Cyprus’ Securities and Exchange Commission (CySEC) moved to block the Internet website domains of several firms following instances of unlicensed operation in a new warning published on its official website. The regulator noted, “the websites do not belong to an entity which has been granted an authorization for the provision of investment services and the performance of investment activities, as provided in Article 5, Law 87 (I)/2017.”
The websites blocked include:
Because these firms aren’t licensed in Cyprus as Cypriot Investment Firms (CIF), any clients trading with the companies are not subject to protections of the Investor Compensation Fund (ICF), which serves to protect the claims of covered clients, providing them with compensation in case a member couldn’t meet its financial obligations. As such, traders should be cautious if approached by such firms to offer to invest or trading services.