After getting regulatory warnings in Italy and Cyprus earlier this year, Forex broker MXTrade has locked horns with Turkey’s vigilant financial regulator – the Capital Markets Board (CMB).
In its latest bulletin, which was out on Monday, December 28, 2015, the regulator announced sanctions against the brokerage. The regulator said it had conducted an investigation into the activities of the company, with the fact that it is targeting Turkish customers without permission sparking the concerns of the regulator. The CMB noted the claims made on https://www.mxtrade.com/tr/ and https://www.mxtrade.com/tr/Id/forex-testimonials.
The regulator said it undertook the necessary legal steps and has decided to block access to the above-mentioned websites.
Turkey’s CMB is known for the strict oversight of the Forex industry. Blocking of websites is rare, with the regulator usually imposing fines. One recent example is Isik Menkul Degerler which was fined $30,000 for breaching investment laws.
To view the full bulletin by Turkey’s CMB, including the announcement of the sanctions against MXTrade, click here.