ADGM FSRA issues alert concerning fraudulent website

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) wishes to alert the financial services community and members of the public about certain false and misleading claims made by entity purporting to trade as “Ibell Markets” on its websites (URL: https://www.ibellmarkets.com and https://ibellsfx.com) (the “Websites”).

It came to the FSRA’s attention that on the Websites, Ibell Markets:

• purports to offer a platform for trading in futures, metals and energy commodities, cryptocurrencies, Contracts for Difference (CFDs), indices and foreign currencies;
• purports to allow potential investors, including those based in the United Arab Emirates, to sign up for trading accounts; and
• falsely claims that it is based in the ADGM and by doing so falsely holds Ibell Markets out as being regulated by the FSRA.

The FSRA is concerned that the false statements made on the Websites have the potential to mislead potential investors and the public to believe that Ibell Markets is licensed or authorised to carry on Regulated Activities in or from the ADGM, when it is not.

The FSRA advises the public that Ibell Markets:

• Is not, and has never been, granted a Financial Services Permission by the FSRA to carry on any Regulated Activity in or from the ADGM; and
• Is not, and has never been, incorporated in the ADGM or licensed to undertake any form of commercial activities in the ADGM.

Only firms authorised by the FSRA can undertake Regulated Activities in the ADGM.

To determine if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from the ADGM, you can search the FSRA’s Public Register.