CySEC blacklisted 16 Forex trading websites that do not belong to BrokerCreditService which authorized to provide investment services.
March 8, 2021 | AtoZ Markets – The Cypriot regulator, the Cyprus Securities and Exchange Commission (CySEC), on Monday warned investors that the websites listed below do not belong to an entity that has been authorized to provide investment services as provided in Article 5 of Law 87 (I)/2017.
CySEC blacklists BrokerCreditService Clone 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:
In the above-mentioned websites, the name and license number of the Cyprus Investment Firm (CIF) BrokerCreditService (Cyprus) Limited (License No. 048/04), is used illegally and without its authorization.
Established in 1995, BrokerCreditService is the CySEC licensed arm of Russian retail banking and brokerage firm BCS Financial Group, controlled by Russian businessman Oleg Mikhasenko.
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.