The Cyprus Securities and Exchange Commission (CySEC) on Monday raised an alarm on four websites engaging investors in the country.
The websites are Expert Capital Markets (expertcapitalmarkets.com), Astro Capital markets (astrocapitalmarkets.com), Citi Global Market (citiglobalmarket-inc.com) and Everit Capital Markets (everitcapitalmarkets.com).
CySEC said the websites do not belong to an entity granted authorization under Article 5, Law 87 (I) of the country’s Investment Services and Activities and Regulated Markets Law of 2017.
The Cypriot watchdog added that the websites are not permitted to provide or perform investment services or activities in the country.
“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 wrote in a statement.
The new warning is part of CySEC’s increased efforts in clamping down on illegal financial services providers using the country’s addresses and fake registrations to offer financial or investment services to investors in the country.
The regulatory body at various times has imposed penalties on different companies for various financial irregularities.
Recent Warnings
Last week, CySEC added seven websites that it said were unauthorized to its warning list.
The websites are golden-gate.co.uk, goldenshare.io, levelprofit.com, sharesforextrade.com, inscribedoffers.com, greenwavex.com and finatics.io.
Meanwhile, in Mid-may, the watchdog settled its charge against Mount Nico Corp Ltd, the operator of the trading brands eXcentral and NicoFX.
Earlier, Finance Magnates reported that Nico paid €290,000 as part of a settlement for a possible violation of CySEC’s regulations.
The Cypriot regulator detailed that the settlement was related to an investigation of the company conducted between February and December 2020.
Although the financial watchdog did not explicitly say there were violations, it raised concerns about the possible violation of several areas in compliance.
