<p>The Cyprus
Securities and Exchange Commission (<a href=”https://www.financemagnates.com/terms/c/cysec/” class=”terms__main-term” id=”37d97d82-59f8-4ce2-94d2-21c5bdc82663″ target=”_blank”>CySEC</a>) issued a list of unauthorized
companies on Wednesday, with five fraudulent websites being added to its
warning list. According to the regulator, none of these entities are Cypriot
Investment Firms (CIFs).</p><p>CySEC Flags Illegal
Trading Platforms</p><p>”The
Cyprus Securities and Exchange Commission wishes to inform investors that the
following websites 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,”
the regulator commented.</p><p>The illegal
platforms are metexo.com, inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd.
Currently, only the inforexeu.com website is not responding while the others
continue to encourage investment.</p><p>The
platforms that CySEC is warning against offer access to high-risk trading products,
including forex, CFDs, <a href=”https://www.financemagnates.com/terms/c/cryptocurrencies/” class=”terms__secondary-term” id=”b091101e-6e02-4b36-aa0e-7c972dfdd6ed” target=”_blank”>cryptocurrencies</a> and other popular asset classes. Some
additionally provide wealth management services and the ability to invest in
the stock market. The leverage offered in some cases exceeds the maximum values
allowed under current European regulations.</p><p class=”article-body__parent-element”>Check out the recent London Summit session on the future of regulations in 2023.</p><p>Alert List Grows</p><p>Cyprus is a
popular location for CFD brokers, allowing them to operate throughout the
European Economic Area. For this reason, many fraudulent companies are trying
to claim that they have CySEC licenses to increase their reliability in the
eyes of investors. </p><p>CySEC and
other European regulators are waging a constant battle against rogue platforms.
However, in the place of the old, a new one appears, and the ability to identify
them often depends on the help of investors themselves. That is why the Cypriot
regulator keeps reminding traders to report all potential attempts to violate
regulations or commit a crime.</p><p>The Cypriot
regulator <a href=”https://www.financemagnates.com/forex/cysec-alerts-against-5-illegal-fxcfds-trading-platforms/” target=”_blank” rel=”follow”>persistently updates its list of suspicious platforms</a>. Additionally, it
has to contend with entities that try to <a href=”https://www.financemagnates.com/institutional-forex/cysec-warns-against-impersonating-officers-fake-websites/” target=”_blank” rel=”follow”>impersonate the regulator</a>, its
employees and its official website.</p><p>Other
regulators from European countries frequently update their warning lists. Among
the most active are Spain’s <a href=”https://www.financemagnates.com/tag/cnmv/” target=”_blank” rel=”follow”>CNMV</a>, Italy’s Consob and UK’s FCA. <a href=”https://www.financemagnates.com/forex/consob-blocks-4-more-illegal-trading-platforms/” target=”_blank” rel=”follow”>Consob recently
reported</a> blocking four more illegal investment platforms.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
