The Cyprus Securities and Exchange Commission (CySEC) has expanded its list of trading service providers with the addition of seven new names.
The branding is the same across all three websites.
In January, CySEC took legal action against five additional unlicensed trading sites.
The CySEC (Cyprus Securities and Exchange Commission) has updated its warning list of unlicensed organisations that prey on local investors. This time, six internet trading websites were banned.
The six websites have not been permitted to do investment-related business in Cyprus, the Cypriot regulator stated in a warning notice sent on Thursday. The websites consist of three with the same branding as the others and three with separate identities. 21stfinance.net, 21stfinance.com, and 21stfinance.co make up the first three, while pitbulls-markets.com, financewiseint.com, and eurotradeforex.com make up the final three.
A CySEC Flag Creating false claims are online trading platforms
All websites, with the exception of bitbulls-market.com, are responsive and functional as of the time this report was filed. The three websites that share the same branding all trade equities, indices, metals, cryptocurrencies, currencies, and commodities with leverage up to 1:500.
21st Finance asserts on its webpages that it adheres to regulations set out by the UK Financial Conduct Authority and other governing organisations. Finance Magnates’ search for the brand name on the FCA’s Financial Services Register, however, brings up no regulated entities with that name.
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FinanceWise, on the other hand, positions itself as a worldwide provider of financial services that caters to both institutional and individual clients by providing managed accounts. The business asserts on its website that CySEC regulates it and that it has further offices in Germany, Australia, and the United Kingdom.
The last website, eurotraderforex.com, further asserts that it gives investors access to trading possibilities in more than 15,000 marketplaces. The logos of CySEC, the Italian Companies and Exchange Commission (CONSOB), and Spain’s National Securities Market Commission (CMVN) are also shown on the website, indicating that these European national authorities are in charge of overseeing it.
The Cyprus regulator stated in the warning that investors should check its website (www.cysec.gov.cy) before doing business with investment companies to determine the businesses that are licenced to provide investment services and/or investment activities.
CySEC Issues a Warning Against Five Illegal FX/CFD Platforms
CySEC designated five FX and CFD trading websites that it said were not under its jurisdiction in late January. Metexo.com, Inforexeu.com, Et-FX.com, NBIMarkets.com, and Emporium Capital Ltd. were among the illicit sites.
These websites, according to Finance Magnates, provide access to high-risk trading items including forex, CFDs, cryptocurrencies, and other well-known asset classes. Some further provide stock market investment opportunities and wealth management services.