Leading global business center and tax haven, has warned investors against several suspicious websites offering foreign exchange & cryptocurrency investment.
The Cyprus SEC [Securities and Exchange Commission] has issued a warning against 7 firms that have apparently been operating illegally.
Revealed by the CySEC earlier on 6th Aug., the warning document reads as, none of the listed companies belong to an entity that has been granted approval for offering investment services. The list notes fxg.market, 247firstinvest.com, keyoncapital.com, procloudoptions.online, cryptotradecentr.com, fxgrowcapital.com, and meritkapital.net.
One among the blacklisted websites, cryptotradecentr.com, positions itself as a multinational fintech firm offering 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’s licensed and managed by the Commission de Surveillance du Secteur Financier, which is a leading financial regulator in Luxembourg.
The CySEC has been actively monitoring global investment services to guard investors from fraudulent offerings. Earlier in May this year, the authority blacklisted another bunch of cryptocurrency and forex exchange-related websites including a corporation referred to as “Binance Capital Options.”
In line with the online reports, Binance Capital Options has no reference to the world’s largest cryptocurrency 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.