The International Financial Services Commission of Belize has issued some warnings to financial institutions that might find themselves dealing with brokerage and binary options firms that offer unlicensed services on behalf of their HNW clients.
One such firm is FXBrokerPro Ltd, given address 25 Bank St, London E14, is using a fraudulent licence no IFSC/60/256/TS/17. Its promoters/owners are directed to cease and desist. The regulator suspects it of operating in breach of the International Financial Services Commission Act, Chapter 272 of the Laws of Belize, revised edition 2011; it is certainly not licensed under the Act.
Another such firm is Lead Options, given address 700 Browning Rd, Suite 11, West Collinfwood, New Jersey 08107, USA. This firm is using a fraudulent licence, no IFSC/60/341/TS & IFSC/60/341/APM. Its website is apparently http://leadoptionsb.com and it advertises binary options services, which it describes as "a highly profitable online trading tool that allows you to estimate the amount of potential profit in advance. Binary options trading can bring substantial income in the shortest time possible. Traders buy options at a predetermined price. Online trading can be profitable if the trader correctly identifies the market movement. Beginners can trade binary options with Lead Options just as well as experienced traders. The entire process is fully automated."
A few weeks ago, the regulator denounced Littinvest Ltd, another unlicensed broker with a Belizian address and a website (littinvest.com). The false licence number is IFSC/60/267/TS/17, only a whisker away from FXBrokerPro's. The website, however, purports to be that of a Scottish trading firm based in Perth.