CySEC Adds 5 New Scam Platforms to Blacklist

CySEC Adds 5 New Scam Platforms to Blacklist

CySEC has updated its blacklist to include five new fraudulent websites, none of which have been authorized by the Cyprus Securities and Exchange Commission to provide services.

All these flagged sites offer trading products – like forex currency pairs, cryptocurrencies, and CFDs – without any risk prevention practices. Moreover, some of the following sites also offer wealth management services and stock investments opportunities, while many allow for suspiciously high leverage caps that are absolutely prohibited in the European economic area.

The blacklisted websites area et-fx.com, emporiumcapital.ltd, nbimarkets.com, metexo.com and inforexeu.com. As of writing this all sites are function, except for inforexeu.com; all the rest are actively trying to solicit users.

CySEC is just one of the European regulators in constant struggle against scammers, and is experiencing the same old frustration- when a fraudulent platform gets closed, a new one appears to take its place and starts the whole cycle all over again. That is why regulators like CySEC rely greatly on customers initiatives to identify scammer platforms and warn both other users and the regulators themselves. CySEC constantly reminds that all suspicious activity must be reported ASAP.

Many fraudsters are lying about being licensed by CySEC or having a Cypriot registration, because this is one of the most popular and respected regulator in Europe, where the markets economy is booming, making room for scammers to flourish also, unfortunately. Many fraudulent platforms are also impersonating CySEC representatives, or the entire watchdog website, making the job of the regulator that much more sensitive.

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