British Virgin Islands’ FSC warns OKPAY platform is not licensed

British Virgin Islands’ FSC warns OKPAY platform is not licensed


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The British Virgin Islands Financial Services Commission (FSC) has published a warning that the popular payments platform OKPay, used by numerous forex brokers, is not licensed and regulated, and has never been, to provide  any type of financial services business.

In its public announcement, the BVI FSC notes that the company has been incorporated on the British Virgin Islands in 2009 and has been conducting online money services business through its website, without having the proper license and in breach of legislation.

“Members of the public are therefore advised to exercise extreme caution in conducting any business with OKPAY Inc. or OKPAY”, the BVI FSC said in its announcement.

OKPAY is a money transfer platform used by numerous forex brokers like Grand Capital, FBS, Fibo Group, FxGlory, FreshForex, Alpari, IFCMarkets, LiteForex, FxGrow etc.

Strangely, on its site OKPAY makes no mention of the British Virgin Islands whatsoever, but instead says it is registered in another offshore zone – the Marshall Islands. The company offers both private and business services. They include issuing of payment cards, money transfers, digital wallet, as well as industry solutions for the gambling, retail, digital content and financial services sectors.

It has clients in more than 200 countries, supports 21 currencies and 52 payment systems.

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