The International Financial Services Commission (IFSC), the Belizean financial regulatory authority, has alerted local traders of unlicensed forex brokerage GNTFX. The online trading company has been soliciting clients and offering them financial services without a license.
Not only did the broker approach clients without having been authorized by the Belizean regulator, but it further falsely claims an office at the Marina Towers in Belize City, Belize C.A.
Due to the illegal nature of its conduct, the online foreign exchange trading firm has been instructed by the IFSC to cease and desist from providing financial services and engaging in finance oriented activities. Offering such services in this manner is a violation of the law in Belize.
Traders are strongly advised against signing up with, funding an investing account at, or receiving any financial services or advice from this brokerage. The IFSC advises that clients exercise extreme caution when they encounter this company.
A few weeks ago, the Belizean financial watchdog warned traders against Trine Markets Group, which operates under the name TrineMarkets. It had been falsely claiming to be licensed by the IFSC. The online trading company was soliciting forex, CFDs, stocks, indices, and commodities trading to local clients.
The Belizean regulatory body has also alerted locals to 53 – Capital Trade and One Life Network Limited, as they too had been approaching the public and offering them financial services without the mandatory license.