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
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
You may
also like: FMA
Identifies Almost 100 Fraudulent Trading Platforms, Including Saxo, IG and ATFX
Clones
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
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.
This article was written by Damian Chmiel at www.financemagnates.com.
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