The Cyprus Securities and Exchange Commission (CySEC) has issued a press release outlining a warning against two imposter websites, one of which has copied CySEC regulated Liquid Markets’ site, only replacing the logo with their own branding.
The Cypriot regulator warns that both entities, SiliconValley Markets and FX Traders Trust Capital Markets (FXTTCM) are not allowed to practice investment services within CySEC’s jurisdiction and have never been regulated. Both are operating in contradiction to existing Investment Services and Activities and Regulated Markets Law.
The investigation conducted by Forex Magnates revealed that customer support numbers listed on both websites match the phone number of Liquid Markets’ headquarters – a regulated brokerage operating with CySEC and UK’s Financial Conduct Authority (FCA) authorization.
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The other website is named after another CySEC regulated company – TTCM Traders Trust Capital Markets Limited. The brand name under which they operate is Traders Trust and they have already explicitly mentioned on their website that they are not affiliated in any way with the Chinese copycat imposter.
Apparently the copycats have not been careful enough to fully cover their tracks and caught the eye of the regulator. Forex Magnates contacted CySEC and found out that in this particular case the complaint has been filed by a single company against both websites. Our reporters have reached out to Liquid Markets in Cyprus, however at the time of publication they had not received an official comment.
One of the unknown entities has virtually copied Liquid Markets’ website and rebranded it to SiliconValley Markets, while the other has been designed to cater to Chinese speakers while being registered under a UK domain. With all phone numbers pointing to Liquid Markets’ offices around Europe, it is virtually unknown as to what entity might be behind the imposters.
There were a couple of similar warnings that CySEC issued last year. The first was reported in October 2013, when an unknown entity acted as Depaho FX without a license, impostering under the CySEC regulated entity named Depaho Ltd, owner of the GTCM brand. The second was a domain registered with the same name as a Cypriot regulated company CF Invest Ltd, which is behind the CFI Markets brand.