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Cit Markets (Citmarkets)

25 sep 2015 Waarschuwing van een buitenlandse toezichthouder

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Cit Markets (Citmarkets), a company that offers highly risky investment instruments in Belgium without complying with Belgian financial legislation.

Cit Markets (Citmarkets) is not an authorized investment firm or credit institution in Belgium. It is therefore not allowed to provide banking and/or investment services in or from Belgium.

Furthermore, certain investment instruments that this company offers, i.e. binary options, are speculative and involve significant risks, with the investor in such products running the risk of losing the entire amount invested. The FSMA already published a warning in May 2014 about the risks associated with binary options.

Finally, Cit Markets (Citmarkets) has not published a prospectus approved by the FSMA, as is required before any public offering of investment instruments may be made within the territory of Belgium.

The FSMA therefore strongly advises against responding to any offers of financial services or to any public offers of investment instruments made by Cit Markets (Citmarkets) and against transferring money to any account number it might mention.

Cit Markets (Citmarkets) uses the website www.citmarkets.com.

On its website, Cit Markets tries to pass itself off as CIT Financial Ltd, a company registered in the United Kingdom and authorized by the FCA, and claims that this is its exact company name. Cit Markets then provides a link to the FCA website’s page for CIT Financial Ltd, which confirms its authorization by the FCA. The link to CIT Financial Ltd, however, constitutes a theft of that company’s name: Cit Markets has no connection to CIT Financial Ltd. The aforementioned practice is typical of the fraud mechanism known as a “cloned firm”: someone steals the identity of existing persons or companies (a lawyer, registered company, etc.) in order to give the appearance of trustworthiness or legitimacy, and thereby to convince investors.

The FSMA recommends vigilance with regard to companies such as this one which offer binary options or other risky investment instruments. Always verify that any company which is offering you financial services has the requisite authorization. For more recommendations, please consult the general warning published by the FSMA on 25 September 2015 on its website.

If you wish to check in general whether a proposed transaction complies with the financial regulations, please use the search function (available in Dutch and French only) on the website of the FSMA. You can also contact the FSMA (email address: info@fsma.be).

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