The latest warning by the Cyprus Securities and
Exchange Commission (CySEC) has listed several unregulated investment firms, including cryptocurrency
exchange Bitget. In the warning issued today (Friday), the regulator urged
investors to consult its website before conducting business with any investment
firms.
Barred from Offering Investment Services
In total, CySEC flagged 17 websites, among them:
tradeupyourlife.co/es/nvi/v1/lakmw/ and
tradingupyourlife.com/es/v8/jdkas/#formbox, tbmarket.co, globalfx-ltd.com, and
account.globalfx-ltd.com/client/login, princemarkets.com,
selcukluyatirimfx.com, partnershiptrader.com, unitymarketmovers.com,
trustvestszone.com, bytflex.com/web/index.php, guleryatirimholdings.com,
unifyfxbusiness.com/m/index.html, exprotrades.com, centagepremium.com/index.html,
topfx.pl, and strifor.org.
The others are: kryptohaus.com, prostoxfx.com,
justtwo.trade, and trade.justtwo.trade/en/login, londinesbank.com,
kyelinrox.com, olymptrade.com, bonnmarkets.com and lirunexltd.com,
primoxstock.com, parkfinancialconsulting.org, t.me/s/FXopen_Forex_Signals, and
t.me/s/FxOpen_ForexSignals, sfcaptrade.cc, and sfcap.world, and bitget.com.
In March, CySEC cautioned investors against 16
investment firms purportedly operating without proper registration. These
entities were enlisted in the regulator’s warning list for lacking the
necessary approvals to offer investment services or conduct investment
activities.
CySEC Tightens Regulatory Checks
Among the flagged entities were
prollitestockcapitol.com, crossview.online, freedomfxgroup.com,
al-olymptrade.com, alloptionsint.com & client.alloptionsint.com,
xbmkfx.com, ioption360.com, and recoveryoptionfx.com.
Notably, CySEC carried out over 700 on-site and remote inspections of supervised entities in 2023 and issued over $2.2 million in
fines. These investigations and fines sought to enhance compliance with the
relevant regulations and to protect investors.
Following the commission’s supervisory audits, CySEC
levied €1 million on a single investment firm. Over the past three years, the
watchdog has imposed €6 million in sanctions with €5.3 million on investment
firms for regulatory violations.
Recently, CySEC’s Chairman, Dr. George Theocharides,
commented about the changing regulatory landscape during the IFX EXPO International 2024, saying: "As organizations have adapted to changes in customer
preferences, the trends that we have seen in the last ten years or so in the
financial services industry are more digitalization and more online and mobile
trading platforms."
"We have also seen more sophisticated technologies
like artificial intelligence and machine learning, which have been crucial
for delivering insights and personal financial products."
The latest warning by the Cyprus Securities and
Exchange Commission (CySEC) has listed several unregulated investment firms, including cryptocurrency
exchange Bitget. In the warning issued today (Friday), the regulator urged
investors to consult its website before conducting business with any investment
firms.
Barred from Offering Investment Services
In total, CySEC flagged 17 websites, among them:
tradeupyourlife.co/es/nvi/v1/lakmw/ and
tradingupyourlife.com/es/v8/jdkas/#formbox, tbmarket.co, globalfx-ltd.com, and
account.globalfx-ltd.com/client/login, princemarkets.com,
selcukluyatirimfx.com, partnershiptrader.com, unitymarketmovers.com,
trustvestszone.com, bytflex.com/web/index.php, guleryatirimholdings.com,
unifyfxbusiness.com/m/index.html, exprotrades.com, centagepremium.com/index.html,
topfx.pl, and strifor.org.
The others are: kryptohaus.com, prostoxfx.com,
justtwo.trade, and trade.justtwo.trade/en/login, londinesbank.com,
kyelinrox.com, olymptrade.com, bonnmarkets.com and lirunexltd.com,
primoxstock.com, parkfinancialconsulting.org, t.me/s/FXopen_Forex_Signals, and
t.me/s/FxOpen_ForexSignals, sfcaptrade.cc, and sfcap.world, and bitget.com.
In March, CySEC cautioned investors against 16
investment firms purportedly operating without proper registration. These
entities were enlisted in the regulator’s warning list for lacking the
necessary approvals to offer investment services or conduct investment
activities.
CySEC Tightens Regulatory Checks
Among the flagged entities were
prollitestockcapitol.com, crossview.online, freedomfxgroup.com,
al-olymptrade.com, alloptionsint.com & client.alloptionsint.com,
xbmkfx.com, ioption360.com, and recoveryoptionfx.com.
Notably, CySEC carried out over 700 on-site and remote inspections of supervised entities in 2023 and issued over $2.2 million in
fines. These investigations and fines sought to enhance compliance with the
relevant regulations and to protect investors.
Following the commission’s supervisory audits, CySEC
levied €1 million on a single investment firm. Over the past three years, the
watchdog has imposed €6 million in sanctions with €5.3 million on investment
firms for regulatory violations.
Recently, CySEC’s Chairman, Dr. George Theocharides,
commented about the changing regulatory landscape during the IFX EXPO International 2024, saying: "As organizations have adapted to changes in customer
preferences, the trends that we have seen in the last ten years or so in the
financial services industry are more digitalization and more online and mobile
trading platforms."
"We have also seen more sophisticated technologies
like artificial intelligence and machine learning, which have been crucial
for delivering insights and personal financial products."
