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
FXG Trade (Capital FXG Ltd / Nordic Pearl Ltd)
  • https://fxgtrade.com
  • Companies offering binary options / forex products / CFD / other derivatives
19/02/2019
FXGL Capital and HCI Fund
  • http://www.fxglcapital.com
  • Companies offering binary options / forex products / CFD / other derivatives
23/02/2015
FXObank
  • http://www.fxobank.com
  • Companies offering binary options / forex products / CFD / other derivatives
19/12/2014
FXSEP, SEP Global, Hedge Funds Liège 2015 and Fonds d’investissement Liège 2015
  • http://www.fxsep.com
  • http://www.hedgefundsliege.com
  • Companies offering binary options / forex products / CFD / other derivatives
18/04/2016
FXUnited (United Global Holdings Limited)
  • http://www.fxunitedglobal.com
  • Companies offering binary options / forex products / CFD / other derivatives
16/08/2017
G.M. Marketing Group Limited, Tradesolid and G.M. Software Solutions Limited
  • http://www.tradesolid.com
  • Companies offering binary options / forex products / CFD / other derivatives
18/04/2016
GCI Financial LLC and GCI
  • http://www.gcitrading.com
  • Companies offering binary options / forex products / CFD / other derivatives
18/04/2016
GDPX Assets ltd and Nakitrade
  • http://www.nakitrade.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Gemini Acquisitions and Escrow Service Group
  • http://www.escrowservicegroup.com
  • Boiler rooms
04/05/2016
Gemsasia Investments Corporation
  • Boiler rooms
11/12/2014
Gerard & Alterman (G&A) (cloned firm)
  • http://www.gerardalterman.com
  • Boiler rooms
04/05/2016
GFS Limited and GFS Securities
  • http://www.gfssecurities.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Global Consulting Europe
  • http://www.globalconsultingeurope.com
  • Boiler rooms
09/02/2017
Global Strategy Capital Markets Ltd
  • http://www.gscm-limited.com
  • Boiler rooms
27/02/2015
GMT Private Broker
  • http://www.gmtprivatebroker.com
  • Companies offering binary options / forex products / CFD / other derivatives
25/09/2015
GN Capital Ltd / PWRTrade
  • http://www.pwrtrade.com
  • Companies offering binary options / forex products / CFD / other derivatives
09/08/2016
Golden-Bank
  • http://www.golden-bank.com
  • Companies offering binary options / forex products / CFD / other derivatives
10/10/2014
Good Option
  • http://www.good-option.com
  • Companies offering binary options / forex products / CFD / other derivatives
11/07/2014
Goprofinance
  • http://www.goprofinance.com
  • Companies offering binary options / forex products / CFD / other derivatives
10/09/2018
Graham International Ltd / Binat Ltd (Proinvest)
  • https://proinvest.trade.be
  • Companies offering binary options / forex products / CFD / other derivatives
09/08/2016
Green Seed Capital and CDH Investments
  • Boiler rooms
11/12/2014
Greenberg International Law & Tax Advisory
  • Boiler rooms
12/10/2015
Groupe Markets Ltd, Capital Markets Ltd, Fx Capital Bank (FXCB), FXCB Capital Markets Limited and FXCB Limited
  • http://www.fxcapitalbank.com
  • Companies offering binary options / forex products / CFD / other derivatives
25/09/2015
Hana Shizuoka Trading
  • http://www.hstmanagement.com
  • Boiler rooms
05/11/2018
Hasegawa Financial Holdings / Elantra Limited / JEC Investment Limited / United Equity Clearing Limited
  • http://www.hasegawa-financial-holdings.com
  • Boiler rooms
07/11/2016
Have you been offered a lucrative investment over the phone? Don’t be taken in!
  • Boiler rooms
08/01/2019
Have you been offered a lucrative investment over the phone? Don’t be taken in!
  • Boiler rooms
05/11/2018
Hawk Trade
  • http://www.hawktrade.com
  • Boiler rooms
27/02/2015
Herrington Global
  • Boiler rooms
28/07/2014
Hollis Kookmin Financial
  • http://www.hkfglobal.com
  • Boiler rooms
15/03/2018
Hoover Bright Independent Finance Advisor and CC Manuel Trading
  • http://www.hooverbright.com
  • Boiler rooms
04/05/2016
HybridReserve (Singlebell LTD / SingleBell OU)
  • https://www.hybridreserve.com
  • Companies offering binary options / forex products / CFD / other derivatives
19/02/2019
ICMarkets (Invest Capital Markets)
  • http://www.investcapitalmarkets.com
  • Companies offering binary options / forex products / CFD / other derivatives
19/12/2014
ICSID (International Centre for Settlement of Investment Disputes)
  • Boiler rooms
07/11/2016
IFT Advisory Group
  • http://www.iforextrading.co.uk
  • Companies offering binary options / forex products / CFD / other derivatives
01/12/2017
Index Financial Group
  • http://indexfinancialgroup.com
  • Boiler rooms
08/01/2019
Insta-trading and Telcom Services Ltd. (Sequoia markets)
  • http://www.insta-trading.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Inter Global Equity
  • Boiler rooms
28/07/2014
Invest-Binary
  • http://www.invest-binary.com
  • Companies offering binary options / forex products / CFD / other derivatives
02/07/2015
Island Finance
  • Credit fraud
13/05/2016
Ivoryoption / Arya Group Ltd / Arianus Marketing Ltd
  • http://www.ivoryoption.com
  • Companies offering binary options / forex products / CFD / other derivatives
23/03/2017
Jones Falls Securities
  • Boiler rooms
18/07/2013
Jones Shaw Capital Partners
  • http://www.jonesshaw-capitalpartners.com
  • Boiler rooms
10/09/2015
Jordan Group Financial and Amj Imp & Exp International Co. Ltd.
  • http://www.jordangroupfinancial.com
  • Boiler rooms
26/07/2016
Kangyo Yokohama Securities
  • http://www.kysecurities.com
  • Boiler rooms
20/09/2018
KD Markets
  • http://www.kdmarkets.com
  • Companies offering binary options / forex products / CFD / other derivatives
22/08/2014
Kin Capital (Chemmi Holdings)
  • http://www.kin-capital.com
  • Companies offering binary options / forex products / CFD / other derivatives
01/12/2017
KLM Holdings
  • http://www.klmholdings.com
  • Boiler rooms
08/01/2019
Lambert & Sons Incorporated (Lambert and Sons Incorporated)
  • http://www.lambert-incorporated.com
  • Boiler rooms
15/03/2018
Lau Global Services Corporation, MXTrade and Taris Financial Corp.
  • http://www.mxtrade.com
  • Companies offering binary options / forex products / CFD / other derivatives
18/04/2016