The Commodity Futures Trading Commission of the United States has issued a press-release charging Canada based online broker OANDA Corporation with a $500,000 fine for “violating certain capital, reporting, and supervision rules.”
The US regulator has indicated that OANDA failed to meet minimum net capital requirements, violated the equity withdrawal restriction in making dividend payments on three occasions, failed to meet certain reporting requirements, and failed to diligently supervise matters related to its business as a CFTC registrant. The CFTC indicated that the violations took place around October 2018 and during the period April 2019 to August 2019.
As a registered futures commission merchant (FCM) and retail foreign exchange dealer (RFED) in the United States, OANDA must adhere to strict capital and reporting requirements, as set out by the CFTC. The regulator mentioned that it “recognizes OANDA’s cooperation in the investigation of this matter” and that customers and their accounts were in no way affected by the actions of the broker.
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