August 15, 2019 | AtoZ Markets - Another day, another warning published by Belize’s financial watchdog International Financial Services Commission (IFSC). This time around, the warning is to alert investors about a Forex firm that is operating in the country without a valid license.
Belize regulator IFSC speaks out
On Wednesday, the IFSC blacklisted GANN MARKETS CORP that claims to be based in Montenegro for operating under the pretense that it has been registered by the regulator with the fraudulent license number IFSC/60/152/TS/19. As stated by the watchdog, this newly-blacklisted firm has not been:
“authorised 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.”
Furthermore, the watchdog has provided the following URL as attached to the entity – https://gannmarkets.com. What is more, the broker claims on this website to provide investment assistance to investors in Turkey and neighboring countries wanting to trade forex, cryptocurrencies, commodities, and stocks. The entity's vision as stated on their website is:
"GANN Markets, inspired by the three pillars of GANN theory for the investors, was founded in 2018 to provide top notch service by bringing you the best prices, in the best and fastest timing and the most accurate technical analysis support that ensures you get the highest quality of service there is."
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IFSC slaps GANN Markets with cease and desist order
At the moment, GANN MARKETS CORP has been ordered to cease and desist its financial services in the country. IFSC said in the warning;
“The promoters and/or owners GANN MARKETS CORP. are therefore directed to cease and desist from engaging in the said unlicensed activities, which constitute an offence under the Laws of Belize.”
Furthermore, the Belizean regulator has warned investors to be cautious when dealing with the aforementioned entity, urging them to conduct proper due diligence before engaging in a business relationship with the firm.
A similar warning was also issued last week to OptimaFX and UZMAN FX LLC for claiming to have obtained a licence for operating their businesses, while in reality, the broker was operating under a fraudulent one.
Fraudulent licensing problem
Belize has been experiencing an epidemic of firms providing their services to domestic clients without proper authorization. However, it is mandatory for companies providing financial services to Belizeans to be properly registered with the IFSC before operating within its jurisdiction. Operating without a license or using a fake license is considered a violation of the law.
The regulator is always at alert, keeping an eye on firms doing businesses in the country and notices their suspicious conduct.
In 2019, the authority provided a list of several asset managers, forex services providers and binary options brokers who were no longer licensed by the IFSC. While the agency did not state the reason why their licenses were revoked, the firms were ordered to discontinue their services without proper authorization, otherwise, the practice will be counted as a criminal offense.
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