There are four websites that are still active and provide trade services.
Recently, the regulator issued a warning about additional scammers and dubious platforms.
On Wednesday, CySEC (the Cyprus Securities and Exchange Commission) published a list of unregistered businesses, adding five unregulated websites to its warning list. None of these organizations are Cypriot Investment Firms, according to the regulator (CIFs).
Illegal Trading Platforms are Flagged by CySEC
The following websites do not belong to a company that has been granted authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017, the Cyprus Securities and Exchange Commission informed investors.
Metexo.com, Inforexeu.com, Et-FX.com, NBIMarkets.com, and Emporium Capital Ltd. are the illegitimate platforms. Only the inforexeu.com website is currently unresponsive, while the rest still promote investment.
Access to high-risk trading products, such as forex, CFDs, cryptocurrencies, and other well-known asset classes, is available on the platforms that CySEC is warning against. Some additionally offer stock market investment opportunities and wealth management services. In some instances, the leverage provided surpasses the upper limits permitted by existing European rules.
Growing Alert List of Unregulated Brokers
CFD brokers frequently base themselves in Cyprus since it enables them to conduct business throughout the European Economic Area. To improve their credibility in the eyes of investors, several fraudulent businesses try to assert that they hold CySEC licences.
The fight against shady platforms is a never-ending endeavour for CySEC and other European regulators. However, a new one regularly replaces the old one, and investors themselves can frequently help in identifying them. It is for this reason that the Cypriot regulator continually reminds traders to disclose any suspected attempts to break the law or conduct a crime.
The Cypriot regulator continuously refreshes its list of dubious websites. It also needs to deal with people and things that attempt to pose as the regulator, its personnel, and its official website.
The warning lists of other European regulators are routinely updated. The most active are the UK’s FCA, Italy’s Consob, and Spain’s CNMV. Consob recently revealed that four additional unauthorized investing platforms had been blocked.