CySEC | FinTelegram News

Category: CySEC

October 16, 2021

Attention! CySEC-regulated Phoenix Markets deploys fraud campaign to chase German clients!

Today, the Crypto VIP Club fraud marketing campaign is active on the BigOffersForYou website attacking German-speaking consumers. Our early morning review discovered that the CySEC-regulated broker Phoenix Markets (www.phoenixmarkets.com) used the fraud campaign to chase new clients with non-compliant onboarding procedures. Phoenix Markets is an approved brand and domain of WGM Services Ltd regulated by CySEC under license number 203/13. Stay far away from Phoenix Markets and the Crypto VIP Club.

September 19, 2021

CySEC-regulated FXVC attacks European consumers with offshore entity Gstaad Brokers

FXVC is operated by Finteractive Ltd (previously Centralspot Trading Ltd), a broker regulated by CySEC with the approved domain www.fxcv.com/eu under the license 238/14. Its offshore entity Gstaad Brokers Ltd, regulated by the FSA in Seychelles, operates on www.fxvc.com/int and illegally solicits EU residents, onboarding them

CySEC

September 16, 2021

It’s official! George Theocharides new CySEC Chairman

We have already reported about the replacement of Demetra Kalogerou as Chairwoman of CySEC. Since today it is also officially on the CySEC website - George Theocharides is the new Chairman of CySEC. The transition from Kalogerou to Theocharideshad been planned for some time. He has already served as the regulator's Vice Chairman since July 2020. Previously, he served as a member of the Interim Board of Bank of Cyprus and as Chairman of the Cyprus Blockchain Technologies Ltd. It seems that Theocharides has broad experience in finance.

CySEC
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September 15, 2021

CySEC rebooted? Chairwoman Demetra Kalogerou already vanished!

Long-term CySEC Chairwoman Demetra Kalogerou already vanished from the regulator's website. George Theocharides, the current Vice-Chairman, is expected to succeed Demetra Kalogerou as Chairman. Theocharides’ appointment was arranged already a year ago. He agreed to serve first as a Vice-Chairman for 14 months alongside Kalogerou, whose term ends on September 14 after serving two terms. Demetra Kalogerou was appointed in 2011. Theocharides, 49, will become the second academic to take the helm at CySEC. The first was Marios Clerides, Financial Mirror reports.

September 14, 2021

CySEC recalled Libertex’s partial suspension on promises to establish proper compliance

Libertex is operated by Indication Investments Ltd, regulated by CySEC. On July 16, 2021, we reported that Libertex was promoted via an illegal boiler room on Telegram. This boiler room was in turn promoted via fake articles. Please read the report here. CySEC partially suspended Libertex's license on 3 August 2021 but recalled this suspension on August 23, 2021. The regulator was satisfied with the broker's commitments to make its marketing strategy compliant and continuously monitor compliance procedures. Thus, Libertex wants us to remove the old report!

September 9, 2021

Funny scammers! Russian ST24ONLINE works with fake CySEC registry page

The UK FCA issued an investor warning against the ST24ONLINE (www.st24online.com) broker scam on September 9, 2021. The website states that the operator of this scam is ST24ONLINE UK Limited which the FCA would regulate. The co-operator of the scam would be ST24ONLINE LTD, which the Cypriot CySEC regulates. A fake CySEC registry page at www.cysec.digital is supposed to prove this. ST TwentyFour Group Limited is stated as the holding company of the group. We did not find any of the companies.

September 7, 2021

CySEC-regulated IronFX aggressively chases European victims with fraud campaigns

Fraudulent AI Stock Profits campaign is aggressively chasing victims for scams and illegal brokers. The campaign promises that thousands of members would already earn €10,000 per month with shares of Artificial Intelligence (AI) companies. This is all bullshit, of course. Anyone who registers with the campaign is automatically registered as a future victim of one of the brokered scams. Today, CySEC-regulated broker IronFX is deploying this and other fraud campaigns to chase victims through its offshore entity Notesco Limited.

August 11, 2021

Investor warning against NewFX and DBinvesting facilitated by Praxis Cashier

Spanish CNMV has recently issued an investor warning against the unauthorized broker NewFX, which actually a scam. The broker's website provides different companies as the operators. There is NEWFX Limited and then BIG HORIZONS Limited. The CNMV has also identified DBFX Limited as one of the operators. This very legal entity also operated the DBFXtrades scam, which the Italian Consob blocked in October 2020. These scams have been and still are facilitated by Praxis Cashier.

August 4, 2021

And again! CySEC-regulated Libertex sees its license partially suspended

Finance Magnates has reported that the Cyprus CySEC partially suspends the license of the regulated Indication Investments Ltd. The broker regulated with No. 164/12 is doing business as Libertex with the approved domain www. Libertex.com. In its board decision, CySEC says that it seems that Libertex does not act honestly, fairly, and professionally in dealing with its clients. In addition, Libertex also seems to violate various compliance guidelines. This is not the first time Libertex has had such issues with CySEC.

July 31, 2021

MFSA Compliance Issue – Disgraced Maltese regulator rebooting with Irish CEO?

The Times of Malta reported that the Irish lawyer Joseph Gavin (LinkedIn) had been appointed CEO of the Malta Financial Services Authority (MFSA). The former general counsel with the Central Bank of Ireland will start his job in September. Former CEO Joseph Cuschieri had to resign in November after it was revealed that he had flown to Las Vegas with casino owner Yorgen Fenech in 2018, with Fenech footing the bill. Cuschieri's close confident Christopher P. Buttigieg has been acting CEO since. We can hope that the MFSA will finally become a real regulator under its new CEO.

July 23, 2021

R4I – Regulated brokers ForTrade and Alpari have joint interests

Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.

July 22, 2021

Incorrect FCA warning against alleged clones of regulated ForTrade broker

The UK FCA issued an interesting and incorrect investor warning today. The UK regulator warns against the TorexFX, an allegedly unauthorized clone of the FCA and CySEC regulated broker ForTrade. The domains mentioned in the warning are https://torexfx.com, https://gloryft.com, and https://fxen.gloryft.com. The GloryFT domains are operated by the Russian Alpari Broker LLC and the FCA-regulated ForTrade Limited. Thus, the FCA has not recognized that an FCA-regulated entity conducts allegedly "unauthorized" activities.