October 19, 2020 | AtoZ Markets – The Cypriot regulator, the Cyprus Securities and Exchange Commission (CySEC), has 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 seven FX 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:
It is interesting to note that when entering one of the above domains, namely fxpb.us, owned by a certain FXPB brand, a warning pops up about a temporary suspension of service due to the increased incidence of fraud in the market and the need to carry out internal reconstruction. The forex broker addressed its “esteemed clients” and stated:
“All our respected members, as you all know that using the brand name in the market is getting fraudulent. That's why we have to take strict action against scammers. We have to do internal reconstruction for this, for that the website will be out of service for 8 working days. There is nothing to worry about, only the website services are being postponed for 8 working days. We will present you with better services than ever. We would like to apologize to all of you for this regret."
Another one that has caught the attention of the Cypriot regulator, the forex brand AVEX Capital, is a classic example of how an online project is falsely positioned as a multi-licensed participant in the OTC industry. But, as in many similar cases, there is nothing behind these empty statements. In addition to AVEX's CySEC license, the organizers of the scheme list other licenses allegedly in the broker's arsenal: Seychelles, Belize, and Mauritius.
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