Cyprus, a well-known international business center and tax haven, has issued a warning to investors about several suspicious websites offering foreign exchange and digital currency investment. The Cyprus Securities and Exchange Commission (CySEC) issued a warning against seven firms that are believed to be operating illegally.
According to the warning issued by CySEC, none of the listed companies have been approved to provide investment services. The blacklisted websites include fxg.market, 247firstinvest.com, keyoncapital.com, procloudoptions.online, cryptotradecentr.com, fxgrowcapital.com, and meritkapital.net.
One of the flagged websites, cryptotradecentr.com, presents itself as a multinational fintech company offering various trading services, including forex, contract for differences, and cryptocurrency trading. It claims to be headquartered in Australia and Luxembourg and purports to be licensed and regulated by the Commission de Surveillance du Secteur Financier, a major financial regulator in Luxembourg.
The CySEC has been actively monitoring investment services globally to protect investors from fraudulent schemes. In May 2020, the authority blacklisted several crypto and forex exchange-related websites, including a fraudulent entity called “Binance Capital Options,” which had no affiliation with the legitimate cryptocurrency exchange Binance but aimed to deceive investors using the name and details of the reputable company.
This warning from CySEC serves as a reminder for investors to exercise caution and conduct thorough due diligence before engaging with any investment platform or service, especially in the cryptocurrency and forex sectors, where fraudulent activities are not uncommon.