The International Financial Services Commission (IFSC), the Belizean financial watchdog, has released two warning notices against two brokerages, 53 – Capital Trade and One Life Network Limited, for approaching clients without having the required licenses.
One Life Network Limited is said to be registered in Belize, but is operating sans the license issued by the IFSC, which is deemed an illegal activity. The company is furthermore unregulated in Belize, either by the IFSC or any other regulatory authority, and therefore is not authorized to run any trading oriented business there.
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Consequently, the IFSC has ordered One Life Network Limited to immediately stop its activities, as they are in breach of the laws of Belize. The regulator warned that individuals that encounter this company should exercise caution.
53 – Capital Trade seems to be an operation run by a man who identifies as Adam Grace, who is claiming to be the company’s Executive Broker. Moreover, he has been presenting clients with a forged license, which resembles the one issued by the Belizean authority.
The IFSC has announced that 53 – Capital Trade is not regulated nor authorized to operate in Belize, and must put an end to its trading oriented activities. Clients coming across this company are advised to be cautious.
Finance Magnates has covered a number of similar cases in which online trading companies operated without a license, or went so far as to forge one. Earlier this month, the IFSC warned the trading community of Fixed Star lnlvestment Inc. for forging a license by the regulator.