CySEC Blacklists 8 More Brokerage Domains

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) has issued a warning notice today against eight unlicensed platforms offering trading services with contracts for difference, cryptocurrency, and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term.

The blacklisted domain addresses are:

• elite-fxmarket.com
• bigliquidity.com
• avafinancials.com
• pfcapfx.com
• reset-invest.com
• reliabletradeoptions.com
• prcbrokers.com
• prc-brokers.com

The market watchdog stressed that none of these domains belong to any regulated entities and are illegally offering brokerage services to the investors.

It also warned that if consumers lost their money on the platforms that are not licensed, they are not protected under the Investor Compensation Fund (ICF), which serves to protect the claims of covered clients and provide them with compensation in case a member could not meet its financial obligations.

Financial Crimes Are Increasing Rapidly

CySEC is vigilant against illegal platforms operating in the market and using its name to gain investor’s trust. Previously, the watchdog also warned against illegal platforms that spun off from shuttered brokerages. Most of these platforms falsely claim to hold CIF licenses.

The fresh list was published only a week after the watchdog flagged seven other suspicious domains for duping investors with similar services and claims.

The Cypriot regulator is also thoroughly scrutinizing the operations of the authorized brokers and took actions against many for breach of compliance.

Recently, the regulator settled with the 24option operator Rodeler for €280,000, after suspending the license of the broker for unauthorized practices. Notably, this brokerage was also banned by the CySEC counterparts in the United Kingdom and Italy.

Meanwhile, regulators across Europe are now updating such lists to restrict illegal brokerages and warn the investors. A similar blacklist is also maintained by Italian regulator CONSOB that already added 268 suspicious trading platforms to it.