Public Statement 16 of 2022 - PROTONFOREX (2022-10-04)

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission (FSC) about an entity called PROTONFOREX. The FSC states that PROTONFOREX falsely claims to be authorised by a non existent 'BVI Foreign Exchange Commission' to provide payment transaction services, and confirms that PROTONFOREX has never been licensed or regulated by the FSC to carry on any financial services business in or from the BVI.

• No BVI Foreign Exchange Commission: The FSC clarifies that no such body as a 'BVI Foreign Exchange Commission' exists, and that payment transaction services must be licensed and regulated by the FSC itself.
• Unlicensed entity: PROTONFOREX is not and has never been licensed or regulated to carry on payment transactions or any other financial services business in or from the Territory.
• Public caution advised: Members of the public are advised to exercise extreme caution if solicited to conduct business with PROTONFOREX.
• Reporting invited: The public is invited to provide the FSC with information on questionable entities purportedly operating in or from the Territory and on improper activities by such entities.

The statement is issued under Section 37A of the Financial Services Commission Act, 2001 and is informational in nature, intended to protect customers, creditors, and persons solicited by PROTONFOREX rather than to impose ongoing regulatory obligations on licensed entities.

Applies to

general public, unlicensed entities purporting to offer financial services, persons solicited by PROTONFOREX