Belize’s IFSC Flags Crypto Investment Firm Xmaxbit Over Forged License

The Belize financial watchdog, the International Financial Services Commission of Belize (IFSC), has issued a warning stating that a company calling itself Xmaxbit is falsely and fraudulently claiming to be an International Business Company registered in Belize.

The Certificate of Incorporation No. 804124 carrying its name, copies of which are available to view on its website under the ‘Legal’ section, is a complete forgery.

The update was released by IFSC Director General Neri J. Matus, who last issued a for a similar offence, as reported by Finance Magnates.

Not Licensed

In its latest case, Matus said that all persons concerned should exercise extreme caution and note that the aforementioned entity is not licensed by the IFSC or any other competent authority in Belize to carry out any type of trading activity.

Xmaxbit is a company which according to its website, invests in “Forex, Mining, Crowdfunding, Crytocurrecy [sic]” and is located at Crown Towers, Tower Bridge Road, London, UK.

It is not yet clear how many clients may have been affected by the firm which has been cited today for forgery over its regulatory status. Therefore, this is a warning sign of other potentially fabricated aspects of its business with regard to credibility.

Softer Touch

Belize is known as an offshore destination for brokers that want to meet fewer and ‎softer criteria and to comply with less strict rules and requirements than if they ‎registered in other jurisdictions. On further inspection of this broker’s website, Finance Magnates found that it contained errors and that it was lacking in transparency.

These aspects, together with the broker’s forged certificate of authentication, should serve to deter potential investors from what is potentially a suspicious trading platform.

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