The IFSC International Financial Services Commission of Belize has revoked the license of Oasis Global FX. This termination comes nearly five months after the regulator suspended Oasis on the back of the CFTC’s allegation that charged the FX broker with facilitating a Ponzi scheme.
As per the reports from CFTC, the company owners defrauded 700 investors out of more than $75 million.
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. Should Oasis continues providing professional investment services to domestic clients without proper authorization, the practice will be considered a criminal offense.
Belize’s financial watchdog further explains that “on 8th October 2019, the International Financial Services Commission revoked the Licence for Trading in Financial and Commodity-based Derivatives Instrument and other Securities - reference number IFSC/60/483/TS/19 - issued to Oasis Global FX, S.A.” The regulator has cited several laws that “authorises the Commission for good and proper cause and after giving the licensee an opportunity to make representations, cancel or suspend a licence granted under the Act."
More on Oasis scheme
Earlier this year, the Commodity Futures Trading Commission (CFTC) charged the owners of Oasis Global FX with illegally setting up and running a retail 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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term trading firm from 2011 through 2019.
The US derivatives regulator said defendants cold-called victims and convinced them to invest their monies with the company in Forex markets. The fraudsters even went as far as to draft performance reports which falsely claimed their pools had achieved gross annual returns for investors of about 21 percent in 2017, and 22 percent in 2018.
Additionally, in order to shore up the fraud, they used a Ponzi-style scheme in which they paid over $28 million to early investors that they claimed represented profits but were, in fact, other investors’ funds.
For new participants, they were assured of receiving a minimum 12 percent guaranteed annual returns, while they were actually duped into a Ponzi scheme. To support the fraud, Oasis Global FX workers sent bogus account statements to clients, falsely showing positive returns on their investments, while they actually lost $21 million and misappropriated $47 million.
The IFSC International Financial Services Commission of Belize has revoked the license of Oasis Global FX. This termination comes nearly five months after the regulator suspended Oasis on the back of the CFTC’s allegation that charged the FX broker with facilitating a Ponzi scheme.
As per the reports from CFTC, the company owners defrauded 700 investors out of more than $75 million.
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. Should Oasis continues providing professional investment services to domestic clients without proper authorization, the practice will be considered a criminal offense.
Belize’s financial watchdog further explains that “on 8th October 2019, the International Financial Services Commission revoked the Licence for Trading in Financial and Commodity-based Derivatives Instrument and other Securities - reference number IFSC/60/483/TS/19 - issued to Oasis Global FX, S.A.” The regulator has cited several laws that “authorises the Commission for good and proper cause and after giving the licensee an opportunity to make representations, cancel or suspend a licence granted under the Act."
More on Oasis scheme
Earlier this year, the Commodity Futures Trading Commission (CFTC) charged the owners of Oasis Global FX with illegally setting up and running a retail 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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term trading firm from 2011 through 2019.
The US derivatives regulator said defendants cold-called victims and convinced them to invest their monies with the company in Forex markets. The fraudsters even went as far as to draft performance reports which falsely claimed their pools had achieved gross annual returns for investors of about 21 percent in 2017, and 22 percent in 2018.
Additionally, in order to shore up the fraud, they used a Ponzi-style scheme in which they paid over $28 million to early investors that they claimed represented profits but were, in fact, other investors’ funds.
For new participants, they were assured of receiving a minimum 12 percent guaranteed annual returns, while they were actually duped into a Ponzi scheme. To support the fraud, Oasis Global FX workers sent bogus account statements to clients, falsely showing positive returns on their investments, while they actually lost $21 million and misappropriated $47 million.
