The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) in its latest enforcement action has warned investors against eight trading platforms operating in the country without authorization. The Cypriot securities watchdog noted that the platforms have not been approved to perform investment activities in Cyprus.

In a statement released on Monday, CySEC listed the websites as world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The other three are: inverbid.net, inverbid.com and inverbid.co.

“CySEC urges investors to consult its website, before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities,” the regulator noted.

CySEC Expands Warning List

Since the start of the year, CySEC has issued warnings against a number of illegal online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms operating in the country without authorization. In March, the regulator kicked against six websites offering investment services or activities in Cyprus without permission. The websites are 21stfinance.net, 21stfinance.com, 21stfinance.co, pitbulls-markets.com, financewiseint.com and eurotradeforex.com.

In January, CySEC added five other illegal platforms to its warning list. The platforms are metexo.com, inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd.

Earlier in December 2022, CySEC flagged another five unlicensed platforms operating in Cyprus. The platforms are Algo Trade, First BTC FX, IPO Experts, EDR Financial Limited, and a fraudulent impersonator of HYCM Capital Markets, which is a legitimate FX/CFDs broker.

CySEC FX/CFDs Broker Encounter Problems

Finance Magnates reports that about three CySEC-registered FX/CFDs brokerage firms appeared to have encountered some problems in the last three months. In mid-April, retail FX broker TradedWell shut down its website, saying that it was “undergoing an operational optimization process.”

In March, Tixee announced that it was closing down after M4Markets acquired its operations. This came as Finance Magnates previously reported that the brokers appeared to have quietly shuttered its services.

On top of that, in January, Finance Magnates reported that UFX appeared to have closed down as we found that the retail broker was not allowing anyone to open a new account, irrespective of their jurisdictions.

“As in all business, you need to either provide a better or a differentiated service to thrive and survive," Tom Higgins, the Founder and CEO of trading technology firm Gold-i, told Finance Magnates, commenting on the development. "The world just cannot support 1000s of brokers offering the same products to the same markets."

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