CySEC Remains Vigilant, Flags Multiple Websites as Suspicious

The regulator has warned against a number of websites which it states do not belong to regulated entities.

Scams within the foreign exchange (forex) and cryptocurrency sectors remain a thorn in financial regulator’s sides. This Friday, the Cyprus Securities and Exchange Commission (CySEC) posted multiple warnings on its website against firms that are operating in the country without a license.

Specifically, the regulator has provided a number of websites, which belong to entities that are not regulated or authorized to operate in Cyprus. One of these websites is https://www.apextradeoption.com/home.php, which claims to be an FX, contracts-for-difference (CFD) and binary options trading provider.

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On the entity’s website, it states that apextradeoption is the binary options and forex trading platform provider owned and operated by Cyprus investment firm B.O. Tradefinancials Ltd.

However, in its warning, the Cypriot regulator states: “In the above mentioned website, there is a reference on the name and license number of the former Cyprus Investment Firm B.O. Tradefinancials Ltd (license number 216/13).”

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“CySEC wishes to draw your attention that, on 25.6.2018, it has decided to wholly withdraw the Cyprus Investment Firm authorisation with number CIF 216/13 of the company B.O. Tradefinancials Ltd.”

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The watchdog has also blacklisted another website – https://www.jfdmtech.com/. For this Editor, when clicking the link, it appears to be blocked or no longer active. However, CySEC states in its warning that the entity is claiming to be part of JFD Group, which the regulator states is “misleading and does not correspond to reality.”

The Cypriot agency has also flagged further websites as belonging to an entity that is not authorized or regulated by CySEC, and consumers should avoid dealing with these entities. The URLs are as follows: www.finmarket.trade, www.prcforex.com, bitgoldenfx.com, fxcryptocoin.com, and lincensetrade.com.

With scams in the FX, CFD and crypto sectors continuing to be a large threat, CySEC revealed at the 2019 iFX Expo in Cyprus that it plans to triple its personnel in two years so it can effectively monitor the industry in Cyprus.

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