The Cyprus Securities and Exchange Commission (CySEC) has warned investors against four websites that offer FX services in the country. The firms include Capital Base FX(capitalbasefx.com), Skye Crypto FX (skypecryptofx.com), FX Wet (fxwet.com), and Crypto Banxa Trade (cryptobanxatrade.com).

The Affected Websites Are Not Authorized To Operate

According to CySEC, the websites do not have any license to operate in the country. The watchdog also noted that the websites are not allowed to carry out investment services or activities in the country.

“CySEC urges investors to consult its website before conducting business with investment firms,” the regulator said. The alarm is coming a few weeks after CySEC warned against fraudsters that were fronting as officers and representatives of the Cyprus financial watchdog. The fraudsters were targeting investors and soliciting fees in exchange for the settlement of fake compensation claims. According to CySEC, investors need to be wary of any email purporting to come from the regulator and ask for funds to help them recover their claims on their investments.

CySEC Take More Enforcement Actions

The Cypriot financial watchdog has intensified efforts in the market both on regulated and unregulated companies to protect investors. Last week, it announced an enforcement action against two regulated firms – BrokerCreditService (BCS) (Cyprus) Limited and Ayers Alliance Financial Group Limited.

The regulator fined BCS Cyrpus €10,000 for non-compliance with Cypriot’s market abuse laws while Ayers Alliance allegedly violated the regulator’s mandatory staffing requirements for the risk management department.

CySEC said Hoch Capital Limited also renounced its CIF authorization after a regulatory decision for the withdrawal of the lines was taken last month.

CySEC disclosed recently that it has seized the licenses of RGM Holdings Limited and ED&F MAN Capital Markets Limited. According to the regulator, both firms decided to voluntarily renounce their license.

RMG Holdings recently stated on its website that it has stopped issuing its services in the country after voluntarily renouncing its CIF authorization. The company said the decision was made after a review of its operations and activities in the country. The regulator has intensified efforts in recent times to make sure that only the companies with the capabilities to meet the requirements to operate in the country are allowed to operate.