Belize Regulator IFSC Warns Against LittInvest, claiming that the firm states it hold the genuine trading license form the regulator. However, it appears that this brokerage has no registration with any of the Belizean authorities.
7 February, AtoZForex – The financial markets regulator of Belize, the International Financial Services Commission (IFSC) has issued a warning on the official website. The watchdog has cautioned investors against dealing with the company calling itself LittInvest LTD.
Belize Regulator IFSC Warns Against LittInvest – False License
According to the regulator, the company is operating online via the website littinvest.com. The IFSC has warned that the entity is falsely claiming to have an international Business Company registration in Belize. However, the regulator notes, the firm does not hold any license or registration by the commission or any other authority in the country.
After visiting the website of the brokerage, we could derive that LittInvest is offering a few trading options to its clients. These include Forex and Binary Options, commodities and stock indices.
The broker has been soliciting to the Belizean citizens without any authorization to do so by the Belizean regulator. In addition, it also falsely claimed to hold registration with the Financial Services Authority of Saint Vincent and the Grenadines. Also, LittInvest also states that it is operating as a licensed brokerage in the UK under the regulation of the UK regulatory body, the Financial Conduct Authority (FCA).
What now for LittInvest?
Thus, due to the abovementioned misconduct, this online Forex brokerage has been ordered by the Belizean regulator to cease and desist from offering and providing financial services. The IFSC has also ordered the firm not to engage in finance oriented activities, since it would constitute a breach of the law in Belize.
As per the regulatory statement, all parties concerned should exercise caution and take note. The IFSC stresses that the abovementioned firm is fraudulently claiming to hold a trading license in financial and commodity-based derivative instruments and other securities.
In appears, that it is still not clear how many investors have been affected by this fraudulent firm.
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