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9 January 2019

Regulation Forex Cryptocurrency Exchanges Announcements

More Fraudsters Included in CySEC’s Warnings

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January 09, 2019 | AtoZ Markets - The Cyprus Securities and Exchange Commission (CySEC) has recently added to its warning list two Forex websites that claimed they had authorisation licences.

In the details of the news, each of the companies of Capital Swiss FX and EXPERT FX TRADE, used the websites of capitalswissfx.com and expertfxtrade.com to impersonate the CySEC-licensed Cyprus Investment Firm BDSwiss Holding Plc., copying the authorisation number and the licence details form the authentic company and putting them in their fake websites which even seemed very identical to the licensed websites as for the look, to lure investors and consumers into dealing with them.

Google blocks one of the websites

“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors

that the websites capitalswissfx.com and expertfxtrade.com, do not belong to an

entity which has been granted an authorization for the provision of investment services

and/or the performance of investment activities, as provided for in Article 5 of Law 87

(I)/2017.

In the above mentioned websites, the license number and content from the website of

the Cyprus Investment Firm BDSwiss Holding Plc (License No. 199/13) is used illegally

and without its authorization.”, said the regulator in its notice on Tuesday 08, January.

The flagged websites were marketing themselves as being entitled to facilitate the trading of forex and cryptocurrencies.

On the other hand, the giant search engine, Google, was said to have blocked the website of EXPERT FX TRADE, while Capital Swiss FX uses MetaTrader 4 and another trading app, for providing services like forex, cryptocurrencies, commodities and more, as stated on the unauthorised website.

The CySEC name is a guarantee and fraudsters abuse it

The Cyprus Commission keeps updating its warning list with new names that float on the surface of cloned firms, regularly.

In a connected news, the aforementioned financial regulator published in the end of the last year, a statement warning of fraudsters who claimed they were CySEC staff members, and asked companies for money, claiming they were assigned such a task for settling “compensation claims”, as AtoZ Market said in its news on last November 27th.

“CySEC has no authority or jurisdiction to collect fees for any purpose from individual investors, nor does it have authority to appoint anyone to do so on its behalf. It does not authorize, verify, monitor, or is in any way involved in class actions, compensation schemes, payments between natural or legal entities or any public or private agencies.”, the statement CySEC published emphasised.   

Warnings CySEC’s Google Fraudsters Expert More Capital BDSwiss
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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