Belize IFSC warns against FX broker 365Active Trades
Belize financial regulator IFSC has issued a warning about an offshore FX broker called 365Active Trades, which operates from website 365activetrades.com.
The firm, which appears to offer leveraged trading in FX pairs as well as fiat-crypto pairs, has some fairly interesting (i.e. ridiculous) language on its website regarding its location and its licenses, all of which are obviously false.
The company’s Home Page claims: “365Active Trades is one of the leading platforms in San Francisco California offering Forex. Regulated by the CFTC and based in New York. It is also regulated by the IFSC of Belize, as well as the Cyprus Securities and Exchange Commission.”
The company, of course, is not regulated/licensed in any of the listed jurisdictions, leading to the Belize IFSC warning.
The company’s website continues to claim: “365Active Trades is one of the leading platforms in Michigan Avenue, along Columbia Road to the vicinity of Rock Creek.” We’d note that Michigan Avenue is a famous and main street in Chicago, not San Francisco. Again, humorous and ridiculous.
The text of the Belize IFSC warning follows:
The International Financial Services Commission of Belize (“IFSC”) issues warnings about dealing with named persons, whether these are individuals or companies, to alert the public and the financial services sector that, where such person offers international financial services as defined in the Schedule of the International Financial Services Commission Act, Chapter 272 of the Substantive Laws of Belize, Revised Edition 2011 (the “IFSC Act”), from the address and site listed below, they may be operating in breach of the IFSC Act and other laws of Belize.
The entity listed below is not licensed under the IFSC Act to provide, carry on, transact, or hold itself out as providing, carrying on, or transacting any of the international financial services as set out in the Schedule of the IFSC Act in or from within Belize. Members of the public who transact business with this entity do so at their own risk.
Name of Individual/Entity: 365Active Trades
Address: Michigan Avenue, Columbia Road to the vicinity of Rock Creek, New York
Other Information: Website: www.365activetrades.com, Email: email@example.com
The promoters and/or owners of 365Active Trades are therefore directed to cease and desist from engaging in the said unlicensed activities, which constitute an offence under the Laws of Belize.
The public is invited to contact the International Financial Services Commission with any other available information.
International Financial Services Commission of Belize
19th June 2020