The International Financial Services Commission (IFSC), the financial watchdog of Belize, has issued a warning notice that an entity called Binary/Forex Trade that is affiliated to a person named James Emiliev has been fraudulently claiming to hold an expert advisor/consultancy/advisory license for trading in FX issued by the IFSC.
The IFSC states that no license has been issued to this entity, and also confirms that no person by that name is regulated by the IFSC or any other financial or regulatory authority in Belize.
FP Markets Expands Its CFD Trading Offering in Commodities, Metals & IndicesGo to article >>
The IFSC has been issuing such warning notices against many companies that have been misusing its name to scam the public. The IFSC does issue licenses for FX and binary trading and regulates such firms on an ongoing basis, but as in any jurisdiction, there have been cases of unlicensed entities committing fraud through false claims of authorisation.
The IFSC has directed the aforementioned company to cease and desist from carrying on its unlicensed activities as they constitute an offence under Belizean law.
The IFSC issued the warning to discourage the entity from continuing with its activities, and to alert the public about the illegitimacy of the company so that they can take appropriate precautions if dealing with it.