Unauthorized Forex Trading Schemes on Instagram
Nine people in Britain have been charged for promoting unauthorised foreign exchange trading schemes on Instagram, involving high-risk contracts for difference (CFDs). They were not authorised to give advice on such trading and now face fines and potential jail time.
Key Points
- Nine people charged in the UK for promoting unauthorised foreign exchange trading on Instagram
- Promotion of high-risk contracts for difference (CFDs) without authorization
- Individuals facing fines and potential jail time for issuing unauthorised financial promotions
Pros
- Crackdown on 'finfluencers' promoting risky financial schemes
- Regulator taking action against unauthorized financial promotions
Cons
- Potential harm to individuals who may have suffered losses due to the scheme
- Risk of fines and jail time for those involved