The Cyprus Securities and Exchange Commission (CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
Read this term) in its latest enforcement action warned investors about eight trading platforms operating in the country without permission. The Cypriot securities watchdog noted that the platforms have not been approved to carry out investment activities in Cyprus.
In a statement on Monday, CySEC listed the websites as world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The other three are: inverbid.net, inverbid.com and inverbid.co.
“CySEC urges investors to consult its website, prior to doing business with investment firms, to determine entities authorized to provide investment services and/or investment activities,” the regulator noted. .
Since the beginning of the year, CySEC has issued warnings against a number of online business
Online business
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, through the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub. Online trading continues to experience rapid growth year on year, for several reasons. First, the number of brokers offering their services, with more money
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, through the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub. Online trading continues to experience rapid growth year on year, for several reasons. First, the number of brokers offering their services, with more money
Read this term platforms operating in the country without permission. In March, the regulator kicked six websites offering investment services or activities in Cyprus without permission. The websites are 21stfinance.net, 21stfinance.com, 21stfinance.co, pitbulls-markets.com, financewiseint.com and eurotradeforex.com.
In January, CySEC also added five more illegal platforms to its warning list. The platforms are metexo.com, inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd.
Earlier in December 2022, CySEC reported five other unlicensed platforms operating in Cyprus. The platforms are Algo Trade, First BTC FX, IPO Experts, EDR Financial Limited and a fraudulent impersonator of HYCM Capital Markets, which is a legit FX/CFD broker.
Problems faced by CySEC FX/CFD brokers
finance tycoons reports that approximately three CySEC-registered FX/CFD brokerage firms appear to have encountered problems in the past three months. In mid-April, retail forex broker TradedWell shut down its website, saying it was “undergoing an operational optimization process”.
In March, Tixee announced its closure after the acquisition of its business by M4Markets. It came like finance tycoons previously reported that brokers appeared to have quietly shut down its services.
In January, finance tycoons also reported that UFX appears to have closed as we found the retail broker does not allow anyone to open a new account regardless of jurisdiction.
“As in all businesses, you need to provide better or differentiated service to thrive and survive,” said Tom Higgins, founder and CEO of trading technology company Gold-i. finance tycoons, commenting on the development. “The world simply cannot support thousands of brokers offering the same products in the same markets.”
The Cyprus Securities and Exchange Commission (CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
Read this term) in its latest enforcement action warned investors about eight trading platforms operating in the country without permission. The Cypriot securities watchdog noted that the platforms have not been approved to carry out investment activities in Cyprus.
In a statement on Monday, CySEC listed the websites as world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The other three are: inverbid.net, inverbid.com and inverbid.co.
“CySEC urges investors to consult its website, prior to doing business with investment firms, to determine entities authorized to provide investment services and/or investment activities,” the regulator noted. .
Since the beginning of the year, CySEC has issued warnings against a number of online business
Online business
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, through the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub. Online trading continues to experience rapid growth year on year, for several reasons. First, the number of brokers offering their services, with more money
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, through the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub. Online trading continues to experience rapid growth year on year, for several reasons. First, the number of brokers offering their services, with more money
Read this term platforms operating in the country without permission. In March, the regulator kicked six websites offering investment services or activities in Cyprus without permission. The websites are 21stfinance.net, 21stfinance.com, 21stfinance.co, pitbulls-markets.com, financewiseint.com and eurotradeforex.com.
In January, CySEC also added five more illegal platforms to its warning list. The platforms are metexo.com, inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd.
Earlier in December 2022, CySEC reported five other unlicensed platforms operating in Cyprus. The platforms are Algo Trade, First BTC FX, IPO Experts, EDR Financial Limited and a fraudulent impersonator of HYCM Capital Markets, which is a legit FX/CFD broker.
Problems faced by CySEC FX/CFD brokers
finance tycoons reports that approximately three CySEC-registered FX/CFD brokerage firms appear to have encountered problems in the past three months. In mid-April, retail forex broker TradedWell shut down its website, saying it was “undergoing an operational optimization process”.
In March, Tixee announced its closure after the acquisition of its business by M4Markets. It came like finance tycoons previously reported that brokers appeared to have quietly shut down its services.
In January, finance tycoons also reported that UFX appears to have closed as we found the retail broker does not allow anyone to open a new account regardless of jurisdiction.
“As in all businesses, you need to provide better or differentiated service to thrive and survive,” said Tom Higgins, founder and CEO of trading technology company Gold-i. finance tycoons, commenting on the development. “The world simply cannot support thousands of brokers offering the same products in the same markets.”
