Belize’s IFSC Flags TRADEEX and Club Fast Over Forged Licenses

The International Financial Services Commission of Belize (IFSC) today issued a ‎warning against two investment providers purporting to be registered in the country. ‎The ‎Belize watchdog warned that ‘Club Fast Coin’ and ‘TRADEEX LTD’ are falsely claiming to hold an International Business Company registration in Belize while they are not licensed by IFSC ‎or any other competent authority in the country.

Specifically, the IFSC warned that a company calling itself ‘TRADEEX LTD’ is posting on its website a Certificate of Incorporation No.147,333 carrying its name and purporting to be incorporated in Belize, yet this certificate is a “complete forgery,” the watchdog says.

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According to the Belize’s IFSC, ‎‎all persons concerned should exercise extreme caution and take note, as the ‎‎aforementioned entity is also fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities licence.

Typically, alleged scam entities in scenarios like this may deny the accusations and make ‎up excuses, perhaps that it was an administrative error, but in this case the company ‎plus listing on its website the regulatory status, it also ‎provides a link to a copy of its alleged IFSC license which could be seen below. ‎

The ‎Belize regulator has also blacklisted ‘Club Fast Coin’, which operates through https://www.clubfastcoin.com, and according to its website invests in several trading products including Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and stocks, as well as indices and commodities. However, it’s not clear how many clients may ‎be affected by the firm which has already been ‎cited today for forgery over its ‎regulatory status. ‎

Finance Magnates reported on Belize’s financial services regulator back in February when the IFSC unfolded its plans to begin the enforcement of new capital requirements for registered derivatives brokers. The step comes nearly 14 months since the issuance of the ‘Licensing Amendment Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term’ in late 2015.

The commission said in a circular to stakeholders that all companies holding a license for trading in financial and commodity-based derivative instruments and other securities or license for trading in foreign exchange must provide evidence of statutory capital increase of up to 500,000 US dollars.

The increase concerns the brokerage firms operating in forex, options, futures, contracts for differences (CFDs), shares, stocks and interest rates. Prior to the hike, the minimum required capital was $100,000.