LONDON (Reuters) – Forex traders are now being told to use a new “forex” tattoo that is designed to look like a sign for “foreex” trading, a trade term for buying or selling an investment or currency and not an actual currency.
Reuters was unable to reach anyone at the London Stock Exchange for comment on the change.
In a blog post, the SEC said it had received “an alarming number of reports of unauthorized use of the Forex Tattoo”.
“Many people believe the Foreex Tattoo is designed for legal trading,” the SEC wrote.
“We urge people to learn to use the Forexpansion tattoo for Forex Trading instead.”
The tattoo is an enlarged tattoo that shows an orange triangle with a circle above it and a “Forex” symbol on it.
The Forexpanding tattoo is currently the largest tattoo for a cryptocurrency trading tattoo, with more than 12,000 tattoos having been created, according to data compiled by CoinMarketCap.
According to CoinMarketScout, the Foreexpanding tattoo has attracted nearly 200,000 submissions since it was launched in March and has attracted around 20,000 people to submit the tattoos for approval.
In May, the Treasury’s regulator, the Financial Conduct Authority, ordered the London and US-based Forexpanders Trading Group to remove the Forepanders tattoo from its website.
The regulator said that the tattoo “does not adequately reflect the breadth of trading that is undertaken in Forexpanders trading platform”.
A Treasury spokeswoman said that “in recent months, a number of traders have come forward to report their concerns about the tattoo” and that the regulator was working with them to resolve the issue.
The tattoo’s current status is unclear.
The SEC said in a blog that it was “notifying all of our licensed traders that they need to obtain an approved tattoo in order to use their Forexpanded Tattoos”.
The SEC also said that it would “conduct a thorough review of all of Forexpander’s tattoos in the coming months”.
In a letter to investors, the group said that in its opinion, the tattoo was “unlawful and could potentially harm traders and others in the Forexe trading ecosystem”.
The tattoo was approved in April and it was removed in July, according the letter.Reuters