CySEC flags six investment and crypto sites operating without licence
The Cyprus Securities and Exchange Commission has named six platforms it says offer investment or crypto services without authorisation, urging savers to verify firms first.
Cyprus' securities regulator has published a warning about six online platforms that present themselves as providers of investment or crypto-asset services, according to Cyprus Mail. None of them holds the permits required under Cypriot law or the European Union's crypto-asset rulebook, CySEC said.
The addresses listed are arongroups.co, growellcapitals.com, fanorenki.de, nevald-ki.io, xyvotrades.com and ambrosiafx.com. The commission advised the public to exercise extra caution when dealing with anyone behind these sites.
"The websites do not belong to entities authorised to provide investment services or carry out investment activities under Cyprus law, or to provide crypto-asset services under European Union rules," CySEC stated.
What it means for residents
If you keep savings on the island and are tempted by an online platform promising returns on investments or coins, this warning is a reminder that a flashy site proves nothing. Money sent to an unlicensed operator is difficult to recover, and CySEC's register is the quickest way to check who you are actually dealing with.
- Check before you transfer. Look the firm up on the CySEC register of licensed entities; if it is not there, treat the offer as unauthorised.
- Be wary of crypto pitches. Providers serving EU clients in crypto-assets need a specific licence, so ask which one they hold.
- Keep records. Save correspondence, payment details and account statements in case you need to report a firm later.
This text is written from the source article and is not a translation of it.
