The Cyprus Securities and Exchange Commission
(CySEC) has warned investors regarding several websites that are not authorized
to provide investment services or perform investment activities under its
regulations.
These platforms include apexfinancialtrading.com,
bullmarketsllc.com, tcmglobals.com, opticaltradings.com, arkiseguro.com,
front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and
expertminingcryptocurrency.com. The regulator has advised investors to exercise
caution and refrain from engaging with these entities.
CySEC flagged apexfinancialtrading.com and
bullmarketsllc.com, which claim to offer investment services without the
necessary regulatory approval.
Source: CySEC
Additionally, CySEC warned against tcmglobals.com
and portal.tcmglobals.com/signup, opticaltradings.com, arkiseguro.com,
front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and
expertminingcryptocurrency.com, emphasizing that they lack the required
authorization to conduct investment activities.
Last year, CySEC identified 12 websites that do not
hold the necessary licenses to provide investment services in Cyprus. These
platforms range from FX/CFD brokers to cryptocurrency companies. The regulator
urged investors to exercise caution and verify the legitimacy of investment
firms before conducting any transactions.
Risks of Dealing with Unregulated Firms
CySEC explained that trading with unregulated
entities exposes investors to various risks, including mishandling funds and
potential bankruptcy without compensation. Without proper oversight, traders
are vulnerable to fraudulent activities and financial losses, the financial watchdog explained.
Last year, CySEC announced a significant move
towards strengthening regulatory oversight within the financial sector. The
regulator advertised a tender valued at €240,000, seeking experts to identify
potential regulatory violations among Cypriot Investment Firms (CIFs).
The tender, titled “Provision of services by
two experts to conduct investigations regarding potential violations of the
current legislation by CIFs”, underscored CySEC’s commitment to comprehensive
oversight.
Meanwhile, CySEC recently withdrew Brokereo’s
membership from the Investors Compensation Fund (ICF) following the revocation
of its CIF license. Finance Magnates reported that the company voluntarily
renounced its license at the end of the previous year.
CySEC confirmed the removal of Neo Premium
Investments (NPI) Ltd., which operated the retail trading brand Brokereo, from
the ICF membership. This decision aligned with CySEC’s earlier move to revoke
Brokereo’s CIF license.
The Cyprus Securities and Exchange Commission
(CySEC) has warned investors regarding several websites that are not authorized
to provide investment services or perform investment activities under its
regulations.
These platforms include apexfinancialtrading.com,
bullmarketsllc.com, tcmglobals.com, opticaltradings.com, arkiseguro.com,
front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and
expertminingcryptocurrency.com. The regulator has advised investors to exercise
caution and refrain from engaging with these entities.
CySEC flagged apexfinancialtrading.com and
bullmarketsllc.com, which claim to offer investment services without the
necessary regulatory approval.
Source: CySEC
Additionally, CySEC warned against tcmglobals.com
and portal.tcmglobals.com/signup, opticaltradings.com, arkiseguro.com,
front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and
expertminingcryptocurrency.com, emphasizing that they lack the required
authorization to conduct investment activities.
Last year, CySEC identified 12 websites that do not
hold the necessary licenses to provide investment services in Cyprus. These
platforms range from FX/CFD brokers to cryptocurrency companies. The regulator
urged investors to exercise caution and verify the legitimacy of investment
firms before conducting any transactions.
Risks of Dealing with Unregulated Firms
CySEC explained that trading with unregulated
entities exposes investors to various risks, including mishandling funds and
potential bankruptcy without compensation. Without proper oversight, traders
are vulnerable to fraudulent activities and financial losses, the financial watchdog explained.
Last year, CySEC announced a significant move
towards strengthening regulatory oversight within the financial sector. The
regulator advertised a tender valued at €240,000, seeking experts to identify
potential regulatory violations among Cypriot Investment Firms (CIFs).
The tender, titled “Provision of services by
two experts to conduct investigations regarding potential violations of the
current legislation by CIFs”, underscored CySEC’s commitment to comprehensive
oversight.
Meanwhile, CySEC recently withdrew Brokereo’s
membership from the Investors Compensation Fund (ICF) following the revocation
of its CIF license. Finance Magnates reported that the company voluntarily
renounced its license at the end of the previous year.
CySEC confirmed the removal of Neo Premium
Investments (NPI) Ltd., which operated the retail trading brand Brokereo, from
the ICF membership. This decision aligned with CySEC’s earlier move to revoke
Brokereo’s CIF license.
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- Source: https://www.financemagnates.com//forex/cysec-alerts-investors-on-10-unauthorized-investment-sites/
