List of companies operating unlawfully in Belgium

The Financial Services and Markets Authority (FSMA) has, on several occasions, warned the public against the activities of various companies that are operating unlawfully in Belgium. This list comprises all those companies that have been the subject of a warning in the course of the past four years.

The list includes:

companies that offer, in or from Belgium, financial services and products without complying with Belgian financial legislation (no authorization / failure to publish a prospectus / etc.);
companies about which, in addition to any infringements of the financial legislation and regulations the FSMA supervises, the latter has identified serious evidence of investment fraud;
companies behind 'recovery room' fraud.

This list cannot be considered as exhaustive.

Company name	Website	Type of fraude	Date
365 Markets (Trustnet Ltd)	https://www.365markets.com	Companies offering binary options / forex products / CFD / other derivatives	19/02/2019
Aaoption / CFDStocks / Pacific Sunrise UK Ltd	http://www.aaoption.com http://www.cfdstocks.com	Companies offering binary options / forex products / CFD / other derivatives	23/03/2017
Aaron Brett	http://www.aaronbrett.com	Boiler rooms	05/11/2018
ADEF		Recovery rooms	26/07/2016
Aichi BMO International (ABMOI) / Leiyu Trade Limited / GHY Partners Limited	http://www.ai-international.com	Boiler rooms	05/04/2017
Akanagi group (www.akanagi-group.com)	http://www.akanagi-group.com	Boiler rooms	27/09/2017
Akita Matsui Trading	http://www.amtrading-corp.com	Boiler rooms	18/07/2018
Alfa One Corporation, The Southwood Group and Micron Associates	http://www.alfaonecorporation.com http://www.thesouthwoodgroup.com http://www.micronassociates.com	Boiler rooms	04/05/2016
Amicus Investment	http://www.amicusinvest.com	Boiler rooms	09/02/2017
Apex Alliance	http://www.apex-alliance.com	Boiler rooms	05/04/2017
Apex Equities, South-East Asia Traders and South-East Asia Registrar	http://www.southeastasiatraders.com http://www.southeastasiatraders.com http://www.sea-registrar.com	Boiler rooms	04/05/2016
Asahi Marusan Management	http://www.ammsecurities.com	Boiler rooms	20/09/2018
Asashi Mergers & Acquisitions Group	http://www.asashima.com	Boiler rooms	09/02/2017
Ashcroft Cohen Strategic Capital (ACSC)	https://acscinc.com	Boiler rooms	08/01/2019
Ashida Associates (www.ashidaassociates.com)	http://www.ashidaassociates.com	Boiler rooms	27/11/2017
Ashton whiteley (www.ashtonwhiteley.com)	http://www.ashtonwhiteley.com	Boiler rooms	27/09/2017
Asia Associates	http://www.asiaassociates.com	Boiler rooms	08/01/2019
Asia Pacific Brokerage Services Limited	http://www.asia-pacific-brokerage.com	Boiler rooms	04/05/2016
Asterix Bank	http://www.asterixbank.com	Credit fraud	29/07/2019
ATB Holdings (www.atbholdings.com)	http://www.atbholdings.com	Boiler rooms	27/09/2017
Athos International Management BVBA		Others	15/06/2016
Athos International Management BVBA - “Eagle Crest Insurance” - “Eagle Crest Underwriter”		Others	18/02/2016
Atlantic Capital Management	http://www.atlantic-capital.net	Recovery rooms	29/09/2017
Atlantic Finance		Credit fraud	13/05/2016
Atlantic Global Asset Management	http://www.atlanticgam.es	Boiler rooms	09/02/2017
Avallon Patrimoine		Others	06/10/2017
Banque Investissement	http://www.banque-investissement.com	Companies offering binary options / forex products / CFD / other derivatives	18/04/2016
Be wary of investment fraud!	http://www.jt-europe.com https://www.gbe-capital.com/	Others	01/03/2019
Be wary of investment offers made through social media		Others	30/09/2019
BECFD	https://www.becfd.com/	Companies offering binary options / forex products / CFD / other derivatives	10/09/2018
Bellmore Group	http://www.bellmoregroup.com	Boiler rooms	18/08/2017
Benedict Morris / BMBOption / Log Trading Capital Ltd	http://www.bmboption.com	Companies offering binary options / forex products / CFD / other derivatives	23/03/2017
BigOption / Wirestech Limited	http://www.bigoption.com	Companies offering binary options / forex products / CFD / other derivatives	23/03/2017
Binary options: the FSMA warns the public against several actors operating unlawfully within the territory of belgium		Companies offering binary options / forex products / CFD / other derivatives	01/10/2019
Binary options: the FSMA warns the public against several actors operating unlawfully within the territory of Belgium		Companies offering binary options / forex products / CFD / other derivatives	11/07/2019
Binarynvest	http://www.binarynvest.com	Companies offering binary options / forex products / CFD / other derivatives	23/03/2017
Bis Europe		Credit fraud	22/09/2017
Blonde Bear OU (TRADEDAX)	http://www.tradedax.com	Companies offering binary options / forex products / CFD / other derivatives	10/09/2018
Blue Hill Capitals		Boiler rooms	03/12/2019
Boiler rooms: the FSMA warns the public against unauthorized activities		Boiler rooms	20/09/2018
Bow Financial	http://www.bowfinancial.com	Boiler rooms	04/05/2016
Brevan Invest / Kasuar Ventures Ltd	http://www.brevan-invest.com	Companies offering binary options / forex products / CFD / other derivatives	23/03/2017
Broker Financial Ltd / Invest-Option	http://www.invest-option.com	Companies offering binary options / forex products / CFD / other derivatives	09/08/2016
Brookfield99 / Brookfield Investment Management (cloned firm)	http://www.brookfield99.com	Boiler rooms	09/02/2017
Burton Mills	http://www.burtonmills.com	Boiler rooms	15/03/2018
Capital Epargne	http://www.capital-epargne.com	Companies offering binary options / forex products / CFD / other derivatives	23/03/2017
Capital Invest Europe	http://www.capitalinvesteurope.com	Boiler rooms	09/02/2017
Capital Pilots	http://www.capitalpilots.com	Others	24/10/2019
CapitalCourtage, Eich Invest Ltd, 10 Spheres Media Ltd and First Consulting SCS	http://www.capitalcourtage.com	Companies offering binary options / forex products / CFD / other derivatives	18/04/2016
Carmann, Reed, Edwards Associates Lawyers / Tunner Grant & Associates / Carmann Consultancy Services		Recovery rooms	07/11/2016

PLEASE NOTE:

The fact that the FSMA has not published a warning about a company does not mean that the latter company holds the necessary authorization or registration to operate in Belgium. Although the FSMA does everything it can to publish a warning as soon as possible, it is not impossible that a company engages in activities before such a warning has been published. As a result, the list cannot be considered as exhaustive, and investors are always advised to check if a company that is offering them a financial service holds the requisite authorization or registration. They can do so using the search function on the FSMA website.
The FSMA also points out that in general, such unlawful offers of financial services often constitute fraud. In such cases, it is almost impossible for victims to recover the sums invested.
Be wary of 'cloned firms'. These are companies that pass themselves off as different, regulated undertakings even though they in fact have no connection with the latter. Investors can detect this type of fraud by comparing the email addresses or contact details for the companies in question.

If you have the least doubt, please don’t hesitate to contact the FSMA directly via the consumer contact form. As well, feel free to notify the FSMA if you have been in contact with a suspicious company that has not yet been the subject of a warning on its part.

Consumers

Professionals

List of companies operating unlawfully in Belgium

If you have the least doubt, please don’t hesitate to contact the FSMA directly via the consumer contact form. As well, feel free to notify the FSMA if you have been in contact with a suspicious company that has not yet been the subject of a warning on its part.

Consumers

Professionals

FSMA

List of companies operating unlawfully in Belgium

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If you have the least doubt, please don’t hesitate to contact the FSMA directly via the consumer contact form. As well, feel free to notify the FSMA if you have been in contact with a suspicious company that has not yet been the subject of a warning on its part.

Consumers

Professionals

FSMA

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