BVI FSC warns against impostor firms

Chris Hamblin

8 January 2016

The Financial Services Commission says that it has discovered that an entity calling itself St World Trade Inc that has been offering investment products such as hedging, markets arbitrage, risk management and speculation whilst wrongly purporting to be incorporated, licensed and regulated in the British Virgin Islands. St World Trade offers its products and services through its website at www.tradingbanks.com, and the regulator is advising members of the public to exercise extreme caution if it solicits them for business. TradeFxi Forex, meanwhile, has been offering to make trades on behalf of customers in foreign exchange on margin (forex) and trades in commodities and indices, while offering investment brokerage services and purporting to be incorporated, licensed and regulated in the British Virgin Islands. Its website is at www.tradefxi.com. Not only does the company claim, according to the FSC, that its headquarters are in the islands; it purports to have received a license from the FSC - something that the FSC denies - and reproduces a picture of one as proof.