The Cypriot regulator today has warned against entering into transactions, particularly involving CFDs, cryptocurrency and forex trading, via online trading platforms operated by unlicensed providers.
In the warning, the Cyprus Securities and Exchange Commission provides the company’s name, website address and states that the entity has not added to its regulatory register.
CySEC said before that some of these illegal brokers were just spinoffs of previously shuttered companies while others misleadingly claim affiliation with other brokers that are already regulated in Cyprus and hold its CIF License. The watchdog has blacklisted the following domains:
log-bit.com
rynattrading.org
robofxmarkets.com
spursmarkets.com
Among the companies added to the list are RoboFXMarkets and SpursMarkets LTD, which falsely claim authorisation by the Financial Conduct Authority, and the Cyprus Securities and Exchange Commission.
Under current laws, CySEC has no powers to force internet companies to refuse financial advertisements or block access to their domains. It can only ask them to take down fraudulent promotions once they have been spotted. As a result, fraudsters and promoters of high-risk schemes have been able to place advertisements claiming to be based or licensed in Cyprus.
The watchdog stresses that these firms are not licensed to operate a brokerage business in Cyprus, nor are they affiliated with a regulated entity. Additionally, it warns that if consumers lost their money...
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