CySEC Bans More Unregistered Investment And Forex Sites

Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)


As the crackdown on cryptocurrency regulation heightens, several countries are blocking false investment platforms to protect the welfare of their citizens.

Presently, the Cyprus Securities Exchange Commission has blocked more websites us ed for crypto trading, forex, and CFD. This is in line with the country’s regulation on misleading investment platforms.

Investment Scams 

In a report published on Monday, CySEC exposed more unregistered investment platforms that have been scamming unsuspecting individuals. The following websites were blocked spursmarkets.com, robofxmarkets.com, rynattrading.org, and log-bit.com.

The regulatory agency noted that these platforms claimed to have registered with the agency, but that is not the case. The body informed the public that the agency had not permitted these websites to offer investment services and activities according to Article 5 of Law 87 (1)/2017.

The watchdog warned that such institutions do not have the license to operate an investment business in the country and are not affiliated with any registered body. Also, consumers who do business with such unregistered platforms and lose their funds are not under the protection of the Investor Compensation Fund (ICF). ICF is meant to protect clients’ funds that deal with registered firms by giving them compensation in case the company cannot meet its financial duties, as discussed. 

The regulatory body urges all consumers to visit its official website (www.cysec.gov.cy) before engaging in business with any investment platform. The website will show the list of authorized entities that the agency has licensed to provide investment services or activities. 

Protection of Consumers 

The recent blacklisting by CySEC is not the first of its kind, as the body had banned several unregistered financial platforms in the past. Last year, in September, Cypriot warned investors about five illegal investment brokers that the agency did not license. Also, in August, CySEC uncovered a fake site that was impersonating the agency. The hosting platform for the site was from India. According to CySEC, the site copied all the content on its official platform, misleading users to think they were dealing with the agency.

Last year, in July, the regulator also brought to light fraudsters posing as executives of the body to scam individuals. The issue was brought to the watchdog’s attention after numerous complaints were lodged with the agency that these individuals were asking for fees and promising large compensations.

To this effect, the agency advises the public to be aware of individuals who would come after now. These individuals may claim to have the power to help them recover their lost funds from these blocked investment firms.

The issue of investment scams is rising every day, and many countries are working on putting them under check.


Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)


Leave a Reply

Your email address will not be published.

Invest Only $250 - Simple Way To make $1,372 Per Day With Crypto Learn more