Exclusive: Major Cypriot Brokers Cease All Marketing Activities
The brokers are operating in several jurisdictions
A major operator of multiple forex and CFDs brands based out of Cyprus has completely shuttered all its marketing efforts as of Wednesday, multiple sources have confirmed to Finance Magnates. At the time of publishing. the reasons behind the move are still unknown. Also, it is unclear whether this is a temporary or a permanent shutdown of some or all of the brokerage brands.
Finance Magnates have reached out to the group for official confirmation and will update accordingly.
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Though the exact number of the brokerage brands associated with the group could not be confirmed, they are operating at least a dozen entities and brands that are registered and licensed mostly in EU jurisdictions.
More as this story develops.
About time! The way most retail FX/CFD Brokers market their services and/or their affiliates that they use for that as proxies to do the “dirty work” for them is insane. It has become a full epidemic of mostly quite young people that are naive and easy to be taken advantage of for them to Lose their money to the broker following ludacris promises of Fast money. I think this cleansing is long overdue, very necessary and should be done much more across the whole industry.