The Cyprus Securities and Exchange Commission (CySEC) has extended its warning list of unregulated entities targeting investors in the country. This time, it blacklisted six online trading websites.
In a warning notice issued on Thursday, the Cypriot regulator warned that the six websites have not been authorized to provide investment services or activities in the country. The sites include three websites with the same branding and three others with unique identities. The first three are 21stfinance.net, 21stfinance.com and 21stfinance.co while the last three include pitbulls-markets.com, financewiseint.com and eurotradeforex.com.
CySEC Flags Online Trading Websites Making False Claims
All the websites except bitbulls-market.com are functional and responsive as of the time of filing this report. The three websites with the same branding all trade in currencies, commodities, cryptocurrencies, indices, metals and stocks with leverage as high as 1:500.
On the websites, 21st Finance claims it operates under the requirements of the UK Financial Conduct Authority, among other regulatory bodies. However, Finance Magnates’ check of the brand’s name on the Financial Services Register of the FCA returned no regulated entity of any such name.
On the other hand, FinanceWise brands itself as a global financial services company that offers managed accounts to both institutional and retail investors. The company also claims it is regulated by CySEC with additional offices in Germany, Australia and Great Britain.
Furthermore, the last website, eurotraderforex.com, claims it offers investors access to trading opportunities in over 15,000 markets. This website displays the logos of CySEC, the Italian Companies and Exchange Commission (CONSOB) and Spain’s National Securities Market Commission (CMVN) at the bottom of its page, suggesting that it is regulated by these European national regulators.
“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,” the Cypriot regulator explained in the notice.
CySEC Warns against 5 Unregulated FX/CFDs Platforms
In late January, CySEC listed five forex and CFDs trading websites it said were not under its supervision. The illegal platforms included metexo.com, inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd.
Finance Magnates reports that these websites offer access to high-risk trading products, including forex, CFDs, cryptocurrencies and other popular asset classes. Some additionally provide wealth management services and the ability to invest in the stock market.
