Trades, Zero Suspicious Activity Reports: FINRA Fines Pictet Overseas $610,000
FINRA fined Pictet Overseas $610,000 for AML failures that persisted for three and a half years after a regulator had already flagged the exact same deficiencies. A four-year warning. Never acted on.
Blue Ocean ATS: Nobody Was Watching
One employee. 5.5 billion shares. No spoofing or layering surveillance at all. FINRA fined the dominant overnight trading platform $550,000 — but the real number to watch is not the fine.
FalconX: Operating Without a Licence
FalconX settled CFTC charges for $1.8 million after operating as an unregistered futures commission merchant. The verdict on crypto intermediaries claiming to be mere "technology providers" is now unambiguous.
Bluesky Wealth: Banned for Life
Frank Breuer ran Bluesky Wealth for four years without professional indemnity insurance, misled the FCA about it, then stripped the firm of assets while under restriction. The regulator issued a lifetime ban and a £755,000 fine.
Dinosaur Merchant Bank: The Lights Went Out
A routine system upgrade in June 2024 silently disconnected Dinosaur Merchant Bank's CFD surveillance. For four months, billions in trades ran unmonitored. The FCA fined the firm £338,000 — but the real question is whether any market abuse moved through the gap.
Plus500's Daily Buyback Ritual: Capital Strength, or a Very Expensive Magic Trick?
Plus500 buys back its own shares almost daily while insiders cashed out millions near all-time highs. BestForex.io asks who really benefits from the buyback machine.
Saxo Bank's €42m AML Reckoning: So Much for 'Premium'
Saxo brands itself as the grown-up, top-tier bank — then collects a DKK 313m AML fine, a Hong Kong penalty and a founder exit. BestForex.io counts the cost.