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The regulatory agency of Belize warns against Binary options & Fofex Inc

The financial regulator in Belize, the International Financial Services Commission (IFSC),  has issued a warning against "Binary options & Fofex Inc.". We find the fact the company has intentionally misspelled the word “forex”, instead of coming up with an original name, slightly amusing.  The notice literally reads:

 

“The entity listed below is not licensed under the IFSC Act to provide, carry on, transact, or hold himself 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. Members of the public who transact business with these individuals and/or entities, do so at their own risk.”

 

Binary options & Fofex Inc. is apparently using a fraudulent license with the number IFSC/60/138/BCA/10. On a side note, the exact same number has been used in 2016, by a company called “BinaryOptionInvestors Inc”, which was also revealed by the watchdog. We are not certain if the same people are behind both projects, or they are simply using the same inauthentic registration. 

 

While we frequently state offshore brokers aren't as preferable trading partners, as the ones in developed nations, Belize is trying to break out of this stigma. The country as a whole and its financial watchdog, the International Financial Services Commission have made serious steps towards improving their image. For instance, the IFSC raised its capital holdings requirement for forex brokers to $500,000 (from $100,000) a couple of years ago. This is a respectable level, which will deter most scammers from registering and is almost comparable to the EU’s €730,000. Furthermore, the Commission is very active in monitoring the companies it oversees, warning against frauds and even revoking the licenses of those who don’t follow the code of conduct.

TAGS: Binary options & Fofex Inc  ISFC  Belize  warning  BinaryOptionInvestors Inc 
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