The Cyprus Securities and Exchange Commission (CySEC) has issued a warning about 14 websites operating without proper authorization to provide investment services or activities under Cyprus law.

The regulatory body identified several unauthorized platforms, including a clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term website impersonating the popular broker Admirals (formerly known as Admiral Markets).

CySEC Warns Investors About Unauthorized Investment Websites

The regulator emphasized that all entities providing investment services in Cyprus must be authorized under Article 5 of Law 87(I)/2017, which implements European Union financial regulations.

The entities listed below did not meet this requirement; therefore, using their services may be potentially unsafe:

• athloscapitalinvest.com
• fxfuturetrade.net
• dts-trade.com
• fax.trade
• circlemarketfx.com
• admiralmarket.net
• kulanient.com
• eliteglobalfx.com
• elitefxgo.com
• mavqeris.com
• fasatgh.com
• gosuncm.com
• lyreasf.com
• yondaris.pro

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Admiral Markets Clone

On of the fraudulent site, admiralmarket.net, appears to be using the legitimate Admiral’s logo, website layout, and visual branding to mislead retail investors.

“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 urges investors to consult its website (www.cysec.gov.cy), 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 wrote in the warning.

Clone firms, which mimic legitimate financial services companies, have become increasingly sophisticated in their attempts to deceive potential victims. Interestingly, Admirals is one of the brokers most frequently targeted by this type of fraud.

The practice of creating lookalike websites with similar domain names, branding elements, and visual identity has proven effective in tricking unsuspecting investors who fail to verify the regulatory status of platforms before depositing funds.

Also this month, CySEC decided to revoke the investment license of Viverno Markets, the B2B unit of BDSwiss.