The Cyprus Securities and Exchange Commission (CySEC) has cautioned investors about several websites that lack authorisation to provide investment services or engage in investment activities under its regulations.
Among these platforms are apexfinancialtrading.com, bullmarketsllc.com, tcmglobals.com, opticaltradings.com, arkiseguro.com, front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and expertminingcryptocurrency.com. CySEC has advised investors to be cautious and avoid involvement with these entities.
CySEC highlighted apexfinancialtrading.com and bullmarketsllc.com, alleging they offer investment services without the requisite regulatory approval.
Additionally, CySEC warned against tcmglobals.com and portal.tcmglobals.com/signup, opticaltradings.com, arkiseguro.com, front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and expertminingcryptocurrency.com, stressing their lack of authorisation to carry out investment activities.
Last year, CySEC identified 12 websites operating without the necessary licenses to provide investment services in Cyprus.
These platforms range from FX/CFD brokers to cryptocurrency companies. The regulator urged investors to exercise caution and verify the legitimacy of investment firms before engaging in transactions.
CySEC explained that trading with unregulated entities exposes investors to various risks, including mishandling funds and potential bankruptcy without compensation.
The financial watchdog warned that without proper oversight, traders are vulnerable to fraudulent activities and financial losses.
In the previous year, CySEC announced a significant step towards enhancing regulatory oversight within the financial sector.
The regulator issued a tender valued at €240,000, seeking experts to identify potential regulatory violations among Cypriot Investment Firms (CIFs).
The tender, titled “Provision of services by two experts to conduct investigations regarding potential violations of the current legislation by CIFs”, underscores CySEC’s commitment to comprehensive oversight.
Meanwhile, CySEC recently revoked Brokereo’s membership from the Investors Compensation Fund (ICF) following the withdrawal of its CIF license. Finance Magnates reported that the company voluntarily surrendered its license at the end of the previous year.
CySEC confirmed the removal of Neo Premium Investments Ltd., which operated the retail trading brand Brokereo, from the ICF membership.
This decision aligns with CySEC’s earlier move to revoke Brokereo’s CIF license.