Cyprus, a major international business center and tax haven, is warning investors against several suspicious websites offering foreign exchange and digital currency investment.
The Cyprus Securities and Exchange Commission issued a warning against seven firms that have apparently been operating illegally.
Published by the CySEC on Aug. 6, the warning document says that none of the listed companies belong to an entity that has been granted approval for providing investment services. The list notes fxg.market, 247firstinvest.com, keyoncapital.com, procloudoptions.online, cryptotradecentr.com, fxgrowcapital.com, and meritkapital.net.
One of the blacklisted websites, cryptotradecentr.com, positions itself as a multinational fintech company providing a wide range of trading services. The allegedly fraudulent firm offers trading of forex and contract for differences on shares, indices, commodities, as well as cryptocurrencies on its main page as of publishing.
Claiming to be headquartered in Australia and Luxembourg, Crypto Trade Center says that it is licensed and regulated by the Commission de Surveillance du Secteur Financier, a major financial regulator in Luxembourg.
The CySEC has been actively monitoring global investment services to protect investors from fraudulent offerings. In May 2020, the authority blacklisted another bunch of crypto and forex exchange-related websites including a company known as “Binance Capital Options.”
According to online reports, Binance Capital Options has no connection with the world’s largest crypto exchange, Binance. Instead, the firm was a clone website scam that aimed to defraud investors using corporate details of a legit company. On its website, Binance Capital Options still claims to be regulated by the CySEC.