Regulatory Alert: CySEC Flags Unapproved Investment Services

Cyprus Securities and Exchange Commission (CySEC) has issued a warning to investors regarding several websites that lack the proper authorization for providing investment services or conducting investment activities. The regulator emphasizes the importance of conducting due diligence before engaging with these platforms.

The list of unauthorized websites includes:

• otofpr.life

• acmarketsltd.com

• pmgroup365.com

• morganfinance.io

• uniglobemarkets.com

• quantumai-new-uk-ct.invest-kapitals.com

• cnxmarkets.com

• evallvellc.com

• t.me/Fxglobe_limited

• aaatradecn.co

• platform-nbdtrading.com

• amadeus-markets.com & cfd.amadeus-markets.com

• xtreamforex.com

• torrocapital3.com

• royalinvestmentconsortium.com

• axiacvs.com

Warning regarding unregulated entitieshttps://t.co/Gi8uGYxRBW

Προειδοποίηση για παράνομες οντότητεςhttps://t.co/qf4U6TkqJQ

— CySEC (@CySEC_official) October 27, 2023

Investors are strongly advised to refer to CySEC's official website www.cysec.gov.cy to verify the licensing status of entities offering investment services or activities. This precaution helps protect investors from potential unauthorized or fraudulent activities in the financial sector.

Impersonation Scams: CySEC Uncovers Fake Websites and Solicitations

In an earlier report by Finance Magnates, the Cyprus Securities and Exchange Commission (CySEC) issued a stern warning against a rising tide of impersonation scams.

These fraudulent actors have been posing as CySEC officers or representatives and are actively engaging with investors, promising to settle compensation claims related to firms under CySEC's supervision in exchange for fees. The regulator has identified a troubling trend of these deceptive solicitations.

A surge in impersonation scams targeting investors has been uncovered by CySEC. Fraudulent actors impersonate CySEC officials, promising to resolve compensation claims for fees. These scammers have even created convincing fake websites like cysec-regulatory.com and www.cysecgov.com, mirroring CySEC's official site, complete with logos, announcements, and email addresses.

CySEC unequivocally stated that they never initiate phone calls or solicit personal/financial data and cannot collect fees or appoint representatives. The emergence of Cysecs.group, featuring a counterfeit list of approved investment firms in Cyprus, heightens concerns.

Additionally, CySEC urges vigilance in responding to unsolicited communications. Prior warnings were issued against scammers impersonating CySEC employees, who target clients through email, phone, WhatsApp, and social media. While CySEC does not directly combat social media scams, it employs advanced tools to identify fake websites and reports them to law enforcement.

A recent survey indicates that 31% of respondents rely on financial influencers for investment decisions, with 22% influenced by celebrity endorsements and digital promotions.