CySEC Added 12 Firms into its New Warning List

The Cyprus Securities and Exchange Commission (CySEC) has expanded its roster of unauthorized investment firms by adding 12 new entities to its list on Tuesday.

The regulator cautions against accessing the following websites:

• fundednowprop.com,

• fiat-global.com & platform.fiatfxtrade.com,

• buxmapps.com,

• actaswiss.com,

• trader-trust.eu,

• fpmhelenic.com & client.clients-area.com/register,

• wallstreet-fx.io,

• fidelitycfd.com & wt.fidelitycfd.com,

• vstarsoho.net,

• alfacapitalmarket.com,

• forexelite.co & forexelite.trade/private.

CySEC emphasizes that the aforementioned websites are not affiliated with entities authorized to provide investment services or conduct investment activities under Article 5 of Law 87 (I)/2017.

The Commission strongly advises investors to consult its official website (www.cysec.gov.cy) before engaging with investment firms to ensure they are licensed to provide investment services and activities.

CySEC urges investors to verify the licenses of investment firms through its official website before engaging in any transactions, emphasizing that only entities licensed under Article 5 of Law 87(I)/2017 are authorized to offer investment services in Cyprus.

Consistently, CySEC cautions consumers about the risks associated with unregulated websites falsely claiming to offer investment services, highlighting that engaging with unlicensed entities exposes investors to potential fraud without recourse under Cypriot regulations. CySEC encourages investors to report any suspicious investment activities and provides a comprehensive list of authorized investment firms in Cyprus on its website.

The reasons for avoiding investment services offered by unregulated entities are significant, as these firms operate without the protective measures of regulations meant to safeguard investors, leaving traders vulnerable to fraud or financial losses without avenues for compensation.

Furthermore, an analysis of unregulated offshore brokers reveals a heightened risk of scams, deposit losses, and predatory behavior towards traders and investors, attributed to the lack of accountability standards enforced by regulatory bodies.

Entities lacking CySEC regulation are not legally authorized to provide investment services under Article 5 of Law 87(I)/2017 in Cyprus, as CySEC consistently warns consumers about the fraudulent practices of unlicensed entities posing as trading and investment service providers, jeopardizing trader investments and funds by conducting business illicitly.