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.

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.

Title	Company name	Website	Type of fraude	Date
365 Markets (Trustnet Ltd)	365 Markets (Trustnet Ltd)	https://www.365markets.com	Fraudulent online trading platforms	19/02/2019
ABConseils-patrimoine.com	ABConseils-patrimoine.com	https://www.abconseils-patrimoine.com	Boiler rooms	18/06/2020
Accea Finance		http://www.accefinance.com	Credit fraud	23/09/2020
Access Centrale Bank		https://www.access-centrale.com	Credit fraud	25/03/2020
Actio-Conseil (formerly www.energie-dma-access.com and https://actio-conseil.com) – Cloned firm		https://www.energie-dma-access.com https://actio-conseil.com/	Others	15/06/2020
Akita Michinoku Company		https://www.amctradinggroup.com	Boiler rooms	16/09/2020
Akiyama Acquisitions		http://www.akiyamaacq.com/	Boiler rooms	10/09/2020
Allied Indices International (www.alliedindicesinternational.com)	Allied Indices International	https://www.alliedindicesinternational.com/	Boiler rooms	17/02/2022
Alpes trading (www.alpes-trading.com)	Alpes trading	https://www.alpes-trading.com/	Boiler rooms	17/02/2022
Alternative investment products (rare earths, precious metals, diamonds, etc.): be on you gard!			Alternative investments	08/05/2017
Antares (www.antares.trade)	Antares	http://www.antares.trade/	Ponzi schemes / Pyramid schemes	04/03/2021
Ashcroft Cohen Strategic Capital (ACSC)	Ashcroft Cohen Strategic Capital (ACSC)	https://acscinc.com	Boiler rooms	08/01/2019
Ashton Group LTD		https://www.ashtongroupltd.com/	Boiler rooms	10/09/2020
Asia Associates	Asia Associates	http://www.asiaassociates.com	Boiler rooms	08/01/2019
Asse-groupe (www.asse-groupe.com)		http://www.asse-groupe.com/	Others	30/12/2020
Asterix Bank	Asterix Bank	http://www.asterixbank.com	Credit fraud	29/07/2019
Atlantix Services (www.atlantix-services.com)	Atlantix Services	https://www.atlantix-services.com	Credit fraud	18/01/2021
Atless Finance		https://www.atless-finance.com/	Credit fraud	23/09/2020
BCI Financial		https://www.bcifinancial.com	Credit fraud	25/03/2020
Be cautious on social media: Scammers use all sorts of tricks to circulate their fraudulent offers!			Others	03/12/2020
Be wary of investment fraud!	JT Europe GBE Capital	http://www.jt-europe.com https://www.gbe-capital.com/	Wealth management	01/03/2019
Be wary of investment offers made through social media			Others	30/09/2019
Belgius Capital (www.belgius.com)		http://www.belgius.com/	Boiler rooms	02/02/2021
Beware of attempts at phishing in relation to COVID-19!			Others	27/03/2020
Beware of fraudulent crypto trading platforms	Xmsite Crypto Profit FX Tenndex	https://cryptoprofitfx.com/ https://www.tenndex.com https://www.xmsite.live https://www.xmsite-coin.com	Cryptocurrency	08/09/2022
Beware of fraudulent offers of wealth management	ab-investment-acces.net besttradingspecialists.com gestioneuropecapital.com Javius.com lj-invest.net		Wealth management	26/08/2022
Beware of new fraudulent online trading platforms	BeFlix Blue Lexus CFReserve Omegafx Optionfx Trade Trade Idea	https://www.beflix.net https://www.bluelexus.net https://www.CFReserve.com https://www.omegafx.io https://www.optionfx.trade https://www.tradeidea.co	Fraudulent online trading platforms	18/12/2019
Beware of offers of investment in wine	http://metropole-conseil.com/ https://gst-investissements.com/fr/admin/login		Alternative investments	23/08/2022
Beware of offers of investment in wine, champagne and spirits	Cap De France ST Conseils	http://www-cap-de-france.com/ https://www.st-conseils.com/	Alternative investments	24/06/2021
Binary options: the FSMA warns the public against several actors operating unlawfully within the territory of belgium	Dream Equity Ltd FlixGM (Altridium Group) Globalmarkets Infinitrade Investteck Key Markets Kodimax Mason Ford Tradershome	http://www.glob-markets.com http://www.glob-markets.co http://www.glob-markets.net https://www.glob-markets.pro/ http://www.flixgm.com https://flixance.com/ http://www.investingcapital.com http://www.tradershome.com http://www.masonford.com http://www.kodimax.com http://www.keymarkets.com http://www.infinitrade.com https://infinitrade3.com/ https://infinitrade4.com	Fraudulent online trading platforms	01/10/2019
Binary options: the FSMA warns the public against several actors operating unlawfully within the territory of Belgium	Go Capital FX Vipwayzone	https://www.gocapitalfx.com/ https://www.gocapital123.com https://www.vipwayzone.com/	Fraudulent online trading platforms	11/07/2019
Bitcoin-Evolution/Bitcoin-Revolution			Others	01/04/2020
Blessing Service (www.blessing-service.com)	Blessing Service	https://www.blessing-service.com	Credit fraud	18/01/2021
Blue Hill Capitals	Blue Hill Capitals (cloned firm)		Boiler rooms	03/12/2019
Boiler rooms: The FSMA warns the public against unauthorized activities			Boiler rooms	02/02/2021
Boiler rooms: The FSMA warns the public against unauthorized activities		http://ilainternational.com/ https://www.ashtongroupltd.com/ https://www.crestviewcapital.com/ http://www.akiyamaacq.com/ http://www.dunnandburchill.net https://www.carlylecapitalmanagement.com	Boiler rooms	10/09/2020
Boiler rooms: the FSMA warns the public against unauthorized activities	Allied Indices International Alpes trading Shard asset management Universal asset management	https://www.alliedindicesinternational.com/ https://www.alpes-trading.com/ http://www.shardassetmanagement.net/ http://www.sassetmanagement.ne/ https://www.universalassetmgmt.com/	Boiler rooms	17/02/2022
Boiler rooms: the FSMA warns the public against unauthorized activities	Bruckhaus Quist Daltium EMW Capital	http://www.bruckhaus-quist.com/ http://www.daltium.com/ http://www.emwcapital.com/	Boiler rooms	28/04/2021
Boiler rooms: the FSMA warns the public against unlawful activities	Gato Capital Partners Compass Consulting Group J McKenzie / McKenzie International Investments Sapone Trading Bryon-Stafford Larkin Asset Management		Boiler rooms	27/03/2020
Boiler rooms: The FSMA warns the public against unlawful activities	ABConseils-patrimoine.com Takahashi and Partners Tan Allen Piguet Asset Management	http://www.abconseils-patrimoine.com https://www.tapam.com/ https://takahashipartners.com/	Boiler rooms	18/06/2020
Brock Holdings (https://brockholdings.com/)		https://brockholdings.com/	Boiler rooms	02/02/2021
Brookfield Investment fund PLC (https://brookfieldinvestmentfundsplc.net) - Cloned firm		https://brookfieldinvestmentfundsplc.net/	Others	30/12/2020
Bruckhaus quist (www.bruckhaus-quist.com)		http://www.bruckhaus-quist.com/	Boiler rooms	28/04/2021
Byron-Stafford		https://byron-stafford.com/	Boiler rooms	27/03/2020
Capital Pilots	Capital Pilots	http://www.capitalpilots.com	Fraudulent online trading platforms	24/10/2019
Capital-Placement (http://capital-placement.info – http://news-placement.net)		http://capital-placement.info http://news-placement.net	Others	23/06/2020
Carlyle Capital Management		https://www.carlylecapitalmanagement.com	Boiler rooms	10/09/2020
CFDS100.com (TRSYSTEM Limited)	CFDS100.com (TRSYSTEM Limited)	https://www.cfds100.com	Fraudulent online trading platforms	19/02/2019
Cobalt Capital Inc.	Cobalt Capital Inc.	https://cobaltcapitalinc.com	Boiler rooms	08/01/2019
Companies that sell trading and training software			Others	21/09/2020

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.