CySEC, one of the world’s top FX broker regulators, has put 16 new fraudulent forex and crypto brokerages onto its big red list of unregulated companies.
The warned against platforms mostly offer crypto derivative investment opportunities, as well as with FX currency pairs. With the rise of digital coins’ interest, especially BTC and ETC, many scammers, including these ones, have taken full advantage of the influx of novice users.
The flagged companies are: forex-earners.org, coinstradingbit.com, global-vesco.ltd, instantcryptoforextrades.com, alphabitfx.org, fasttrade.ltd, raphaelfxinvestment.com, rfmcorp.co, leadwayfinance.ltd, wficorp.co, maximumfinancetrade.com, intlmc.com, upshotfinance.biz, expert-earners.com, cointradefxpro.com, and ifmcorp.co.
The Cypriot FX overseer disclosed that all of these companies are using the name and license number of the fully regulated BrokerCreditService (Cyprus) Limited, making their usage of the name completely illegal.
Many of the aforementioned fake sites offered management of portfolio services and real estate investment options, plus a heap of very misleading crypto investment schemes. Some of these entities even come with the same design. The only thing differentiating them being some very small details.
It is worth noting that CySEC has no power over these firms, whereas CONSOB in Italy, as well as other EU regulators, have the authority to mandate local internet providers and companies to close down specific fraudulent brokerage websites. Because CySEC has not yet been granted these powers, many fraudsters take advantage by falsely claiming to be in possession of a license by it.
