CySEC Updates its Warning List with Six New Entries

CySEC Updates its Warning List with Six New Entries

The Cypriot financial watchdog CySEC updated its list of shady brokers with six new online companies offering unauthorized trading services. Many of these on the list are in fact untraceable, as they give away letterbox addresses.

Among these blacklisted companies, are the following highlights:

  • Fin-Target Ltd, a fake company claiming to be associated with licensed broker Royal Forex Ltd. Reports claims that the alleged crypto/FX company operates in Spain without a license.
  • Coinboost247, a.k.a Crytofxetra247, a false brokerage supposedly involved with CFD trading, as well as cryptos, forex pairs, and commodities. The fraudsters claims to be regulated by the CFTC, CySEC, and the IFSC of Belize

The watchdog wishes for all to know that these companies are not licensed and thus cannot legally operate FX businesses in Cyprus. Nor are they in any way affiliated with legitimate forex businesses.

Crucially, the overseer also reminds users that if money is lost while investing in these fraudulent platforms, consumers will not be protected under the Investor Compensation Fund.

Local Cypriost law allows CySEC to ask internet providers to take down false financial adverts only IF they have been proven to be false and misleading. As a result, many fake ads go by unscathed.

Furthermore, the agency does not have the power to force providers to block access to domains, allowing many illicit brokers to operate.

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  1. Could I receive an update on trading in Cyprus who in 2016/2017 while using their platform to trade I lost over USD $800.000. I see they are still registered with CySEC. Their employee who claimed to be living in Cyprus using the name Chris Miller personally supervised the loss of my funds by entering trades claiming to be on my behalf and who I have established since fabricated documents and when I asked for a small return on my funds he trades me from USD1.2 million to USD $47.00 in the time frame of approximately two minutes. All of these trades were set up when he knew I was not home. As a result of enquiries, Chris Miller was not his correct name. He had an American accent and claimed he used to live in California.

  2. I note that I have incorrectly placed the amount I lost it was in excess of USD$800,000.00.

  3. I have lost too, do not invest here $ 100
    मेने भी खो दिया हे यहा निवेश नहीं कर ना 100$ abosolfx. com

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