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CySEC Flags 16 Unregistered Investment Firms

Tuesday, 19/03/2024 | 16:44 GMT by Jared Kirui
  • Among the flagged entities are prollitestockcapitol.com, crossview.online, and freedomfxgroup.com.
  • According to the watchdog, these firms lack the necessary permits to offer investment services.
CySEC

The Cyprus Securities and Exchange Commission (CySEC) has warned the public against engaging with 16 investment firms purportedly operating without proper registration. These entities have been flagged by the regulator for lacking the necessary permits to offer investment services or conduct investment activities.

CySEC's Red Flags

Among the flagged entities are prollitestockcapitol.com, crossview.online, freedomfxgroup.com, al-olymptrade.com, alloptionsint.com & client.alloptionsint.com, xbmkfx.com, ioption360.com, and recoveryoptionfx.com.

Source: CySEC

The others are hengranltd.com, safecap.io & client.safecap.io, capitalstime.com, trustvault.online, smartestoption.live, metaverxia.com, amacap.eu, and alfacapitalinvests.com. The regulator has urged users to exercise vigilance and consult its official website before engaging with any investment firm.

CySEC has been on a rigorous enforcement drive, imposing fines totaling €2.2 million on investment firms in 2023 alone. The regulator conducted over 700 on-site and remote inspections last year, aiming to ensure compliance with regulations and safeguard investor interests.

According to a report by Finance Magnates, CySEC intensified its monitoring efforts, particularly concerning investment firms affected by geopolitical developments like the Russia-Ukraine conflict.

Preparing for Regulatory Shifts

In response to supervisory audits, CySEC imposed administrative sanctions amounting to €2.2 million in 2023, with a notable €1 million fine imposed on a single investment firm. Over the past three years, cumulative fines have reached €6 million, predominantly targeting investment firms for regulatory breaches.

CySEC's Chairman, Dr. George Theocharides, underscored the impending implementation of the Markets in Crypto-Assets Regulation by the end of 2024. He emphasized the significance of investor protection, urging supervised entities to brace for regulatory changes and navigate risks associated with crypto-assets.

A comparative analysis highlighted CySEC's stringent measures, contrasting them with regulatory actions taken by counterparts like the UK's Financial Conduct Authority and the US Securities and Exchange Commission. While CySEC fines investment firms, the FCA revokes licenses and issues substantial fines, indicating varied regulatory approaches.

The Cyprus Securities and Exchange Commission (CySEC) has warned the public against engaging with 16 investment firms purportedly operating without proper registration. These entities have been flagged by the regulator for lacking the necessary permits to offer investment services or conduct investment activities.

CySEC's Red Flags

Among the flagged entities are prollitestockcapitol.com, crossview.online, freedomfxgroup.com, al-olymptrade.com, alloptionsint.com & client.alloptionsint.com, xbmkfx.com, ioption360.com, and recoveryoptionfx.com.

Source: CySEC

The others are hengranltd.com, safecap.io & client.safecap.io, capitalstime.com, trustvault.online, smartestoption.live, metaverxia.com, amacap.eu, and alfacapitalinvests.com. The regulator has urged users to exercise vigilance and consult its official website before engaging with any investment firm.

CySEC has been on a rigorous enforcement drive, imposing fines totaling €2.2 million on investment firms in 2023 alone. The regulator conducted over 700 on-site and remote inspections last year, aiming to ensure compliance with regulations and safeguard investor interests.

According to a report by Finance Magnates, CySEC intensified its monitoring efforts, particularly concerning investment firms affected by geopolitical developments like the Russia-Ukraine conflict.

Preparing for Regulatory Shifts

In response to supervisory audits, CySEC imposed administrative sanctions amounting to €2.2 million in 2023, with a notable €1 million fine imposed on a single investment firm. Over the past three years, cumulative fines have reached €6 million, predominantly targeting investment firms for regulatory breaches.

CySEC's Chairman, Dr. George Theocharides, underscored the impending implementation of the Markets in Crypto-Assets Regulation by the end of 2024. He emphasized the significance of investor protection, urging supervised entities to brace for regulatory changes and navigate risks associated with crypto-assets.

A comparative analysis highlighted CySEC's stringent measures, contrasting them with regulatory actions taken by counterparts like the UK's Financial Conduct Authority and the US Securities and Exchange Commission. While CySEC fines investment firms, the FCA revokes licenses and issues substantial fines, indicating varied regulatory approaches.

Topics
cysec
About the Author: Jared Kirui
Jared Kirui
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About the Author: Jared Kirui
Jared is an experienced financial journalist passionate about all things forex and CFDs.
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