简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:CySEC, the Cyprus Securities and Exchange Commission, has alerted the public about 16 unregistered investment firms, emphasizing potential risks to investors and detailing strict enforcement measures, including fines totalling €2.2 million in 2023, with penalties ranging from hefty fines to imprisonment for noncompliance.
CySEC, the Cyprus Securities and Exchange Commission, has cautioned the public about 16 investment firms allegedly operating without proper registration. These entities lack the necessary permits to offer investment services, posing potential risks to investors.
The flagged firms include prollitestockcapitol.com, crossview.online, freedomfxgroup.com, al-olymptrade.com, alloptionsint.com & client.alloptionsint.com, xbmkfx.com, ioption360.com, and recoveryoptionfx.com, among others like hengranltd.com, safecap.io & client.safecap.io, capitalstime.com, trustvault.online, smartestoption.live, metaverxia.com, amacap.eu, and alfacapitalinvests.com. CySEC advises caution and recommends consulting its official website before engaging with any investment firm.
CySEC has been stringent in its enforcement efforts, imposing fines totalling €2.2 million on investment firms in 2023 alone. Through over 700 on-site and remote inspections conducted last year, the regulator aims to ensure compliance with regulations and safeguard investor interests.
In response to supervisory audits, CySEC imposed administrative sanctions amounting to €2.2 million in 2023, including a significant €1 million fine imposed on a single investment firm. Those who do not comply with this new requirement will encounter serious repercussions. Punishments for not adhering to the rule vary from substantial fines, potentially amounting to €350,000 ($370,000), to imprisonment terms lasting up to five years. In certain instances, offenders might be subject to both monetary penalties and imprisonment. Over the past three years, cumulative fines have reached €6 million, predominantly targeting investment firms for regulatory violations.
CySEC's Chairman, Dr. George Theocharides, highlighted the forthcoming implementation of the Markets in Crypto-Assets Regulation by the end of 2024, emphasizing the importance of investor protection. He urged supervised entities to prepare for regulatory changes and manage 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 CySEC imposes fines on investment firms, the FCA revokes licenses and issues substantial fines, reflecting diverse regulatory approaches.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The Italian regulator, CONSOB has issued a warning against five websites offering unauthorized financial services. This regulatory action aims to protect the public from fraudulent activities.
A recent allegation against STP Trading has cast doubt on the firm's business practices, highlighting the potential risks faced by retail traders in an increasingly crowded and competitive market.
Cross-border payments are now faster, cheaper, and simpler! Explore fintech, blockchain, and smart solutions to overcome costs, delays, and global payment hurdles.
The UK Financial Conduct Authority (FCA) has issued a public warning regarding a fraudulent entity impersonating Admiral Markets, a legitimate and authorised trading firm. The clone firm, operating under the name Admiral EU Brokers and the domain Admiraleubrokerz.com, has been falsely presenting itself as an FCA-authorised business.