Belize’s financial services regulator, the International Financial Services Commission (IFSC) has warned that the forex and CFD broker 53 Capital Trade is not licensed nor regulated by it.
Even worse – one Adam Grace with an email address email@example.com, is claiming to be the Executive Broker of 53 Capital Trade and is fraudulently presenting its customers with a tampered IFSC licence, which the regulator describes as “a complete forgery”.
“53 Capital Trade is therefore directed to cease and desist from carrying on with the said unlicensed activities which constitute an offense under the laws of Belize”, the IFSC said in a statement.
53 Capital Trade claims to be based in London and offers trading in forex and CFDs. It seems it is unregulated and does not make any such claims on its site, so obviously “Adam Grace” is showing the fake IFSC license separately.
This is not the first time 53 Capital Trade appears on a warning list. Last week’s Spain’s CNMV also alerted the public that it is unregulated.
Despite not being known as the most strict regulator, the IFSC is taking itself seriously enough to maintain a registry of the companies regulated by it and to regularly publish warnings of companies falsely claiming a Belize license. Several weeks ago, for example, the watchdog exposed the forex broker Fixed Star.