The Belizean regulator has again warned investors against dealing with unreliable brokers. What are the Belize regulator IFSC Forex Brokers warning details?
30 August, AtoZForex – The primary financial regulator of Belize, the International Financial Services Commission (IFSC) has published three different Warning Notices against unregistered Forex and Binary Options brokers operating in Belize.
Belize regulator IFSC Forex Brokers warning
In general, the financial regulator issues Warning Notices in regards to the Retail Forex and Binary Options brokers that operate in the country without the permission on a constant basis. Today, the IFSC has brought the brokers operating under the name Binary/Forex Trade, GNTFX, and SMARTTRADE SERVICES LIMITED to our attention.
The regulator stated that the entity Binary/Forex Trade is affiliated with ‘James Emiliev’. Also, the IFSC specified that the entity is located at the address Front Street, Spring City, Nashville Tennessee.
Furthermore, the financial watchdog highlighted that the entity is falsely claiming to hold an Expert Advisor / Consultancy / Advisory Services for Trading in Foreign Exchange license issued by the IFSC. In addition, the IFSC states that the license presented by Binary/Forex Trade is a complete forgery. Also, according to the IFSC records, there is no James Emiliev that has regulation by the supervisor.
As a part of its regulatory procedures, the IFSC has ordered Binary/Forex Trade to cease and desist from carrying on with the unlicensed activities. The regulator stated that these constitute an offense under the laws of Belize.
IFSC GNTFX warning
Following on this, another entity to make it to the warning list of IFSC is GNTFX. The regulator stated that the firm is falsely stating to have a registered office address in Belize. The firm claims to have an office at Marina Towers, Belize City, Belize C.A.
The broker is operating online via gntfx.com. Additionally, the IFSC states that all the representation made and all the correspondence received from GNTFX is inaccurate and misleading. The Belizean regulator states that GNTFX has no registration by the IFSC or any other competent authority in Belize.
Is SMARTTRADE SERVICES LIMITED reliable?
In addition, the IFSC has added one more entity to its warning list – SMARTTRADE SERVICES LIMITED. This is the International Business Company with registration in Belize. Reportedly, it conducts Forex Trading without obtaining a license from the regulator.
Moreover, the Belizean watchdog states that the SMARTTRADE SERVICES LIMITED has no license by the IFSC or any other authority in Belize. The regulator has ordered SMARTTRADE SERVICES LIMITED to cease and desist from carrying on with the activities that constitute an offense under the laws of the country.
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