The Cyprus Securities and Exchange Commission (CySEC) has published a new warning on its website this Tuesday, alerting residents of Cyprus to three new suspected scams – World Trust Invest (http://www.worldtrustinvest.com/), Eurotrade Investments (https://www.eurotradeinvestmentsrgb.com/) and Coinoptions Trade (https://coinoptionstrade.com/).
Specifically, the Cypriot regulator warns that the websites connected to the abovementioned entities do not belong to companies that are authorized to provide investment services or conduct investment activities within the country.
This type of behavior is very common for scams as opposed to legitimate companies, who go through the process of securing the proper authorization before commencing operations, scams try to fly under the radar for as long as possible.
World Trust Invest or WTI claims to be an online trading provider of foreign exchange (forex), contracts for difference (CFD), precious metals and more. On its website, the company states that it is connected to WTI Capital Holdings (Cyprus) Limited, “which is regulated by the Cyprus Securities and Exchange Commission CySEC.” However, given CySEC’s warning, you can assume that the above statement is untrue.
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In fact, it appears that WTI Capital Holdings is some kind of clone firm and was fraudulently using the details of Alfa Capital Holdings (Cyprus) Limited (ACC). In October last year, ACC put out a statement which clarified that it does not have any relationship with WTI Capital Holdings (Cyprus) Limited or any services offered via the website http://www.worldtrustinvest.com/ru.
The company added that it has “not authorised the use of its name, logos, or the trade name “Alfa Forex” by any person or entity.” Because of the warning from CySEC and the apparent dodgy practices of WTI Capital Holdings, it is a good idea to avoid dealing with this firm.
CySEC warns against Coinoptions Trade
Coinoptions Trade claims to be: “one of the leading private investment firms providing asset management services on the internet including Bitcoin Mining Program, Cryptocurrency earning, exchange and crypto assets management.”
On their website, which CySEC has specifically said does not belong to an authorized website, the entity claims to be regulated by both CySEC and the American Financial Services Commission. The company has even gone as far as to upload alleged documents of its licenses.
As was the same with WTI, it’s a good idea to give this firm a wide berth.