IFSC Flags Binary Options Broker, Bitcoin Mining Firm Over False Licenses
The Belize regulator has recently stepped up its fight against binary options brokers.
Aziz Abdel-Qader
|
Regulation
(
Binary Options )
|
Tuesday, 17/04/2018 | 19:43+01:00
2018-04-17 19:29:13
The International Financial Services Commission of Belize (IFSC) today issued a warning stating that a company calling itself BTCHOME Mining is falsely claiming to hold International Business Company registration in Belize.
BTCHOME claims to operate a regulated ECN/STP Forex brokerage service that provides trading facilities to clients globally with an additional focus on cryptocurrency mining. The fraudulent firm says it allows traders to achieve more profits through reinvesting their funds in its cloud mining service which offers an alternative to those who would like to engage in altcoin mining activities.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
In order to prevent such fraudulent practices, IFSC has issued several guidelines which encourage potential investors to be wary of promises of disproportionate returns. A guaranteed investment with a high return that considerably exceeds the market return is often too good to be true, it says.
Suggested articles
TrustedBrokerz: The Source More Traders Are TrustingGo to article >>
The Belize regulator has also stepped up its fight against binary options brokers. The latest addition to its blacklist was ‘Matrix-Option,’ which operates through https://www.matrixoption.com, and has been cited today for forgery over its regulatory status.
According to the IFSC, all persons concerned should exercise extreme caution and take note, as the aforementioned entity is also fraudulently claiming to hold a trading license in financial and commodity-based derivative instruments and other securities licenses.
Typically, alleged scam entities in scenarios like this may deny the accusations and make up excuses, perhaps that it was an administrative error, but in this case the company lists its regulatory status on its website and even provides a link to a copy of its alleged IFSC license.
Specifically, the IFSC warned that the company is posting on its website a Certificate of Incorporation with the number IFSC/60/310/IME/16-344, carrying its name and purporting to be incorporated in Belize, yet this certificate is a “complete forgery,” the watchdog says.
I feel the government for every country should clamp down on unregulated binary option . A lot of folks out there are being ripped off of their hard earned funds. A great help from the government would salvage things and save folks like me from resorting to unconventional methods to get our funds back. I was lucky to have gone this route but not everyone would.