Scams within the foreign exchange (forex) and cryptocurrency sectors remain a thorn in financial regulator’s sides. This Friday, the (CySEC) posted multiple warnings on its website against firms that are operating in the country without a licence.
Specifically, the regulator has provided a number of websites, which belong to entities that are not regulated or authorised to operate in Cyprus. One of these websites is https://www.apextradeoption.com/home.php, which claims to be an FX, contracts-for-difference (CFD) and binary options trading provider.
On the entity’s website, it states that apextradeoption is the binary options and forex trading platform provider owned and operated by Cyprus investment firm B.O. Tradefinancials Ltd.
However,, the Cypriot regulator states: “In the above mentioned website, there is a reference on the name and license number of the former Cyprus Investment Firm B.O. Tradefinancials Ltd (license number 216/13).”
“CySEC wishes to draw your attention that, on 25.6.2018, it has decided to wholly withdraw the Cyprus Investment Firm authorisation with number CIF 216/13 of the company B.O. Tradefinancials Ltd.”
CySEC Blacklists JFD Group Clone
The watchdog has also blacklisted another website – https://www.jfdmtech.com/. For this Editor, when clicking the link it appears to be blocked or no longer active. However, CySEC states in its warning that the entity is claiming to be part of JFD Group, which the regulator states is “misleading and does not correspond to reality”.
The Cypriot agency has also flagged further websites as belonging to an entity that is not authorised or regulated by CySEC and consumers should avoid dealing with these entities. The URLs are as follows: www.finmarket.trade, www.prcforex.com, bitgoldenfx.com, fxcryptocoin.com and lincensetrade.com.
With scams in the FX, CFD and crypto sectors continuing to be a large threat, CySEC revealed at the 2019 iFX Expo in Cyprus that it plans to so it can effectively monitor the industry in Cyprus.
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