IFSC Issues Warning Against Binary/Forex Trade for False Claims
- Company has been falsely claiming to posses a license from the IFSC.
The International Financial Services Commission (IFSC), the financial watchdog of Belize, has issued a warning notice that an entity called Binary/Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.
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.
The International Financial Services Commission (IFSC), the financial watchdog of Belize, has issued a warning notice that an entity called Binary/Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.
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.