No they’re not, all orders are routed through a US based SRO, no such thing as offshore loopholes. The claim “Offshore Shorty can short, no regulations”/“Naked shorts are hidden in the accounts of MMs overseas” Oh my that’s nonsense, it is called Regulation T - it is a Federal law, look it up. It applies to OTC equities as well. The only thing meaningless is claiming short positions in a Sub-Zero DARK severely delinquent SEC reporting EM stock.