It appears that the war between regulators and scammers will never cease to cause ripples and raise concerns. The next story worth telling in this great fight is the case of a company called LiveFX Trader. In an unusual move, this company has forced two watchdogs from two different jurisdictions, Cyprus and Mauritius, to issue a joined alert, warning the public against this company and saying that the company has resorted to plain fraud in order to try and deceive the unsuspecting clients.
The Cyprus Securities and Exchange Commission and the Financial Services Commission, Mauritius explain on this warning how LiveFX Trader, displays on its website, and more specifically at http://www.dionlivefx.com/regulation.html, a fraudulent copy of an Investment Dealer, Full Service Dealer (excluding underwriting) License, which bears the logo of FSC Mauritius. However, the most telling sign that this license is clearly a forgery is the fact that the address of the FSC Mauritius on this alleged license certificate is not written correctly, since instead of being House 54 Cybercity Ebene Republic of Mauritius, it appears as House 54 Cybercity Ebene Republic of Cyrus.
Obviously then, the scammers behind this scheme are attempting to mislead the investing public and purposely mix the actual FSC address, but say this is located in the Republic of Cyrus, a country that obviously doesn’t exist, but whose makeshift name looks and sounds like the Republic of Cyprus, which is a popular retail forex jurisdiction.
This is why the two watchdogs came out publicly to jointly “inform the public that LiveFX is not and has not at any time been licensed by the CySEC or the FSC Mauritius. The CySEC and the FSC Mauritius therefore urge the public to exercise caution in respect to LiveFX.”
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.