The Cyprus Securities and Exchange Commission (CySEC) has
warned the public against engaging with 16 investment firms purportedly operating
without proper registration. These entities have been flagged by the regulator for
lacking the necessary permits to offer investment services or conduct
investment activities.
Among the flagged entities are
prollitestockcapitol.com, crossview.online, freedomfxgroup.com, al-olymptrade.com,
alloptionsint.com & client.alloptionsint.com, xbmkfx.com, ioption360.com, and
recoveryoptionfx.com.
Source: CySEC
The others are hengranltd.com, safecap.io &
client.safecap.io, capitalstime.com, trustvault.online, smartestoption.live, metaverxia.com,
amacap.eu, and alfacapitalinvests.com. The regulator has urged users to exercise vigilance
and consult its official website before engaging with any investment firm.
CySEC has been on a rigorous enforcement drive,
imposing fines totaling €2.2 million on investment firms in 2023 alone. The
regulator conducted over 700 on-site and remote inspections last year, aiming to
ensure compliance with regulations and safeguard investor interests.
Dr Theocharides, highlighted during a press conference, the supervisory work of CySEC aimed at protecting the investing public and the significant changes that will be introduced in the sector.https://t.co/eD4iim7J4l#CySEC #pressconference #supervision #investorsprotection pic.twitter.com/O9NxFtS1Ec
— CySEC (@CySEC_official) March 13, 2024
According to a report by Finance Magnates, CySEC
intensified its monitoring efforts, particularly concerning investment firms
affected by geopolitical developments like the Russia-Ukraine conflict.
Preparing for Regulatory Shifts
In response to supervisory audits, CySEC imposed administrative sanctions amounting to €2.2 million in 2023, with a notable €1
million fine imposed on a single investment firm. Over the past three years,
cumulative fines have reached €6 million, predominantly targeting investment
firms for regulatory breaches.
CySEC’s Chairman, Dr. George Theocharides, underscored
the impending implementation of the Markets in Crypto-Assets Regulation (MiCA)
by the end of 2024. He emphasized the significance of investor protection,
urging supervised entities to brace for regulatory changes and navigate risks
associated with crypto-assets.
A comparative analysis highlights CySEC’s stringent
measures, contrasting them with regulatory actions taken by counterparts like
the UK’s Financial Conduct Authority and the US Securities and Exchange Commission. While the CySEC fines investment firms, the FCA revokes licenses
and issues substantial fines, indicating varied regulatory approaches.
The Cyprus Securities and Exchange Commission (CySEC) has
warned the public against engaging with 16 investment firms purportedly operating
without proper registration. These entities have been flagged by the regulator for
lacking the necessary permits to offer investment services or conduct
investment activities.
Among the flagged entities are
prollitestockcapitol.com, crossview.online, freedomfxgroup.com, al-olymptrade.com,
alloptionsint.com & client.alloptionsint.com, xbmkfx.com, ioption360.com, and
recoveryoptionfx.com.
Source: CySEC
The others are hengranltd.com, safecap.io &
client.safecap.io, capitalstime.com, trustvault.online, smartestoption.live, metaverxia.com,
amacap.eu, and alfacapitalinvests.com. The regulator has urged users to exercise vigilance
and consult its official website before engaging with any investment firm.
CySEC has been on a rigorous enforcement drive,
imposing fines totaling €2.2 million on investment firms in 2023 alone. The
regulator conducted over 700 on-site and remote inspections last year, aiming to
ensure compliance with regulations and safeguard investor interests.
Dr Theocharides, highlighted during a press conference, the supervisory work of CySEC aimed at protecting the investing public and the significant changes that will be introduced in the sector.https://t.co/eD4iim7J4l#CySEC #pressconference #supervision #investorsprotection pic.twitter.com/O9NxFtS1Ec
— CySEC (@CySEC_official) March 13, 2024
According to a report by Finance Magnates, CySEC
intensified its monitoring efforts, particularly concerning investment firms
affected by geopolitical developments like the Russia-Ukraine conflict.
Preparing for Regulatory Shifts
In response to supervisory audits, CySEC imposed administrative sanctions amounting to €2.2 million in 2023, with a notable €1
million fine imposed on a single investment firm. Over the past three years,
cumulative fines have reached €6 million, predominantly targeting investment
firms for regulatory breaches.
CySEC’s Chairman, Dr. George Theocharides, underscored
the impending implementation of the Markets in Crypto-Assets Regulation (MiCA)
by the end of 2024. He emphasized the significance of investor protection,
urging supervised entities to brace for regulatory changes and navigate risks
associated with crypto-assets.
A comparative analysis highlights CySEC’s stringent
measures, contrasting them with regulatory actions taken by counterparts like
the UK’s Financial Conduct Authority and the US Securities and Exchange Commission. While the CySEC fines investment firms, the FCA revokes licenses
and issues substantial fines, indicating varied regulatory approaches.
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- Source: https://www.financemagnates.com//forex/cysec-flags-16-unregistered-investment-firms/
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