The International Financial Services Commission of Belize issued a warning stating that ICON Markets Ltd is no longer licensed by the regulator. The company is officially not registered with the IFSC, as of January 1, 2018.
The effects of the terminated license will impact ICON Markets in several aspects of operation. The company does not currently hold a license for “trading in financial and commodity-based derivative instruments and other securities or to engage in any other International Financial Services.” The IFSC does not specify the reasons behind the end of licensing ICON Market, nor is there any indication of who initiated the move.
Market Cap of Meme Cryptocurrency Dogecoin Spikes to Unprecedented LevelGo to article >>
The announcement further specifies that ICON Market Ltd operates the domain names www.iconmarkets.com, www.hedgestonegroup.com, and www.rtcfinance.com. Any operation that is involved with one of these domains would now be classified as unregulated. The IFSC issued a warning to the public: “All investors and other persons concerned are advised to take note and exercise caution.”
Getting the Job Done
The Belizean regulator has experienced its share of unlicensed firms operating within its jurisdiction. In August of last year, it alerted investors of an unlicensed FX brokerage under the name GNTFX. In the span of just a few weeks, a more severe case arose regarding a company called Real Markets.
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. OneLife is well known for its association with the cryptocurrency OneCoin, which has previously been suspected of being connected to fraudulent activity. The IFSC continues to do its job of supervising and assuring the legitimate financial operations in Belize.