On a continuous basis, CySEC monitors the market for unauthorised Forex and Binary Options domains. Today, CySEC updated its list of brokers, who are considered to be unauthorised in the eyes of the financial regulator.
14 December, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) issued an announcement of unauthorised Forex and Binary Options domains. The watchdog mentions that the list includes websites that are not operated or owned by Cyprus Investment Firms (CIF).
In Cyprus, each broker needs to obtain the CIF license first, before the financial entity can offer investment services to the traders in the country. Brokers that are CySEC license fall under the MiFID regulatory framework. Hence, these Cyprus Investment Firms are able to passport their Forex trading offers to other EU countries. On a regular basis, the local watchdog monitors the market for unauthorised Forex and Binary Options domains.
Unauthorised Forex and Binary Options domains
In the recent announcement of Cyprus Securities and Exchange Commission, the Forex brokers listed below are considered to be lacking a CIF license to offer their financial investment services.
|Unauthorised Forex Brokers' domains|
One of the Forex brokers' names that stands out is that of Admiral Markets. That puts us to the question; is Admiral Markets an unauthorized domain? We have reached out to Admiral Markets for more clarification and their Executive Director has replied.
Furthermore, in the updated blacklist, the regulator mentions binary options brokers and other entities which their domains are not working anymore. The following is the list of binary options brokers and the inaccessible domains.
What CySEC advice investors to do?
The watchdog advises investors to be cautious when it comes to investment and financial advice. Moreover, CySEC urges investors to consult its website before conducting any business with an investment institution. Hence, ensuring that the institution is authorized to provide investment services in Cyprus.
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