Belize’s financial watchdog (IFSC) on Friday issued a string of warnings alerting investors of the recent spate of unregulated FX and binary options brokers.
The newly-blacklisted firms work differently across various industries, but generally, some of them pretend to be registered with the agency or copy authorized firms’ branding and logo on their website.
The watchdog warned users who had trusted the firms with their investments that they might not recover their deposits.
The IFSC agency has updated its blacklist to include the following brands:
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Due to the illegal nature of its conduct, the online trading firms have 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.
IFSC warnings on those domains come hot on the heels of its recently issued warning against LittInvest LTD, which operates through the website www.littinvest.com. It had been falsely claiming to be licensed by the IFSC. The online trading company was soliciting forex, CFDs, stocks, indices, and commodities trading to local clients.
The Belizean regulatory body has also alerted locals that ICON Markets Ltd is no longer licensed by the regulator, as they too had been approaching the public and offering them financial services without the mandatory license.
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.