The Bermuda Monetary Authority (BMA) issued a public warning on QFEX Bermuda Limited after becoming aware of a website promoting its services and falsely stating in its terms and conditions that it had been licensed by the BMA. The BMA confirmed that QFEX is neither licensed nor registered and added it to the BMA’s warning list of known unauthorised firms and individuals. The BMA also noted that the website invited members of the public to join a waitlist whose terms described a binding agreement between QFEX and the client, and that users were asked to upload identification for third-party verification after joining. Following the BMA raising the false and misleading statements, QFEX removed public access to the website, while the BMA issued the warning to create a public record and reiterated the heightened risks of dealing with unregulated entities, particularly those making false representations.
Bermuda Monetary Authority 2025-11-12
Bermuda Monetary Authority issues public warning on QFEX Bermuda Limited over false licensing claims
The Bermuda Monetary Authority (BMA) issued a public warning against QFEX Bermuda Limited for falsely claiming BMA licensing on its website. QFEX, neither licensed nor registered, was added to the BMA's warning list of unauthorised firms. The BMA highlighted the risks of engaging with unregulated entities and noted QFEX's removal of public website access following the warning.