The International Financial Services Commission or IFSC of Belize has officially terminated Oasis Global FX’s license. This revocation had come after almost five months of investigation of Belize’s watchdog when the CFTC charged Oasis Global FX of operating a Ponzi scheme. The IFSC had suspended Oasis from operation two weeks after the allegation. The license was revoked because of the illegal way of operations they promoted. Because of this unlawful activity, the IFSC went out of its way to send a cease and desist to Oasis. Should Oasis rather foolishly ignore this and continue operation like usual, the entire practice will be considered a criminal offense, and all the legal trouble that follows that. The IFSC had released the official statement revoking Oasis’s license on the 8th of October. The License’s official title is as follows: Licence for Trading in Financial and Commodity-based Derivatives Instrument and other Securities. The IFSC has cited more than a few laws that justify their actions. After having given Oasis a chance to defend themselves, they decided that either the case wasn’t good enough, or maybe there was no defense, to begin with. The History of Oasis Within this year, the Commodity Futures Trading Commission (CFTC) charged Oasis Global FX’s owners. This charge was for illegally setting up and running a forex platform within the years of 2011 to 2019. The CFTC stated that Oasis cold-called, calling prospective investors without any provocation, and convinced them to invest within the forex platform. Oasis seemed to have gone the extra mile with this scam, drafting false performance reports where they claimed that their gross annual pool returns were a whopping 21% in 2017. They gave themselves an increase of 22% in 2018. In order to facilitate this fraud, they used the tried-and-true format of the Ponzi scheme to garner funds for investors. They paid out the early investors with the supposed profits, which was just the investment of the newer investors, and toted around an awe-inspiring return rate to pull in more investors. Clearly, they had some form of success. The payout for the early investors accrued to $28 million. In order to pull in new investors, Oasis promised a staggering 12% annual return. These fraudsters were thorough, sad as it is, and they falsified account statements that showed a net positive for the duped clients. In the end, $47 million in funding was misappropriated, and $21 million was lost. Urge for Vigilance Ponzi schemes are a dangerous form of fraud due to the universal fact that people want to earn money. Please be aware that Ponzi schemes operate illegally, and will eventually burst at the seams as demand for funds overcome the inflow. If the return rate sounds suspect, then be suspicious. Regardless of the desire for more money, getting roped into a scam will only make you poorer because of it. If you suspect any business of being an illegal operation, please investigate and/or report the alleged business. The post IFSC Terminates Oasis Global FX’s License appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.