Cyprus regulator warns investors over six unauthorised financial websites

Cyprus’ main financial watchdog has warned investors about six websites offering or appearing to offer investment or crypto-asset services without the required authorisation. The Cyprus Securities and Exchange Commission (CySEC) said 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. The websites named in the warning are arongroups.co, growellcapitals.com, fanorenki.de, nevald-ki.io, xyvotrades.com and ambrosiafx.com. CySEC said investors should be particularly careful before conducting business with companies operating through these websites, as they have not been authorised for the relevant services. The regulator urged investors to check its official website before doing business with an investment firm or crypto-asset service provider. CySEC said its website contains information on entities that are licensed to provide investment services, carry out investment activities or provide crypto-asset services. The warning relates to authorisation requirements under Cyprus’ investment services legislation and the European Union’s regulatory framework for crypto-assets. CySEC regularly publishes warnings about websites and companies that are not authorised to provide regulated financial services in Cyprus. The regulator has stressed that checking whether a company appears on its register can help investors establish whether an entity is licensed before handing over funds or entering into an investment arrangement. Investors are therefore advised to verify the regulatory status of any firm before engaging with it, particularly where websites advertise investment opportunities or crypto-asset services.