Two more forex and binary options brokers are added to the long list of fraudulent operators, and investors are warned that dealing with them goes down to them themselves and they are responsible for their coices.
August 09, 2019 | AtoZ Markets - The International Financial Services Commission of Belize (IFSC) has issued a warning against two forex and binary options’ brokers, for operating outside the legal frame dictated by the regulator.
Having been using a “fraudulent licence” as per the regulator, the latter, on Aug. 8, ordered the firm mentioned to cease its operation and warned the public of dealing with it.
In the notice, the warning read, “The International Financial Services Commission of Belize (“IFSC”) issues warnings about dealing with named persons, whether these are individuals or companies, to alert the public and the financial services sector that , where such persons offer international financial services as defined in the Schedule of the International Financial Services Commission Act, Chapter 272 of the Laws of Belize, Revised Edition 2011 ( the “IFSC Act”), from the address listed below, they may be operating in breach of the IFSC Act and/or other laws of Belize.”
OptimaFX and UZMAN FX LLC operated without licences
The financial watchdog attributed its decision to the fact OptimaFX was not licensed under the IFSC Act to provide, carry on, transact, or hold itself out as providing, carrying on, or transacting any of the international financial services as set out in the Schedule of the IFSC Act in or from within Belize. The IFSC warned as well that members of the public who transact business with these individuals and/or entities, do so at their own risk.
Exactly the same warning was issued as well for UZMAN FX LLC, also for claiming to have obtained a legal licence for practicing he business, while in fact the broker was operating under a fraudulent one.
It is no secret to mention that the Forex trading market has witnessed over the last two years more scam cases, where many operators were caught practicing the business under no authorization or they used fake licences.