Counsel for the Commission and JAFX have discussed a negotiated resolution of problems raised in the Commission’s Complaint in good faith, according to FinanceFeeds.   

Due to these discussions, JAFX and the Commission have jointly entered a Supplemental Consent Order of Permanent Injunction and Other Equitable and Statutory Relief. The order proposes that JAFX should pay a civil monetary penalty of $600,000. Then, the proposed Supplemental Consent Order will resolve all the remaining issues. So far, JAFX and the CFTC have moved to court to enter the Supplemental Consent Order. This Consent Order provides the parties with extra relief as the Court sees just and suitable. Initially, the CFTC charged JAFX with a violation of the Commodity Exchange Act and Commission Regulations. JAFX is an offshore company that claimed to operate from St Vincent and the Grenadines and Bulgaria. Taking a look at the CFTC Complaint against the broker; JAFX is accused of providing retail forex services to customers in the US starting in September 2016. This entity has never been registered as a retail foreign exchange dealer (RFED) or in any other notable capacity with the CFTC. The Trading Commission confirmed that it is yet to receive any type of application from JAFX. The regulator purports that JAFX works as an unregistered foreign exchange dealer. Also, they say that it has failed to provide a disclosure statement which makes the state justifiable.