The Bermuda Monetary Authority has issued a warning after a website claimed that a company it was promoting had been duly licensed by the authority.

The BMA’s warning came in addition to the company being listed as an unauthorised firm.

The financial services regulator said in a statement: “The Bermuda Monetary Authority is aware of the website http://www.qfex.com which promotes the services of QFEX Bermuda Limited.

“The terms and conditions page falsely stated that QFEX has been issued a licence by the authority. The authority can confirm that QFEX is neither licensed nor registered with the authority.

“The authority also notes that QFEX’s website solicited members of the public to join the wait list, the terms and conditions of which stated that this formed a binding agreement between QFEX and the ‘client’.

“After joining the wait list, users were asked to upload a copy of their identification for verification by a third party.

“These false statements were brought to the attention of QFEX, and in response, QFEX removed public access to the website.

“While the authority appreciates the effort made by QFEX to remedy the false and misleading statements on its website, the authority has issued this public warning to ensure there is a public record of the correct information.

“The authority would also like to remind the public that conducting business with unregulated entities carries an increased risk for potential investors, especially when dealing with entities that make false representations in their promotional material. Anyone who chooses to conduct business with this entity does so at their own risk.

“The authority maintains a warning list of known unauthorised firms and individuals to keep the public informed. As a result, QFEX has been added to the warning list, which can be accessed at www.bma.bm/warning-list.”

An attempt to visit www.qfex.com from a Bermuda web browser led to a page that says it is geoblocked, with the message: “Sorry, this page is not available in your region.”