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CySEC Enlists Bitget among 17 Unregulated Investment Firms in Latest Warning

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Friday, 21/06/2024 | 14:40 GMT by

Jared Kirui

  • The others include tradeupyourlife.co, princemarkets.com, and exprotrades.com.
  • The regulator has urged investors to consult its website before making any investment decision.

CySEC

The latest warning by the Cyprus Securities and
Exchange Commission (CySEC) has listed several unregulated investment firms, including cryptocurrency
exchange Bitget. In the warning issued today (Friday), the regulator urged
investors to consult its website before conducting business with any investment
firm.

In total, CySEC flagged 17 websites, among them:
tradeupyourlife.co/es/nvi/v1/lakmw/ and
tradingupyourlife.com/es/v8/jdkas/#formbox, tbmarket.co, globalfx-ltd.com, and
account.globalfx-ltd.com/client/login, princemarkets.com,
selcukluyatirimfx.com, partnershiptrader.com, unitymarketmovers.com,
trustvestszone.com, bytflex.com/web/index.php, guleryatirimholdings.com,
unifyfxbusiness.com/m/index.html, exprotrades.com, centagepremium.com/index.html,
topfx.pl, and strifor.org.

The others are: kryptohaus.com, prostoxfx.com,
justtwo.trade, and trade.justtwo.trade/en/login, londinesbank.com,
kyelinrox.com, olymptrade.com, bonnmarkets.com and lirunexltd.com,
primoxstock.com, parkfinancialconsulting.org, t.me/s/FXopen_Forex_Signals, and
t.me/s/FxOpen_ForexSignals, sfcaptrade.cc, and sfcap.world, and bitget.com.

In March, CySEC cautioned investors against 16
investment firms purportedly operating without proper registration. These
entities were enlisted in the regulator’s warning list for lacking the
necessary approvals to offer investment services or conduct investment
activities.

CySEC Tightens Regulatory Checks

Among the flagged entities were
prollitestockcapitol.com, crossview.online, freedomfxgroup.com,
al-olymptrade.com, alloptionsint.com & client.alloptionsint.com,
xbmkfx.com, ioption360.com, and recoveryoptionfx.com.

Notably, CySEC carried out over 700 on-site and remote inspections of supervised entities in 2023 and issued over $2.2 million in
fines. These investigations and fines sought to enhance compliance with the
relevant regulations and to protect investors.

Following the commission’s supervisory audits, CySEC
levied €1 million on a single investment firm. Over the past three years, the
watchdog has imposed €6 million in sanctions with €5.3 million on investment
firms for regulatory violations.

Recently, CySEC’s Chairman, Dr. George Theocharides,
commented about the changing regulatory landscape during the iFX EXPO International 2024, saying: “As organizations have adapted to changes in customer
preferences, the trends that we have seen in the last ten years or so in the
financial services industry are more digitalization and more online and mobile
trading platforms.”

“We have also seen more sophisticated technologies
like artificial intelligence and machine learning, which have been crucial
for delivering insights and personal financial products.”

The latest warning by the Cyprus Securities and
Exchange Commission (CySEC) has listed several unregulated investment firms, including cryptocurrency
exchange Bitget. In the warning issued today (Friday), the regulator urged
investors to consult its website before conducting business with any investment
firm.

In total, CySEC flagged 17 websites, among them:
tradeupyourlife.co/es/nvi/v1/lakmw/ and
tradingupyourlife.com/es/v8/jdkas/#formbox, tbmarket.co, globalfx-ltd.com, and
account.globalfx-ltd.com/client/login, princemarkets.com,
selcukluyatirimfx.com, partnershiptrader.com, unitymarketmovers.com,
trustvestszone.com, bytflex.com/web/index.php, guleryatirimholdings.com,
unifyfxbusiness.com/m/index.html, exprotrades.com, centagepremium.com/index.html,
topfx.pl, and strifor.org.

The others are: kryptohaus.com, prostoxfx.com,
justtwo.trade, and trade.justtwo.trade/en/login, londinesbank.com,
kyelinrox.com, olymptrade.com, bonnmarkets.com and lirunexltd.com,
primoxstock.com, parkfinancialconsulting.org, t.me/s/FXopen_Forex_Signals, and
t.me/s/FxOpen_ForexSignals, sfcaptrade.cc, and sfcap.world, and bitget.com.

In March, CySEC cautioned investors against 16
investment firms purportedly operating without proper registration. These
entities were enlisted in the regulator’s warning list for lacking the
necessary approvals to offer investment services or conduct investment
activities.

CySEC Tightens Regulatory Checks

Among the flagged entities were
prollitestockcapitol.com, crossview.online, freedomfxgroup.com,
al-olymptrade.com, alloptionsint.com & client.alloptionsint.com,
xbmkfx.com, ioption360.com, and recoveryoptionfx.com.

Notably, CySEC carried out over 700 on-site and remote inspections of supervised entities in 2023 and issued over $2.2 million in
fines. These investigations and fines sought to enhance compliance with the
relevant regulations and to protect investors.

Following the commission’s supervisory audits, CySEC
levied €1 million on a single investment firm. Over the past three years, the
watchdog has imposed €6 million in sanctions with €5.3 million on investment
firms for regulatory violations.

Recently, CySEC’s Chairman, Dr. George Theocharides,
commented about the changing regulatory landscape during the iFX EXPO International 2024, saying: “As organizations have adapted to changes in customer
preferences, the trends that we have seen in the last ten years or so in the
financial services industry are more digitalization and more online and mobile
trading platforms.”

“We have also seen more sophisticated technologies
like artificial intelligence and machine learning, which have been crucial
for delivering insights and personal financial products.”

Jared Kirui

  • 982 Articles
  • 11 Followers

Jared is an experienced financial journalist passionate about all things forex and CFDs.

  • 982 Articles
  • 11 Followers

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    Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.

    SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.
    Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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    ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official

    Don’t miss out on our latest videos, interviews, and event coverage.
    Subscribe to our YouTube channel for more!

    Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.

    SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.
    Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
    📸 Instagram: https://www.instagram.com/fmevents_official
    🐦 Twitter: https://twitter.com/F_M_events
    🎥 TikTok: https://www.tiktok.com/@fmevents_official
    ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official

    Don’t miss out on our latest videos, interviews, and event coverage.
    Subscribe to our YouTube channel for more!


    Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.

    SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa

    #fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.
    Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
    📸 Instagram: https://www.instagram.com/fmevents_official
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    🎥 TikTok: https://www.tiktok.com/@fmevents_official
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