Belgium’s Financial Services and Markets Authority (FSMA) has issued a warning once again urging the public to be cautious about the activities of a list of companies operating illegally within Belgian territory. Most of these concern binary options and forex products, CFD sectors and recovery rooms.
The illegally operating companies against which the Belgian watchdog has warned the public are as follows:
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The companies listed above are not authorised investment firms or credit institutions in Belgium and are therefore not allowed to provide banking or investment services in the country.
In addition, many trading platforms for binary options, forex products and CFDs operated by the companies listed are, despite the appearance of being serious firms, used by fraudsters who are not only acting without the requisite authorisation but are misappropriating the funds invested.
The FSMA has strongly advised against responding to any offers of financial services or to any public offers of investment instruments made by these companies.
In its capacity of supervising the financial markets regarding compliance with the required rules and regulations, the FSMA has issued a series of warnings in recent years. Its latest warning is the latest initiative in its efforts to clamp down on companies engaging in fraudulent activities.