CySEC Blacklists Six Online Trading Websites

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CySEC Blacklists Six Online Trading Websites

<p>The Cyprus Securities and Exchange Commission (CySEC) has extended its
warning list of unregulated entities targeting investors in the country. This
time, it blacklisted six <a href="https://www.financemagnates.com/terms/o/online-trading/" class="terms__secondary-term" id="93afd583-ea4d-45cf-a1e0-8d951e5d8f48" target="_blank">online trading</a> websites.</p><p>In <a href="https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=9eb9cbe9-0582-440d-8280-bfca17f36249" target="_blank" rel="follow">a warning notice</a> issued on Thursday, <a href="https://www.financemagnates.com/tag/cysec/" target="_blank" rel="follow">the Cypriot regulator </a>warned
that the six websites have not been authorized to provide investment services
or activities in the country. The sites include three websites with the same
branding and three others with unique identities. The first three are
21stfinance.net, 21stfinance.com and 21stfinance.co while the last three include
pitbulls-markets.com, financewiseint.com and eurotradeforex.com. </p><p>CySEC Flags Online Trading Websites Making False Claims</p><p>All the websites except bitbulls-market.com are functional and
responsive as of the time of filing this report. The three websites with the
same branding all trade in currencies, commodities, cryptocurrencies,
indices, metals and stocks with <a href="https://www.financemagnates.com/terms/l/leverage/" class="terms__main-term" id="df61d302-43af-41c3-a06a-e37426a0c2c0" target="_blank">leverage</a> as high as 1:500. </p><p>On the websites, 21st Finance claims it operates under the requirements
of <a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">the UK Financial Conduct Authority</a>, among other regulatory bodies. However,
Finance Magnates' check of the brand's name on the Financial Services Register
of the FCA returned no regulated entity of any such name.</p><p>On the other hand, FinanceWise brands itself as a global financial
services company that offers managed accounts to both institutional and retail
investors. The company also claims it is regulated by CySEC with
additional offices in Germany, Australia and Great Britain.</p><p>Furthermore, the last website, eurotraderforex.com, claims it offers investors
access to trading opportunities in over 15,000 markets. This website displays the logos of CySEC, the Italian Companies and Exchange Commission
(CONSOB) and Spain's National Securities Market Commission (CMVN) at the bottom of its page, suggesting
that it is regulated by these European national regulators. </p><p>"CySEC urges investors to consult its website (www.cysec.gov.cy), before
conducting business with investment firms, in order to ascertain the entities
which are licensed to provide investment services and/or investment
activities," the Cypriot regulator explained in the notice. </p><p>CySEC Warns against 5 Unregulated FX/CFDs Platforms</p><p>In late January, CySEC <a href="https://www.financemagnates.com/forex/cysec-warns-against-5-unregulated-fxcfds-platforms/" target="_blank" rel="follow">listed five forex and CFDs trading
websites</a> it said were not under its supervision. The illegal platforms included metexo.com, inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd.</p><p>Finance Magnates reports that these websites offer access to high-risk
trading products, including forex, CFDs, cryptocurrencies and other popular
asset classes. Some additionally provide wealth management services and the
ability to invest in the stock market.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: CySEC Blacklists Six Online Trading Websites