Luxembourg’s CSSF Remains Vigilant, Flags Webnet Ltd

The agency responsible for the financial regulation in Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF) continues to post an increasing number of warnings against suspected scams.

This Friday, the regulator has warned consumers of the activities of an entity by the name of Webnet Ltd. According to the watchdog, the entity operates via www.2dots.com and claims to be established at 5, rue Heinrich Heine, Luxembourg 19857.

“The CSSF informs the public that Webnet Ltd is unknown to it and that the entity has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg,” the warning said.

Following the URL, Webnet Ltd claims to be a broker, offering to trade in foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), contracts for differences (CFDs), commodities, stocks, indices, and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

On its website, the entity states: “2dots was established by financial industry veterans, devoted to encouraging people to trade and invest freely and securely using a direct and constant online access to the market."

“Thanks to our immense business experience and cutting-edge technology, we are able to offer professional trading tools to traders and investors worldwide. Our continuous goal is to deliver an all-inclusive trading solution: ground-breaking platform, progressive analysis tools, industry-leading education and personalized 1-on-1 account management services.”

CSSF continues to flag unauthorized entities

The Luxembourg regulator has remained vigilant in warning the public about suspicious entities. As Finance Magnates reported, the CSSF published a statement stating that an entity named Zeus Tech & Trading Group Ltd is operating in the country without the proper authorization.

Similar to the entity flagged today, the trading brand of the entity Fibonetix claims to be an online trading provider of CFDs, forex, cryptocurrencies, commodities, indices, stocks and exchange-traded funds (ETFs).

Financial regulators across the globe have their hands full when trying to detect and identify scams. This is because there is an increasing number of them, particularly in the cryptocurrency and forex space.