Belize’s financial watchdog (IFSC) today warned investors that a company calling itself LittInvest LTD, which operates through the website www.littinvest.com, is falsely claiming to hold International Business Company registration in Belize while not actually licensed by the commission or any other competent authority in the country.
A brief review of the LittInvest website reveals that the broker offers its clients several trading products including forex and binary options, as well as stock indices and commodities.
What Does 2021 Hold for the Markets? HYCM CEO SpeaksGo to article >>
Not only did the said broker approach clients without having been authorized by the Belizean regulator, but it further falsely claims registration with the Financial Services Authority of Saint Vincent and the Grenadines. LittInvest also says on its website that it operates as a licensed broker under the oversight of the UK Financial Conduct Authority (FCA).
Due to the illegal nature of its conduct, the online foreign exchange trading firm has been instructed by the IFSC to cease and desist from providing financial services and engaging in finance oriented activities. Offering such services in this manner is a violation of the law in Belize.
According to the watchdog, all persons concerned should exercise extreme caution and take note, as the aforementioned entity is fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities.
It is not yet clear how many clients may have been affected by the firm. This is therefore a warning sign of other potentially fabricated aspects of its business with regard to credibility.