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12 Unlicensed Websites Flagged by CySEC
Abstract：The Cyprus Securities and Exchange Commission (CySEC) has issued a stern warning to investors concerning 12 unlicensed websites promoting investment services.
The Cyprus Securities and Exchange Commission (CySEC) has issued a stern warning to investors concerning multiple unlicensed websites promoting investment services. This marks the third regulatory action taken by CySEC this month, emphasizing the gravity of the situation.
CySEC's announcement specifically highlights 12 websites that lack authorization to offer investment services in Cyprus. These include cryplanet.com, brokeroneltd.com, nexotrades.com, illuxor.net, marketsac.com, ufxone.com, finquotesfinancial.work, globaldibs.com, successfulmarktplatform.com, canolimited.com, royalfxbank.com, and tradeoptfx.com.
In light of this, CySEC strongly advises investors to verify the licenses of investment firms through their official website before engaging in any transactions. Entities licensed under Article 5 of Law 87(I)/2017 are the only authorized bodies in Cyprus permitted to offer investment services.
The regulatory body consistently alerts consumers to the risks associated with unregulated websites falsely claiming to provide investment services. Investors engaging with unlicensed entities are left vulnerable to potential fraud without recourse under Cypriot regulations. CySEC encourages investors to report any suspicious investment activities that do not appear on their registry and provides a complete list of authorized investment firms in Cyprus on its website.
The reasons for steering clear of investment services offered by entities not regulated by CySEC or other reputable financial watchdogs are significant. Firstly, unregulated firms operate without the protective umbrella of rules and regulations meant to safeguard investors. Consequently, traders are left without any recourse or compensation avenues should an unregulated broker mishandle investor funds or face bankruptcy.
Moreover, an analysis of unregulated offshore brokers highlights a notably higher risk of scams, deposit losses, and predatory behaviour towards traders and investors. This heightened risk stems from the absence of accountability standards enforced by regulatory bodies, leaving such brokers answerable solely to themselves.
Additionally, entities lacking CySEC regulation are not legally entitled to provide investment services under Article 5 of Law 87(I)/2017 in Cyprus. CySEC routinely alerts consumers to the fraudulent practices of unlicensed entities masquerading as trading and investment service providers. Operating without the necessary licenses from oversight bodies like CySEC, these unregulated brokers jeopardize trader investments and funds by illicitly conducting business.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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