WikiFX Alert: CySEC Warns The Public To Avoid Five Unregulated Forex/CFD Platforms

Cyprus's financial regulatory body is CySEC (Cyprus Securities and Exchange Commission). It regulates and supervises the investment services market, which includes investment companies, stock exchanges, and other associated institutions. The primary goals of CySEC are to safeguard investors and maintain the smooth operation of Cyprus's securities markets. It also seeks to prevent money laundering and other financial crimes, as well as to promote financial market openness and integrity. Furthermore, CySEC is a member of the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO), which enables regulatory bodies to collaborate and share information.

On Wednesday, CySEC (Cyprus Securities and Exchange Commission) announced a list of unlicensed enterprises, including five unregulated websites. None of these organizations, according to the regulation, are Cypriot Investment Firms (CIFs).

“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. said by the regulator.”

The list of warned entities includes:

• Metexo.com

• Inforexeu.com

• Et-FX.com

• Nbimarkets.net

• EmporiumCapital.Ltd

The sites that have been warned by CySEC provide access to high-risk trading items such as forex, CFDs, cryptocurrencies, and other popular asset classes. Some also provide wealth management services as well as the chance to participate in the stock market. In certain circumstances, the leverage given surpasses the maximum levels permitted by existing European legislation.

Before doing business with investment companies, investors should examine CySEC's website (www.cysec.gov.cy) to determine whether businesses are licensed to offer investment services and/or investment activities.

On behalf of CySEC, WikiFX may also assist investors in locating unlawful enterprises. WikiFX lists over 42,000 brokers, both regulated and unregulated. Simply type the broker's name into the search field, and as a result, it will provide the regulatory status of your selected broker.

As an example,

Keep an eye out for additional unregulated forex brokers.

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