Belize’s IFSC alerts XMAXBIT presents fake incorporation documents

Belize’s IFSC alerts XMAXBIT presents fake incorporation documents

Do not invest more money than you can afford to lose.

 

The International Financial Services Commission (IFSC) of Belize said on Monday XMAXBIT is falsely and fraudulently claiming to be an International Business Company (IBC) registered in Belize.

The company presents on its website, www.xmaxbit.com, a certificate of incorporation purporting to be an IBC registered in Belize. However, this certificate is “a complete forgery”, as the IFSC referred to it.

This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business, the watchdog said.

The regulator noted that investors should take note and be extremely cautioun when engaging with financial service providers.

xmaxbit-belize

xmaxbit-seychelles-bvi-fake-registration-docsXMAXBIT was set up in 2010, according to data on from website. In addition to presenting a fake incorporation certificate from the IFSC, the company also has incorporation document from the Republic of Seychelles from June 2013 and another one from British Virgin Islands (BVI) from February 2012, all issued to XMAXBIT.

The company provides a London-based address for contacts. It offers a wide range of financial services, including forex trading, crowdfunding, crytocurrecy  (LiteCoin, BitCoin) investmnet and mining, and has also been actively involved in the investment of high-tech start-ups in Central and Eastern Europe.

It claims to share its profit with members who are also stakeholders in the business. Paid members can become stakeholders in XMAXBIT and receive profit as per their investment.

Belize, just as the Seychelles and the BVI, is known as an offshore destination and is renowned for its milder regulation and licensing requirements and lower incorporation costs. Many financial service providers choose to register there and fall under the supervision of the IFSC since they need to meet fewer and softer criteria and to comply with less strict rules and requirements than if they registered in other countries. However, in the recent months many entities falsely claim to be registered or regulated in offshore locations.

When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

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