London-based Forex Capital Markets (FXCM) has settled the U.S. Commodity Futures Trading Commission (CFTC) charges of acting as an unregistered retail forex exchange dealer (RFED). The CFTC has asked FXCM to pay a civil monetary penalty of $140,000.

The order also requires FXCM to cease and desist from further violating CFTC regulations. FXCM was accused of pretending to be an RFED counterparty to U.S. customers, who were non-eligible contract participants in connection with leveraged retail foreign exchange transactions, without registering as an RFED.

Click here for the story from Commodity Futures Trading Commission.