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 namesort descending Website Type of fraude Date
Daikyo Brokerage Limited, Champion Luck Enterprises Limited, CTPP Investment Limited, United Equity Clearing Limited, JEC Investment Limited and Asicon Trading Limite
  • http://www.daikyo-brokerage-limited.com
  • Boiler rooms
26/07/2016
Dashan International
  • http://www.dashaninternational.com
  • Boiler rooms
10/09/2015
Day Dream Investments Ltd (u Trader)
  • https://en.utrader.com/
  • Companies offering binary options / forex products / CFD / other derivatives
10/09/2018
Dealinpro and Shaily Global Option Ltd
  • http://www.dealinpro.com
  • Companies offering binary options / forex products / CFD / other derivatives
25/09/2015
Denman-Brys Group
  • http://www.denmanbrysgroup.com
  • Boiler rooms
18/07/2018
DeutscheMarkets
  • http://www.deutschemarkets.net
  • Companies offering binary options / forex products / CFD / other derivatives
25/09/2015
Devin Consultants
  • http://www.devinconsultants.com
  • Boiler rooms
18/08/2017
Dodson Norwood / Kimball Group International Limited / PVSS Holdings Limited
  • http://www.dodson-norwood.com
  • Boiler rooms
07/11/2016
Drukenmiller Investment Services / Timmermans Asia Ltd / Hansen Peters Ltd / Sarandon Asia Ltd
  • http://www.drukenmiller-investment.com
  • Boiler rooms
05/04/2017
Dynamic Target Marketing
  • http://www.dynamictargetmarketing.com
  • Recovery rooms
29/09/2017
E Trade Securities (cloned firm)
  • http://www.etrade-securities.com
  • Companies offering binary options / forex products / CFD / other derivatives
18/04/2016
Earnest & Medwell International
  • http://www.earnest-medwell-international.com
  • Boiler rooms
04/05/2016
Eastern Quay Asset Management
  • http://www.equam.com
  • Boiler rooms
09/02/2017
EasyGestions
  • http://www.easygestions.com
  • Companies offering binary options / forex products / CFD / other derivatives
16/08/2017
Edgedale Finance / Gold Horizen Ltd
  • http://www.edgedalefinance.com
  • Companies offering binary options / forex products / CFD / other derivatives
23/03/2017
Ephraim Global / Boltin Limited / Hamberg Limited
  • http://www.ephraimglobal.com
  • Boiler rooms
07/11/2016
Euro Asia Invest
  • Boiler rooms
11/12/2014
Evans Chamberlain
  • http://www.evanschamberlain.com
  • Boiler rooms
18/07/2018
Excel Management
  • Boiler rooms
11/12/2014
Excon Fuji Securities
  • http://www.efsecurities.com
  • Boiler rooms
18/08/2017
Experia Management Group
  • Boiler rooms
28/05/2015
Expert Data and Option Pros
  • http://www.option-pros.com
  • Companies offering binary options / forex products / CFD / other derivatives
25/09/2015
F&C Investment (F&C Management - cloned firm)
  • http://www.fandc.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Fairway capital investments (www.fairwaycapitalinvestments.com)
  • http://www.fairwaycapitalinvestments.com
  • Boiler rooms
27/09/2017
Finance Academy Trading
  • http://www.financeacademytrading.com
  • Companies offering binary options / forex products / CFD / other derivatives
  • Recovery rooms
25/09/2015
Finance Academy Trading
  • http://www.financeacademytrading.com
  • Companies offering binary options / forex products / CFD / other derivatives
  • Recovery rooms
25/09/2015
Finances Capital
  • http://www.finances-capital.com
  • Companies offering binary options / forex products / CFD / other derivatives
23/03/2017
Financial Advisors Online
  • Boiler rooms
16/07/2013
Financial Futures Ltd (cloned firm) / Digifirst Hungary Kft
  • http://www.financial-futures-ltd.com
  • Companies offering binary options / forex products / CFD / other derivatives
23/03/2017
Financial Services Bank ('FS Bank')
  • http://www.financials-services.com
  • Credit fraud
06/02/2019
Finanperf and Secure Soft Service Ltd
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Finazona / Prêteur Ortiz
  • http://www.finazona.com
  • Credit fraud
06/02/2019
Fintera
  • Credit fraud
22/09/2017
First SkyWay Invest Group Limited ('SkyWay Capital')
  • Ponzi schemes / Pyramid schemes
17/05/2019
First SkyWay Invest Group Limited (“SkyWay Capital”)
  • Ponzi schemes / Pyramid schemes
22/09/2017
FISERVICES LTD / Legend Options / Fi Options
  • http://www.legendoptions.com
  • http://www.fioptions.com
  • Companies offering binary options / forex products / CFD / other derivatives
10/10/2014
Five Winds Asset Management and QW Lianora Swiss Consulting SA
  • Ponzi schemes / Pyramid schemes
02/10/2017
FMTrader / Terapad Services Ltd / FM Marketing Ltd
  • http://www.fmtrader.com
  • Companies offering binary options / forex products / CFD / other derivatives
23/03/2017
ForexTrada
  • http://www.forextrada.com
  • Companies offering binary options / forex products / CFD / other derivatives
21/01/2014
Fortune Banque and Tareno (cloned firm)
  • http://www.fortunebanque.com
  • Companies offering binary options / forex products / CFD / other derivatives
25/09/2015
Frank Bossuyt & Partners (Cloned firm)
  • http://www.fbandpartners.com
  • Boiler rooms
07/11/2016
Fraser Hammond
  • http://www.fraserhammond.com
  • Boiler rooms
05/11/2018
Fraudulent credit offers
  • Credit fraud
06/02/2019
FSI Union, General Options, Ate Binary Limited, B.P.Y. Technologies Ltd and G.I. Technologies
  • http://www.fsi-union.com
  • http://www.generaloptions.co
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Ftradition, Equity Capitals, Haussman Capital and Direct Epargne
  • http://www.ftradition.com
  • http://www.haussmancapital.com
  • http://www.equitycapitals.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Fuji Credit Asset Management (Fuji Credit J-LLC)
  • http://www.fujicredit.com
  • Boiler rooms
04/05/2016
Fujitsu Global / Asian Mercantile Exchange / Centric Limited
  • http://www.fujitsu-global.com
  • Boiler rooms
09/02/2017
Futurmarket, BanqofBroker and Royal De Bank
  • http://www.royaldebank.com
  • Companies offering binary options / forex products / CFD / other derivatives
19/12/2014
FXANDCO (Globe and Co Ltd)
  • http://www.fxandco.com
  • Companies offering binary options / forex products / CFD / other derivatives
01/12/2017
FXBanque and Boursoratrade
  • http://www.fxbanque.com
  • http://www.boursoratrade.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015