Advisory Warning No. 5 of 2016 - XMAXBIT (2016-12-19)

Summary

This is a public advisory issued by the British Virgin Islands Financial Services Commission warning about an entity calling itself XMAXBIT, which falsely claims to be registered and incorporated in the BVI and has circulated a fabricated certificate of incorporation via the website xmaxbit.com.

• Finding: The FSC confirms XMAXBIT has never been registered or incorporated as a business company in the British Virgin Islands.
• Public advice: Members of the public are advised to exercise extreme caution if solicited by, or considering business with, XMAXBIT.
• Call for information: The FSC invites the public to submit relevant information on XMAXBIT or other questionable entities purportedly operating in or from the BVI.
• Legal basis: The warning is issued under Section 4(1)(l) of the Financial Services Commission Act, 2001.

This is an informational fraud alert rather than a rule imposing ongoing compliance duties on regulated entities; it is primarily aimed at protecting the public and industry from a fraudulent BVI-related entity.