CySEC Flags Six More Unauthorized Financial Services Platforms

The Cyprus Securities and Exchange Commission (CySEC) has continued to flag unauthorized financial service providers and published a fresh list of such platforms.

In its announcement on Friday, the regulator red flagged six platforms: winicoin.com, fxviewinvestment.com, enormoustradeharvest.com, marketsocta.com, colmex24.net and tradingmasterclass77.com.

These platforms are not operated by any of the entities that received authorization from 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 or other relevant regulators.
All the flagged platforms offer counterparty trading services with multiple asset classes. Many of them are highlighting forex and cryptocurrency trading as these two attract most of the retail traders’ attention.

With no license in hand, these platforms are operating illegally, and traders are likely to lose all of their deposits. Two of the flagged platforms even resemble other legitimate 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 and CFDs brokers, while one is even falsely claiming that it is licensed by CySEC.

Increasing Investment Scams

Investment scams are rampant across the globe. They have pushed regulators like CySEC to actively monitor the financial services industry within their jurisdiction and maintain a list of blacklisted platforms.

Earlier, the Cypriot regulator even had to warn against imposters who were disguising themselves as regulatory representatives, trying to solicit investors for fees in exchange for the settlement of bogus compensation claims. In addition, it had to clarify the lack of its jurisdiction in taking money directly from investors to settle their claims with brokers.

Meanwhile, the regulator made its grip stronger on the regulated entities. It is actively taking action against companies for lapses in compliance and mostly slapping monetary fines on them.

Moreover, the actions against non-compliance eventually led to the withdrawal of the Cyprus Investment Firm (CIF) license of several brokerage operators. Recently, the regulator initiated compensation proceedings of Maxigrid clients under its compensation scheme months after the broker lost its license.