Elite Financial Markets claims to be operated by ELITE FINANCIAL GROUP LTD, a company supposedly registered under the UK with Company number SC679515 and authorized by the International Financial Services Commission of UK (IFSC) under the license numbers 000274/222 and 000274/221. First of all, there is a mistake in the statement: the IFSC, as known as Belize Financial Services Commission (FSC), is based in Belize, not in the UK. Based on the claim, we searched for Elite Financial Markets in the register of the Companies House (CH). While we did locate corresponding records, it is critical to note that the CH only serves as a registrar of companies in the UK and the authority to regulate the financial industry rests with the Financial Conduct Authority (FCA). Therefore, mere registration with the CH doesn't mean being authorized to offer financial services or products, and Elite Financial Markets is required to seek authorization from the FCA before soliciting investors. However, there are no matching data in the FCA registry. As for the Belize FSC, we searched for the company in its register and found no data associated with the entity either. Therefore, Elite Financial Markets is operating outside the regulatory framework.
In addition, the US Commodity Futures Trading Commission (CFTC) has added Elite Financial Markets to its RED List for illegal operations.
In essence, Elite Financial Markets is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.
Elite Financial Markets claims to be operated by ELITE FINANCIAL GROUP LTD, a company supposedly registered under the UK with Company number SC679515 and authorized by the International Financial Services Commission of UK (IFSC) under the license numbers 000274/222 and 000274/221. First of all, there is a mistake in the statement: the IFSC, as known as Belize Financial Services Commission (FSC), is based in Belize, not in the UK. Based on the claim, we searched for Elite Financial Markets in the register of the Companies House (CH). While we did locate corresponding records, it is critical to note that the CH only serves as a registrar of companies in the UK and the authority to regulate the financial industry rests with the Financial Conduct Authority (FCA). Therefore, mere registration with the CH doesn't mean being authorized to offer financial services or products, and Elite Financial Markets is required to seek authorization from the FCA before soliciting investors. However, there are no matching data in the FCA registry. As for the Belize FSC, we searched for the company in its register and found no data associated with the entity either. Therefore, Elite Financial Markets is operating outside the regulatory framework.In addition, the US Commodity Futures Trading Commission (CFTC) has added Elite Financial Markets to its RED List for illegal operations.In essence, Elite Financial Markets is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.
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