CySEC Expands Warning List, Adds Seven Fraudulent Trading Platforms

Some of these platforms are falsely claiming to have CIF and other regulatory licenses.Most of them are offering counterparty trading services.

The Cyprus Securities and Exchange Commission (CySEC) has added seven more names of trading services providers to its warning list. None of these platforms are operated by regulated entities, making their services illegal.

The added platforms are acmarketsfx.co, agmmarkets.net, techathome.org, easycapitaltrade.com, smarttradesfx.online, cloudminingfx.net, and trust-capital.ltd.

These platforms are providing counterparty trading services with forex, cryptocurrencies and several other asset classes. Some of these platforms are falsely claiming that they are regulated by  CySEC  and other regulators. At least one of the platforms is even using the name of a CySEC-regulated entity to deceive traders.

All of these platforms look to be fraudulent trading platforms. Though traders might be able to make deposits using several payment modes, the chances are these platforms will not allow withdrawals.

“CySEC urges investors to consult its website, before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities,” the regulator stated.

Vigilant Regulators

CySEC has been actively hunting fraudulent trading platforms and issuing warnings. It recently added six other similar trading platforms to its warning list that are operating without any licenses.

However, CySEC is not the sole financial market regulator to bust illegal trading platforms. Regulators across Europe and the United Kingdom are actively monitoring the market and adding names to their individual caution lists. The Italian financial market supervisor even has the authority to block access to these fraudulent platforms at a sub-domain level so that no one in the country can access them.

Meanwhile, CySEC remains vigilant against the violations by regulated entities. Recently, it fined and banned four former and current directors of the  trading platform  operator, Maxigrid. Furthermore, the broker lost its Cyprus Investment Firm (CIF) license, and the regulator commenced proceedings under the compensation scheme.