Belize’s financial regulator, the International Financial Services Commission of Belize (IFSC), has issued a warning against Grizzly Ltd, operating through the website www.grizzly-ltd.com, since the entity improperly claims to be licensed by the IFSC, the regulator said on Monday.
The IFSC said it has not granted license to Grizzly to operate as a trader of any king, and neither has any other competent authority in Belize.
On its website, the entity, which claims to be founded in 2015, says it is registered with and regulated by the IFSC. It presents itself as a financial service company that offers prime broking services, including physical and margin forex trading services, as well as risk management, quote pricing, and settlement services.
Our research showed that, in addition to operating without being licensed, the company also does not provide details regarding its trading conditions on its website.
The Belizean regulator asks anyone who might have been contacted by Grizzly representatives to be cautious and to inform the IFSC via [email protected]
Belize is known as an offshore destination for forex traders, where the regulation is not as strict as in other places and the requirements for acquiring a license are more liberal than in most countries. Many forex brokers choose to register and be regulated in Belize since the provision of a license there requires them to meet fewer and softer criteria and to comply with less strict rules and requirements than if they registered in other countries. Moreover, costs related to incorporation and regulation are significantly lower in Belize and brokers’ required unimpaired capital needs to be as low as $100,000.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.