Last Friday, August 23, the British Virgin Islands Financial Services Commission (BVIFSC) was prompted to issue a public announcement, warning against a company called Quiloxtrade, which falsely claims to be a BVI entity.
Quiloxtrade operates a website www.quiloxtrade.com, on which the BVIFSC states that the company, for the purpose of operating in investment business and providing broker services through an electronic trading platform, falsely purports to be authorized and licensed in the BVI.
However, the Commission confirmed that this online company is not a BVI registered entity.
“The FSC hereby informs the public that Quiloxtrade is not and has never been licensed or regulated to carry on investment business in or from within the Territory,” the Commission stated.
Therefore, the BVIFSC said it considered it necessary to issue a public statement in order to protect the public interest, and the interests of any of the customers, creditors or persons who may have been solicited to conduct business by Quiloxtrade.
Further, BVIFSC said it wanted to make the general public aware that the company has never been registered in the British Virgin Islands, nor has it been licensed or regulated by the FSC to carry on any type of financial services business.
As such, the Commission said that the public is advised to exercise extreme caution in conducting any business with Quiloxtrade.