Dutch Regulator AFM Fines FPlus Trading for False Claims

The Authority for the Financial Markets (AFM) within the Netherlands, introduced this Wednesday that it has fined FPlus Trading Ltd. for wrongfully claiming that it’s authorised by the Dutch regulator on its web site.

Via its web site,, FPlus Trading falsely states that it trades with an AFM licence, the assertion mentioned. However, as highlighted by the watchdog, that is unfaithful and is, subsequently, a breach of the Consumer Protection (Enforcement) Act.

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Furthermore, the entity additionally lists a particular licence quantity, which has been copied from a legit and registered agency with the AFM, additional deceptive residents of the Netherlands.

As a consequence, on the 12th of February of this yr, the Dutch company imposed an order for incremental penalty funds on the corporate. This is an instrument which is used to order an organization or particular person to stop performing a sure act. If the order isn’t complied with in a certain quantity of days, a specified amount of cash have to be paid.

According to the assertion, FPlus Trading, which claims to be a overseas change (foreign exchange), cryptocurrency and commodity buying and selling platform, had 5 days to adjust to the order. However, it didn’t make the suitable adjustments in time.

As outlined by the regulator: “The penalty quantities to €5,000 for every calendar day FPlus Trading fails to conform, topic to a most of €50,000. FPlus Trading did not adjust to the order (in time) and should subsequently pay a penalty.”

FPlus Trading Owes AFM €50,000

Taking a take a look at the corporate’s web site, it nonetheless falsely claims to be regulated by the AFM. Therefore, as of at the moment, the entity owes the AFM €50,000, assuming weekends are included.

The AFM is the regulatory authority for monetary companies for the Netherlands. The function of the regulator is much like that of the Securities and Exchange Commission (SEC) within the US or the Financial Conduct Authority (FCA) within the UK.

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David is the founder of The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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