Posts Tagged ‘CFTC’

CFTC shuts down JadeFX

March 5th, 2011

In a move of complete and utter disregard for peoples’ belongings the CFTC have shut down the trading operations of JadeFX and freezes the companys’ accounts. The allegation is that they are breaking the CFTC’s regulations. The interesting thing of course is that JadeFX is a Belize registered company and that they have no American customers (they all we’re kicked out last year when the CFTC started their crusade against home forex traders). I am very frustrated with this, I have a nice sum of money in there that I can’t access now. I am not an American, I should not be affected by their crap.

Apparently the CTFC argues that they have jurisdiction because the liquidity provider that JadeFX is using is Citi, but why the hell doesn’t they just send Citi a cease and desist letter and JadeFX can find another partner to trade with.

So basically I’m counting on the CFTC to penalize JadeFX for their “wrong doings” and I’m not counting on getting any of my money out. Thank you CTFC for protecting me as a trader and taking all my money. Thank you protectors of the Free World.

I’ve sent this to the CFTC. I don’t expect a reply:

“Dear Sir(s).

I would like a explanation why you are interfering with my right as a world citizen to trade with currencies on a fair market as provided by JadeFX out of Belize (not a US state FYI). I am a Swedish (Sweden is also not a US state) citizen. Please inform me on what grounds you are stopping my broker JadeFX from dealing with me? Whom are you trying to protect here?

JadeFX is saying that they will not process any withdraws while this process is in action, so I can’t get my money out. Also it is of course likely that they will be forced into bankruptcy if you don’t stop interfering with their business, and then I’m sure I won’t get any money. So if you were trying to protect me from losing money on trading Forex you instead just made me loose 100% (instead of gaining 143% like I did during 2010). Thank you very much.

BR Johan Axelsson
Customer at Jade FX, not an American citizen under your jurisdiction.”

The Jade FX website is down, but we have been getting some updates in emails within the MT4 platform. It doesn’t look good.

Author: admin Tags: ,