CySEC Issues Warning against Illegal Entities

The Cyprus Securities and Exchange Commission (CySEC), the financial regulatory authority in Cyprus, has recently issued a warning against unregulated entities providing financial services under its jurisdiction. According to the details shared by the authority, the mentioned websites were not authorized to provide investment services in the region.

The company has included golden-gate.co.uk, goldenshare.io, levelprofit.com, sharesforextrade.com, inscribedoffers.com, greenwavex.com and finatics.io to its warning list.

“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the websites do not belong to an entity which has been granted an 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,” CySEC added in the announcement.

In the past 12 months, CySEC has increased its efforts against illegal financial services providers using Cyprus addresses and fake registrations to offer their services. Additionally, the regulatory authority imposed penalties on different companies involved in financial irregularities.

Investor Protection

In addition to its efforts against rising illegal financial services providers, CySEC urged investors to do proper due diligence before making an investment decision. Moreover, the authority highlighted the role of education in investor protection.

“CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities,” Cyprus Securities and Exchange Commission highlighted in a recent press release.

On its website, CySEC has a dedicated section on financial education to facilitate investors.