The Cyprus Securities and Exchange Commission (CySEC) issued a warning about a new list of online trading platforms operating without authorization.
In a notice issued today (Friday), the regulator cautioned investors against engaging with the listed firms as they lack the necessary licenses to provide investment services. In the latest advisory, CySEC highlighted the ongoing risks associated with unregulated entities in the financial sector.
A Growing List of Unlicensed Entities
CySEC has identified several websites that are not authorized under Cyprus’s financial regulations. The flagged domains include paragonsigs.com, monaxa.com, efinancepro.com, enxutto.net, admiraleu-brokerz.com, investfrx.com, vistatradex.com.
According to the watchdog, the others are admiralsunited.com, fehelmante.pro, hollytradebase.com, xtbtradingco.com, and hoxtoncapitals.com. These platforms reportedly do not have the required authorization under the regulation that governs investment services and activities in Cyprus.
“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted 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,” the regulator wrote.
CySEC urged investors to verify a firm’s licensing status before engaging in any financial transactions. Investors can check the regulator’s official website to confirm whether a company is authorized to offer investment services. This measure aims to prevent potential financial losses and protect the integrity of the market.
The Risk of Unregulated Trading Platforms
Engaging with unlicensed investment firms exposes traders to significant financial risks, including fraud and the inability to recover lost funds. Without regulatory oversight, these platforms operate without accountability, leaving investors vulnerable to scams and misleading practices.
CySEC continues to monitor financial markets and take action against unauthorized entities. By maintaining transparency and issuing regular warnings, the regulator seeks to ensure that investors make informed decisions and avoid potential pitfalls in online trading. Checking CySEC’s official website for updated lists of authorized firms is critical in safeguarding financial interests.
This article was written by Jared Kirui at www.financemagnates.com.Institutional FXRead More
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