Alice Markets claims to be registered in Saint Lucia and to maintain an office address in the United Arab Emirates. In the registry of Saint Lucia International Financial Centre (IFC), we were unable to locate the entity named Alice Markets Limited. Besides, Saint Lucia has no regulatory authority overseeing forex activities. Second, Alice Markets asserts it is regulated by the “Security and Commodities Authorities (SCA) in BVI” under license number SIBA/Q/31/2408. However, the correct regulatory body in the British Virgin Islands (BVI) should be the BVI Financial Services Commission (BVI FSC). SCA is actually the acronym for the Securities and Commodities Authority of the UAE. Besides, while the license number format does resemble that used by the BVI FSC, our search of the official BVI FSC register found no record of Alice Markets Limited or any entity holding license number SIBA/Q/31/2408. These inconsistencies strongly suggest that Alice Markets is falsely claiming regulatory oversight. Therefore, Alice Markets appears to be a scam.