Two Companies Applying for US Regulatory License
Documents that were publically released by the National Futures Association revealed that BrightWin Securities & Nanshan Jinchuang Co have applied for a retail foreign exchange dealer license in the United States of America through the NFA. By attaining a membership, these two companies will receive Forex Firm Status & be able to offer blockchain services legally to clients in the USA.
Additionally, the Taiwanese Company “Nanshan Jinchuang Co” also applied with the National Futures Association to become a Commodity Trading Advisor & Pool Operator in the USA. However, as of last month, the report indicates that the firm withdrew its pool operator application in favour of becoming a Forex & RFED firm in the country.
Currently, it’s unknown as to who maintains Nanshan Jinchuang Co & what the firm’s primary goals are as a company. It’s also somewhat sketchy as the address listed on the NFA Database doesn’t coincide with a real-life address. Within the Taiwanese Registered Companies Databank, there is only one company resembling NJC, with that being the Nanshan Group. That company operates in a different part of Taiwan then given to the National Futures Association.
What is known about the Nanshan Group is that their originally from China, with their headquarters remaining in Beijing. The company has additional offices throughout the whole of Asia, and it maintains a significant number of subsidiary companies, allowing them to have an extensive portfolio. It’s suspected that the Nanshan Jinchuang Co is one of the newer subsidiaries operators by the Nanshan Group. When asked to comment by media officials, representatives with the group refused to make a statement. Ultimately, this should leave US Clients with some slight concern about NJC.
BrightWin, a retail broker that established their services first in New Zealand, is unlike Nanshan. The company does a reliable address and operates offices worldwide. The company’s newest office in Singapore is currently being maintained by Marcus Lau and Jerome Fan, the founders of the company. If BrightWin can receive their NFA License, then these two founders will move to the United States & set up shop.
At the moment, BrightWin is currently operating with a capital of $20 Million & the company’s English based site is slightly outdated. This retail broker will need to enhance & update their services, as well as reach to investors for higher capital if they are to compete with powerhouse firms with JP Morgan in the coming months.
Karen Wuertz, the Senior Vice President of Strategic Planning & Communications at the National Futures Association, commented on the possibility of this company’s receiving a license by saying: “There is no clear time-frame as to how long this will take. It depends on how prepared they are with documents and their ability to meet our standards.”
BrightWin& Nanshan aren’t the only firms looking to receive a new license from the NFA. Trading Point is also in the process of handing over the documents required to attain US Regulatory Approval. Trading Point is based out of Cyprus & begun the process of approval in January 2018. However, due to rapid growth worldwide, it has taken longer than anticipated for the company to start its services in America. This could be attributed to the Forex Market not being as large in America, as it is in other continents like Africa & Europe.