Belize’s IFSC Issues Five Warnings Against Unlicensed Entities

The regulator has warned that all companies are using fraudulent licence numbers to trick investors.

The International Financial Services Commission of Belize (IFSC)  issued five warnings against unlicenced entities on Thursday. The companies in question are Sigma-market, B.O Tradefinancials Ltd, FONDA BRANCH, Ultimate Trade Option Ltd. and Height-Option Broker.

According to the collection of warnings from the regulator, all companies are unlicensed in Belize and are therefore not permitted to provide, carry on, transact financial services to residents of Belize.

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Details on the entities

Sigma-market is a cryptocurrency trading platform. The broker offers its services through its website and states its address is 264 Boulevard Saint-Germain, 75007 Paris, France. On its website, the company claims to be licensed by the IFSC, claiming its license number to be IFSC/60/256/TS/17. The regulator has warned traders that this is a fraudulent license number.

Cynthia Johnson Loan Company and Sky Trade Cooperative, which claim to be licensed as B.O Tradefinancials Ltd, are also on the regulators warning list. According to the warning, the entity is using a fake IFSC license. The company’s address is 1, Kosta Hadjikakou, Kyriakos Tower, 1st Floor, Agios Athanasios, CY-4107 Limassol. Previously, B.O Tradefinancials Ltd was licensed with the Cyprus Securities and Exchange Commission. However, on July 3, 2018, the Cyprus regulator announced it had withdrawn the company’s CIF license.

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FONDA BRANCH has also been blacklisted by the watchdog for advertising a fake license from the IFSC – IFSC/77/179/BCA/88. The company’s address is 1535 Rosewood Lane, New York, NY 10040.

Ultimate Trade Option Ltd. has also been accused of using a fraudulent license to increase its credibility in Belize’s financial markets. As a result, the regulator has urged caution when dealing with this company, which is allegedly based in California, USA.

The final warning is for Height-Option Broker, a firm which claims to operate from 17 Marble Street, Manchester, Greater Manchester, England, M2 3AW. According to the IFSC, the company says it has the license IFSC/60/310/IME/16-344. However, this is not a valid license. Therefore, traders should be wary of using any services from the broker.

The regulator reminds investors that if they choose to use the services of the above-mentioned companies, they do so at their own risk.

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