News & Warnings

NG-Bank, Arian Financial, Alborg Trading Inc. and Kalahouse Limited


The Financial Services and Markets Authority (FSMA) warns the public against the activities of NG-Bank and Arian Financial, companies that offer highly risky investment instruments in Belgium without complying with Belgian financial legislation.

NG-Bank and Arian Financial are not authorized investment firms or credit institutions in Belgium. They are therefore not allowed to provide banking and/or investment services in or from Belgium.

Furthermore, certain investment instruments that these companies offer, i.e. binary options, are speculative and involve significant risks, with the investor in such products running the risk of losing the entire amount invested. The FSMA already published a warning in May 2014 about the risks associated with binary options.

Finally, NG-Bank and Arian Financial have not published a prospectus approved by the FSMA, as is required before any public offering of investment instruments may be made within the territory of Belgium.

The FSMA therefore strongly advises against responding to any offers of financial services or to any public offers of investment instruments made by NG-Bank or Arian Financial, and against transferring money to any account number they might mention.

NG-Bank uses the website, the phone numbers +32 2 808 59 68 and +33 182 883 603 and the email address

The investors who were invited to invest on NG-Bank’s online trading platform were contacted by the company Arian Financial (contact persons: Antoine Brou –; Laurent Favier –

The investors were invited to deposit sums of money into a Cyprus-based bank account purportedly opened in the name of Alborg Trading Inc. and into a British bank account purportedly opened in the name of Kalahouse Limited.

It should be noted that the latter company was already the subject of a warning published by the FSMA on 25 September 2015, on the occasion of a fraud perpetrated by Binary Stock Market Bank, a company that was itself the subject of the same warning. The latter bank account has also been used by Fortune Banque, a company that has likewise been the subject of a warning by the FSMA dated 25 September 2015.

According to the information available to the FSMA, the Belgian financial consumers who invested with these companies have to date been unable to recover the sums invested.

The FSMA recommends vigilance with regard to companies such as these ones that offer forex products or other risky investment instruments. Always verify that any company which is offering you financial services has the requisite authorization. For more recommendations, please consult the general warning published by the FSMA on 18 April 2016 on its website.

If you wish to check in general whether a proposed transaction complies with the financial regulations, please use the search function (available in Dutch and French only) on the website of the FSMA. You can also contact the FSMA (email address: