Belize’s financial watchdog (IFSC) today issued a warning stating that a company calling itself Binary/Forex Trade is falsely claiming to hold International Business Company registration in Belize.
Not only did the broker approach clients without having been authorized by the Belizean regulator, but it further falsely claims an office at Nashville, the capital and most populous city of the US state of Tennessee.
A brief review of the Binary/Forex Trade website reveals that the broker offers its clients several trading products including forex and binary options, as well as stock indices and commodities.
Due to the illegal nature of its conduct, the online 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.
Meet BeSquare: the new tech training program for Malaysian graduatesGo to article >>
Traders are strongly advised against signing up with, funding an investing account at, or receiving any financial services or advice from this brokerage. The IFSC advises that clients exercise extreme caution when they encounter this company.
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.
The Belizean regulator has experienced its share of unlicensed firms operating within its jurisdiction. As the financial world continues to adapt to the growing demand for cryptocurrencies, many institutions are making the necessary adjustments. The IFSC is no exception, as the authority has already begun to monitor and assess crypto companies and their respective activity.
Finance Magnates previously reported that the IFSC had issued a warning regarding unauthorized cryptocurrency promoter and brokerage OneLife Network.