The latest warning by the Cyprus Securities and Exchange Commission (CySEC) has listed several unregulated investment firms, including cryptocurrency exchange Bitget. In the warning issued today (Friday), the regulator urged investors to consult its website before conducting business with any investment firm.
Barred from Offering Investment Services
In total, CySEC flagged 17 websites, among them: tradeupyourlife.co/es/nvi/v1/lakmw/ and tradingupyourlife.com/es/v8/jdkas/#formbox, tbmarket.co, globalfx-ltd.com, and account.globalfx-ltd.com/client/login, princemarkets.com, selcukluyatirimfx.com, partnershiptrader.com, unitymarketmovers.com, trustvestszone.com, bytflex.com/web/index.php, guleryatirimholdings.com, unifyfxbusiness.com/m/index.html, exprotrades.com, centagepremium.com/index.html, topfx.pl, and strifor.org.
The others are: kryptohaus.com, prostoxfx.com, justtwo.trade, and trade.justtwo.trade/en/login, londinesbank.com, kyelinrox.com, olymptrade.com, bonnmarkets.com and lirunexltd.com, primoxstock.com, parkfinancialconsulting.org, t.me/s/FXopen_Forex_Signals, and t.me/s/FxOpen_ForexSignals, sfcaptrade.cc, and sfcap.world, and bitget.com.
In March, CySEC cautioned investors against 16 investment firms purportedly operating without proper registration. These entities were enlisted in the regulator’s warning list for lacking the necessary approvals to offer investment services or conduct investment activities.
CySEC Tightens Regulatory Checks
Among the flagged entities were prollitestockcapitol.com, crossview.online, freedomfxgroup.com, al-olymptrade.com, alloptionsint.com & client.alloptionsint.com, xbmkfx.com, ioption360.com, and recoveryoptionfx.com.
Notably, CySEC carried out over 700 on-site and remote inspections of supervised entities in 2023 and issued over $2.2 million in fines. These investigations and fines sought to enhance compliance with the relevant regulations and to protect investors.
Following the commission’s supervisory audits, CySEC levied €1 million on a single investment firm. Over the past three years, the watchdog has imposed €6 million in sanctions with €5.3 million on investment firms for regulatory violations.
Recently, CySEC's Chairman, Dr. George Theocharides, commented about the changing regulatory landscape during the iFX EXPO International 2024, saying: "As organizations have adapted to changes in customer preferences, the trends that we have seen in the last ten years or so in the financial services industry are more digitalization and more online and mobile trading platforms."
"We have also seen more sophisticated technologies like artificial intelligence and machine learning, which have been crucial for delivering insights and personal financial products."
