Cysec Warns Investors About 17 Investment Firms, Including Bitget
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The Cyprus Securities and Exchange Commission (CySEC) has warned against 17 investment companies, and Bitget is among the firms that received a warning from the CySEC. On June 21st, the regulator advised investors going to any investment website to know about the website they plan to venture into.
The agency has revealed the 17 companies it warned against. They include trustvestszone.com, tradingupyourlife.com/es/v8/jdkas/#formbox and tradeupyourlife.co/es/nvi/v1/lakmw/, account.globalfx-ltd.com/client/login and globalfx-ltd.com. Others include unitymarketmovers.com, partnershiptrader.com, selcukluyatirimfx.com, guleryatirimholdings.com, and princemarkets.com.
Making up the number, unifyfxbusiness.com/m/index.html, bytflex.com/web/index.php, centagepremium.com/index.html, exprotrades.com, strifor.org, and topfx.pl were also flagged.
CySEC Says The Firms Have Not Met Its Registration Requirements
Other investment firms include prostoxfx.com, kryptohaus.com, kyelinrox.com, olymptrade.com, trade.justtwo.trade/en/login and justtwo.trade, and londinesbank.com. To make up the 17 firms, primoxstock.com, bonnmarkets.com and lirunexltd.com, sfcap.world, sfcaptrade.cc, parkfinancialconsulting.org, and sfcaptrade.cc and sfcap.world were also warned about.
According to the update, bidget.com is the number 17 firm the CySEC advised investors about. Earlier in March, the agency told investors to be careful about working with 16 investment companies.
It revealed that these companies were offering investment services without appropriate registration. They were yet to fulfill the requirements of becoming a full investment service provider.
Crossview.online was one of the 16 flagged entities. Others include xbmkfx.com, prollitestockcapitol.com, al-olymptrade.com, freedomfxgroup.com, alloptionsint.com & client.alloptionsint.com, recoveryoptionfx.com, and ioption360.com.
In 2023, CySEC adequately inspected many entities for more than 700 instances. After the inspection, it issued a fine of over $2.2 million to some of these entities. The agency aims to make companies comply with regulations and safeguard investors.
CySEC Fines A Single Investment Firm €1 Million After Its Supervisory Checks
After CySEC’s supervisory checks, the watchdog charged a single investment firm €1 million. Over the last three years, the regulator has issued €6 million in fines. €5.3 million of the fine was enforced on investment companies for regulatory violations.
The Chairman of CySEC, Dr. George Theocharides, recently spoke about improving the regulatory landscape. At the iFX EXPO International 2024, he revealed that many organizations have decided to upgrade or change to fit in with what customers prefer. Due to this, online and mobile trading platforms and digitalization have increased significantly within the financial services industry.
George noted that numerous advanced technologies, including machine learning and artificial intelligence, have also multiplied. These advancements have led to adequate delivery of insights and personal financial products.
CySEC is an essential regulatory authority for European brokerages that ensures its financial rules and operations follow the European MiFID law. The regulator was founded in 2001. It plays a crucial role in giving licenses and registering forex brokers.
