CySEC Expands Warning List, Adds Five Unlicensed Trading Platforms

The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) added five more trading services providers to its warning list on Thursday. According to the official statement, they do not hold a license of an investment services company, thus their operations are illegal.

The added platforms are rcebanque.com, winnexconsulting.com, roboticsforex.com, goldenburgfunds.com and onecapitalinvest.co. The websites offer contracts for difference (CFDs) trading, while two falsely claim they are CySEC-regulated. Onecapital Invest cannot be found in the Cypriot regulator register, while Goldenburg Group Limited is a clone of a licensed entity (license number 242/14), operating under different URLs.

"CySEC urges investors to consult its website, before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities," the regulator stated.

The websites' design and aggressive marketing tactics warn retail traders that they might be fraudulent. The lack of regulations increases the risk of losing deposited money.

Regulators' Warning Lists Are Getting Bigger

The Cypriot financial market watchdog is actively hunting fraudulent trading companies and issuing regular warnings. It recently added seven and then another six trading service providers to its warning list.

CySEC is not alone in its efforts. In Europe, the Italian Consob is also very active in this field, having blocked access to the websites of 780 illegally operating platforms since 2019. In October 2022, the regulator announced that the list had been extended by another six addresses targeting the websites of trading solutions providers for the FX and CFD markets.

The UK Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) joins the pack, as it is posting new potential fraud warnings almost every single day. Just this week, the British market watchdog charged four individuals for their involvement in a binary options investment which led to defraudation of £1.2 million.