Cyprus financial authority, Cyprus Securities and Exchange Commission (CySEC) forewarned financial platforms providing financial services with a notion of operating under its control.
The Authority highlighted the website associated with these entities, noting that they are not eligible to conduct financial services in the region.
Among the mentioned websites include; golden-gate.co.uk, goldenshare.io, levelprofit.com, sharesforextrade.com, inscribedoffers.com, greenwavex.com, and finatics.io.
The highlighted companies are said to break Article 5 of Law 87 (I)/2017 as it guides.
Cyprus Securities and Exchange Commission (CySEC) has placed harsh regulations to cease the suggested unregistered financial services. The policies include pressing charges against entities performing the financial services without proper documentation and legal registration under the regulatory body. CySEC has worked with effort for the past year to control this ongoing malpractice.
“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017,” CySEC noted.
The Growing Vice
Cyprus Securities and Exchange Commission’s warning comes weeks after a UK financial regulatory body raised the same issue. The Cyprus financial firm hints that it will not be liable for any losses that would be made by customers using the named domains.
Moreover, the customers are urged to examine the sites they visit before placing any investment. In addition, more policies are being formulated to scrutinize these unregulated firms and also extend the search of any other firm that may arise with the same vice.
“CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, to ascertain the entities which are licensed to provide investment services and/or investment activities,” Cyprus Securities and Exchange Commission said in a recent press release.
