National Supervisory Authority & Licensing Qualification Dossier • Offshore Financial Centre
FSC
BelizeFinancial Services Commission, Belize
Source / Native Reference: 伯利兹金融服务委员会
- Supervisory tier
- Offshore
- License classes
- 2
- Licensed records
- 122
- Active / regulated
- 91
Statutory Supervisory Mandate & Scope
Financial Services Commission of Belize (IFSC / FSC Belize) (FSC) is the statutory financial regulatory and licensing authority in Belize. It oversees international investment dealers, securities brokers, collective investment schemes, and cross-border financial service providers under Belize's offshore financial centre framework, enforcing corporate governance, minimum paid-up capital, and Anti-Money Laundering / Counter-Financing of Terrorism (AML/CFT) compliance.
Supervises Securities Investment Business licensees, Virtual Asset Service Providers (VASPs), mutual and private investment funds, captive insurers, and international brokerage entities.
Prudential Tier Assessment
OffshoreRecognised international offshore financial centre supervisor regulating global hedge funds, institutional prime vehicles, digital asset exchanges, and cross-border securities dealers.
National licensing qualifications & statutory authorisation classes (FSC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FSC in Belize.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Full Service / Market Maker Securities Dealer | Securities Investment Business / Investment Dealer (Full Service Dealer Including Underwriting) | Acting as principal or market maker in securities, FX, CFDs, and commodities; executing client orders and managing portfolios. | USD $50,000 (Seychelles FSA SD / Vanuatu VFSC Class A–D statutory bond) to MUR 10,000,000 (~USD $220,000 Mauritius Full Service Dealer) or USD $300,000+ (Bahamas SCB / Cayman CIMA / Bermuda BMA). | Maintenance of unimpaired minimum net capital, local physical office and resident directors/MLRO, and Professional Indemnity Insurance. |
| VASP / Digital Asset Business (Class F / DARE) | Virtual Asset Service Provider & Digital Asset Exchange / Custodian Licence | Operating a virtual asset trading platform, digital asset derivatives exchange, custodial wallet service, or token issuance. | USD $100,000 to USD $1,000,000+ risk-based capital depending on custody volume and exchange turnover. | Cybersecurity penetration testing, cold/hot wallet segregation, independent custody audit, and quarterly regulatory filings. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FSC.
Contractual Custody & Segregated Trust Accounts (No Statutory Retail Compensation Fund)
- Maximum coverage per client
- EUR €0 / USD $0 statutory government compensation scheme (protection relies on segregated client trust accounts, minimum paid-up capital/bonds, and Professional Indemnity Insurance)
- Eligible counterparties & scope
- Global cross-border retail and institutional clients onboarded outside restricted onshore jurisdictions (US, UK, Japan, Canada typically excluded by terms of business).
CIMA Statement of Guidance on Client Assets / Mauritius Securities Rules / Seychelles Securities (Conduct of Business) Regulations
- Reconciliation & audit cadence
- Mandatory separation of client funds from proprietary operating accounts; periodic reconciliation audited annually.
- Approved custodian requirements
- Client moneys must be held in designated client trust accounts at approved domestic or international commercial banks.
Cayman VASP Act, Bermuda DABA Class F/M & Bahamas DARE Act 2024
- Travel Rule, custody & stablecoin rules
- Full FATF Recommendation 15 & 16 AML/CFT and Travel Rule compliance supervised via annual AML audits.
Primary Governing Statutes & Rulebooks
- Cayman Islands Securities Investment Business Act (SIBA) & Virtual Asset (Service Providers) Act (VASP Act)
- Bermuda Digital Asset Business Act 2018 (DABA) & Investment Business Act 2003
- BVI Securities and Investment Business Act (SIBA) & Bahamas DARE Act 2024
- Mauritius Financial Services Act 2007, Seychelles Securities Act 2007 & Vanuatu Financial Dealers Licensing Act [Cap 70]
Regulatory Reporting & Audit Obligations
Annual audited financial statements prepared under IFRS/US GAAP and submitted within 3 to 6 months of financial year-endMandatory appointment of an approved Anti-Money Laundering Compliance Officer (AMLCO) and Money Laundering Reporting Officer (MLRO)Annual AML/CFT Independent Audit and Economic Substance (ES) annual filing
Cross-Border Equivalence & Passporting
Offshore licences permit international cross-border onboarding where lawful under reverse solicitation, but do not grant automatic onshore passporting into the US, UK, EU, or Japan.
Supervised institutions & FSC licence records in our database
122 licence records referencing FSC (91 regulated/registered, 15 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Doo Prime | C119023907 | Regulated | DOO PRIME MAURITIUS LIMITED | 2020-05-26 | |
| EC Markets | GB2100130 | Offshore | EC MARKETS LIMITED | 2022-06-20 | |
| GLOBAL | C117017139 | Regulated | B2B Prime Services Limited | 2021 | |
| Exness | GB20025294 | Regulated | Exness (MU) Ltd | 07/12/2020 | |
| Windsor Brokers | 000153/391 | Offshore | Windsor Brokers (BZ) Limited | — | |
| AETOS | GB23202270 | Regulated | AETOS Markets (M) Ltd | 2023-11-29 | |
| Amana Capital | C118023192 | Regulated | ACG International Limited | 2018-12-05 | |
| Viverno | C116016172 | Regulated | BDSwiss Markets (Mauritius) Ltd | 2016-06-12 | |
| XM | 000261/397 | Offshore | XM Global Limited | — | |
| GVD Markets | GB24203047 | Offshore | GVD Pro Capital Limited | — | |
| WisunoFX | GB23201735 | Regulated | WISUNO CAPITAL LIMITED | 2023-07-20 | |
| FBS | 000102/460 | Offshore | FBS Markets Inc. | — | |
| FXTM | C113012295 | Regulated | EXINITY LIMITED | 2013-11-11 | |
| Scope Markets | 000274/394 | Registered | RS Global Ltd | — | |
| AUS GLOBAL | GB23201412 | Regulated | AUS Global MU Ltd | 20/04/2023 | |
| Mohicans Markets | GB20026131 | Regulated | MOHICANS MARKETS | 2021-01-06 | |
| GTC | GB22200292 | Regulated | GTC GLOBAL LTD | 2022-06-03 | |
| RoboForex | 000138/333 | Regulated | RoboForex | — | |
| BHC | GB20025563 | Regulated | Brickhill Capital (Mauritius) Limited | 2020-12-17 | |
| BHC | IFSC/60/490/BCA/16 | Regulated | Brickhill Capital | — | |
| CBCX | GB24202880 | Regulated | CBCX Markets Global Limited | 23/05/2024 | |
| CPT Markets | IFSC000314/470 | Regulated | CPT MARKETS LIMITED | — | |
| INFINOX | GB20025832 | Regulated | INFINOX | 2020-11-19 | |
| VDX | C118023323 | Regulated | VDX DERIVATIVES | 2019-05-09 | |
| CXM Direct | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| CXM Trading | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Exinity | C119470 C1/GB | Regulated | EXINITY LIMITED | 2013-11-11 | |
| GMI | C118023454 | Regulated | Global Market Index Limited | 2018-08-29 | |
| KCM Trade | C117022600 | Regulated | Kohle Capital Markets Limited | 2018-03-01 | |
| KEY TO MARKETS | GB19024503 | Regulated | KEY TO MARKETS INTERNATIONAL LIMITED | 2019-12-17 | |
| Ridder Trader | GB23201566 | Revoked | Ridder Trader Ltd | 2023-04-13 | |
| Swiss Markets | 143350 | Regulated | BDS Markets | 2016-12-06 | |
| Tradeo | IFSC/60/284/TS/17 | Suspected clone | Delwyn Trading Limited | — | |
| Trading | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Xtrade | FSC000281/20 | Regulated | XTRADE INTERNATIONAL | — | |
| ZERO MARKETS | Number pending check | Regulated | ZERO FINANCIAL | 2021-05-10 | |
| Bithumb | 220-88-71844 | Exceeded scope | 주식회사 빗썸코리아 | 2014-01-20 | |
| BULBROKERS | Number pending check | Regulated | Bulbrokers | — | |
| DeltaStock | Number pending check | Regulated | Deltastock | — | |
| EURO PRIME | IFSC/60/511/TS/18 | Suspected clone | IOS Investments Ltd | — | |
| Deriv(Global network record) | GB24101229 | Regulated | Deriv (Mauritius) Ltd | 2024-06-14 | |
| Alpari International(Global network record) | IFSC/60/301/TS/17 | Revoked | Alpari Limited | — | |
| Tradeview(Global network record) | GB20025800 | Regulated | iLC Brokers Ltd | 17/12/2020 | |
| FINVEO(Global network record) | GB22200832 | Regulated | FINVEO MA | 19/01/2023 | |
| FXDD(Global network record) | C117017252 | Regulated | FXDD MAURITIUS LTD | 2017-11-15 | |
| Industrial Bank(Global network record) | Number pending check | Regulated | Industrial Bank of Korea | — | |
| Koderan Forex(Global network record) | IFSC/60/466/FX/16 | Revoked | Koderan International Markets Limited | — | |
| UniCredit Bulbank(Global network record) | Number pending check | Regulated | UNICREDIT BULBANK AD | — | |
| 24option(Global network record) | 000319/191 | Regulated | RICHFIELD CAPITAL | — | |
| 4XCUBE(Global network record) | MC03/2018 | Regulated | 4XCUBE LIMITED | 2023-09-19 | |
| 7(Global network record) | Number pending check | Regulated | 7 LUCKY TRADING (MAURITIUS) LTD | 2024-04-15 | |
| AROTRADE(Global network record) | IFSC/60/391/TS/19 | Revoked | Speed Solutions Limited | — | |
| Assets(Global network record) | GB23201811 | Regulated | Assets Global Ltd | 2024-05-03 | |
| ASSETS(Global network record) | GB23201811 | Offshore | ASSETS GLOBAL LTD | 2024-05-03 | |
| Axiory(Global network record) | IFSC/60/255/TS/15 | Offshore | AXIORY GLOBAL LTD. | — | |
| Bank Of Kaohsiung(Global network record) | Number pending check | Regulated | Bank Of Kaohsiung | — | |
| Bank of Panhsin(Global network record) | 118 | Regulated | Bank of Panhsin | — | |
| Bank SinoPac(Global network record) | Number pending check | Regulated | Bank SinoPac | — | |
| bank.sinopac(Global network record) | 807 | Regulated | bank.sinopac | — | |
| BelFX(Global network record) | IFSC/60/260/TS/17 | Offshore | BELFX LIMITED | -- | |
| Binance TH(Global network record) | IFSC/60/377/TS/17 | Revoked | CST Financial Services Ltd. | — | |
| BONDEX(Global network record) | IFSC/60/486/BCA/19 | Revoked | Bondex Global Limited | — | |
| Capital(Global network record) | C112010690 | Regulated | Capital Street Intermarkets Limited | 2012-02-24 | |
| CAPITALXTEND(Global network record) | GB23201599 | Regulated | CAPITALXTEND (MAURITIUS) LLC | 2023-06-15 | |
| Cathay United Commercial Bank(Global network record) | Number pending check | Regulated | Cathay United Commercial Bank | — | |
| CG(Global network record) | GB22200249 | Regulated | CG GLOBAL LTD | 2022-04-14 | |
| CGTrade(Global network record) | C118023669 | Regulated | CGTrade (Mauritius) Limited | 2014 | |
| Chang Hwa Bank(Global network record) | Number pending check | Regulated | Chang Hwa Commercial Bank, Ltd | — | |
| COTA Bank(Global network record) | 147 | Regulated | COTA Bank | — | |
| CTBC Bank(Global network record) | 822 | Regulated | CTBC Bank | — | |
| Eastern Int'l Bank(Global network record) | 805 | Regulated | Eastern Int'l Bank | — | |
| entiebank(Global network record) | 816 | Regulated | entiebank | — | |
| EONE(Global network record) | 203973 | Regulated | EONE CAPITAL LIMITED | 10/01/2024 | |
| esunbank(Global network record) | Number pending check | Regulated | esunbank | — | |
| EVEREST(Global network record) | Number pending check | Regulated | MYRTLE LTD | 2021-05-05 | |
| Eximbank (Taiwan)(Global network record) | 015 | Regulated | — | — | |
| First Bank(Global network record) | Number pending check | Regulated | First Bank | 1949-12-08 | |
| FOREX359(Global network record) | Number pending check | Regulated | ELANA TRADING AD | — | |
| ForexVox(Global network record) | SD142 | Offshore | ForexVox (Seychelles) Financial Services Ltd | — | |
| FX Choice(Global network record) | IFSC/60/191/TS/18 | Offshore | FX Choice Limited | — |
FSC (Belize): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FSC (Belize)?
FSC (Financial Services Commission, Belize) supervises financial institutions in Belize under Cayman Islands Securities Investment Business Act (SIBA) & Virtual Asset (Service Providers) Act (VASP Act) and Bermuda Digital Asset Business Act 2018 (DABA) & Investment Business Act 2003. Key statutory authorisation classes include: Full Service / Market Maker Securities Dealer (Securities Investment Business / Investment Dealer (Full Service Dealer Including Underwriting) — min. capital: USD $50,000 (Seychelles FSA SD / Vanuatu VFSC Class A–D statutory bond) to MUR 10,000,000 (~USD $220,000 Mauritius Full Service Dealer) or USD $300,000+ (Bahamas SCB / Cayman CIMA / Bermuda BMA).); VASP / Digital Asset Business (Class F / DARE) (Virtual Asset Service Provider & Digital Asset Exchange / Custodian Licence — min. capital: USD $100,000 to USD $1,000,000+ risk-based capital depending on custody volume and exchange turnover.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FSC provide statutory investor compensation and mandatory client asset segregation?
Under FSC's framework, investor protection is governed by Contractual Custody & Segregated Trust Accounts (No Statutory Retail Compensation Fund) with maximum coverage of EUR €0 / USD $0 statutory government compensation scheme (protection relies on segregated client trust accounts, minimum paid-up capital/bonds, and Professional Indemnity Insurance) (Global cross-border retail and institutional clients onboarded outside restricted onshore jurisdictions (US, UK, Japan, Canada typically excluded by terms of business).). For client money and custody assets, supervised firms must comply with CIMA Statement of Guidance on Client Assets / Mauritius Securities Rules / Seychelles Securities (Conduct of Business) Regulations, performing mandatory separation of client funds from proprietary operating accounts; periodic reconciliation audited annually. with client moneys must be held in designated client trust accounts at approved domestic or international commercial banks..
How does FSC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FSC's digital-asset regime is structured around Cayman VASP Act, Bermuda DABA Class F/M & Bahamas DARE Act 2024 (Dedicated statutory digital asset licensing regimes used by top global institutional crypto derivatives exchanges, custodians, and tokenized funds.). Custody and AML/CFT compliance obligations require: Full FATF Recommendation 15 & 16 AML/CFT and Travel Rule compliance supervised via annual AML audits.
How can I verify an institution's FSC licence number and check our 122 recorded licence entries?
Our database currently tracks 122 licence records referencing FSC (91 marked regulated or registered). To verify a counterparty at the primary source, open FSC's official public register (https://www.belizefsc.org.bz/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to FSC and Belize.
Volatility Surface & Derivatives Desk
Arbitrage-Free SVI Volatility Surface Calibration, 0DTE Intraday Gamma-Vanna-Charm Flows, and Index Dispersion Mechanics in 2026
An institutional derivatives desk note detailing Gatheral SVI and SSVI static arbitrage constraints (butterfly and calendar conditions), SPX 0DTE dealer gamma/vanna/charm hedging flows, VIX vs VIX1D variance swap replication, and OCC STANS / Eurex Prisma portfolio margining.
Volatility Surface & Dealer Flow Mechanics
Vanna-Charm Second-Order Greeks Hedging Flows, S&P 500 25-Delta Skew Term Structure & Dealer OpEx Pin Risk Mechanics (2026 Quantitative Desk Manual)
Vanna and Charm hedging flows refer to the systematic delta-rebalancing trades executed by institutional options market makers in response to shifts in implied volatility (∂Δ/∂σ) and the passage of time (∂Δ/∂t). Across the S&P 500 (SPX) options complex—where average daily volume reached 3.34 million contracts [3.34 million contracts/day, Cboe Global Markets Market Statistics, Q3 2026]—dealer net short downside put positioning and 0DTE gamma concentration drive up to $42.8 billion in deterministic end-of-day futures rebalancing per 1% underlying move [$42.8 billion notional delta flow, Options Clearing Corporation (OCC) Cleared Contract Report, September 2026].
0DTE Gamma & Volatility Surface
SPX 0DTE Gamma Exposure (GEX), Vanna & Charm Hedging Ratios, and OCC STANS Intraday Margin Framework
SPX 0DTE options account for 59% of S&P 500 options volume (Source: Cboe Global Markets, 2025-10-10), driving dealer GEX, Vanna, Charm, and OCC 20-minute STANS margining.
0DTE Gamma & Volatility Surface
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX): Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (59.0% Share of SPX Options Volume Benchmark)
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
Statutory licensing classes, base capital rules, and investor protection summaries for FSC (Belize) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FSC’s official public register.