CySEC blacklisted yet another number of Forex trading websites as they were illegally promoting trading products in the country.
February 10, 2021 | AtoZ Markets – The Cypriot regulator, the Cyprus Securities and Exchange Commission (CySEC), on Wednesday warned investors that the regular websites listed below for Forex companies are not regulated and are not allowed to provide investment services in the country.
CySEC blacklists five Forex websites
The CySEC once again urged investors to check companies on their website before trusting them with money. This will ensure that the brokers they want to work with have the necessary permits and licenses to provide investment services.
The Cypriot regulator has blacklisted the following domains:
So you need to be wary
Unauthorized FX brokers are becoming common in the industry, as fraudsters have grown increasingly resourceful in recent years. A commonly adopted tactic is for scammers to advertise an illegal operation as a reputable brand or entity. They do this in order to dupe unsuspecting investors into parting with their personal details or cash.
As a result, 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. Although CySEC works alongside other national financial industry supervisors, it is hard work to flag as many illicit websites as possible.
Think we missed something? Let us know in the comment section below.