Public Statement 21 of 2020 - TELOSTRADE

Summary

This is a public warning notice issued by the BVI Financial Services Commission (FSC) on 12 November 2020 concerning an entity called TELOSTRADE (and a related name, TELOSTRADE INVESTMENT SOLUTION). It is not a rule or regulatory requirement but an investor alert warning the public that these entities are not licensed to conduct financial services business in or from the BVI.

• Who is named: TELOSTRADE, purportedly operating from Pasea Estate, Road Town, Tortola, offering payment transaction services, and its purported affiliate TELOSTRADE INVESTMENT SOLUTION, purporting to be an investment business.
• FSC finding: Neither entity has ever been licensed or regulated by the FSC to carry on payment transaction, investment, or any other financial services business in or from the BVI.
• Legal basis: The statement is issued pursuant to Section 37A of the Financial Services Commission Act, 2001.
• Public guidance: Members of the public are advised to exercise extreme caution if solicited to do business with these entities, and are invited to report information about questionable entities or improper activities to the FSC.

The notice imposes no new compliance obligations on regulated entities; it is informational, aimed at protecting consumers and the public from an unlicensed operator.