Cyprus SEC (CySEC) Issues Warning Against 200 Unregistered Invest Platforms
Cyprus SEC (CySEC) Issues Warning Against 200 Unregistered Invest Platforms
December 24, 2019
Cyprus SEC (CySEC) Issues Warning Against 200 Unregistered Invest Platforms
Cyprus SEC (CySEC) Issues Warning Against 200 Unregistered Invest Platforms
December 24, 2019

Cyprus’ Securities and Exchange Commission (CySEC) recently issued a warning against almost 200 unregistered investment platforms, three of which look strikingly similar and falsely advertise ties to BDSwiss, a licensed and regulated firm.

It has been analyzed that the CySEC posted an update to its list of unapproved website addresses on December 10, which now contains 187 different names.

The CySEC noted at the top of its posted list:

“[T]he domains that are included in the following list are not owned or operated by Cyprus Investment Firms (CIFs) which have been authorized by CySEC to provide Investment Services.” 

On December 23, it has been reported that four specific unauthorized investment brokers the CySEC included on its list, Nervic Fx Trade, Crypt Fx Tm, Urban Fx Trade and Intense Fx Trade. The article included that these operations inaccurately stated connection to BDSwiss Holding Plc, a trading platform that is legitimately authorized and licensed with the CySEC

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However, BDSwiss told:

“BDSwiss has established an internal process over the years and we are alerted both by professional software as well as by clients themselves on clone websites or third parties using our brand name for fraud. BDSwiss’ Compliance department maintains constant communication with the regulators and takes immediate action, reporting fraudulence and clone websites whenever they come to our attention.” 

Moreover, it has been revealed that three out of the four platforms mentioned (Nervic Fx Trade, Crypt Fx Tm and Intense FX Trade) look almost exactly the same, although each domain has a different business name in the top left corner of its website page. The platforms appear to offer both foreign exchange (FX) trading, as well as crypto asset trading.

Thus, according to the report from Finance Magnates, the CySEC has made prior comments regarding certain companies that declared Cyprus as their home base by explaining a view that such operations were not actually located in Cyprus but falsely asserted the location as their base.

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.