The Cyprus Securities and Trade Commision (CySEC) has made a brand new announcement on its warning listing. This time it’s in opposition to ECN Capital Ltd, with the securities regulator warning that it isn’t an authorised entity.
Particularly, CySEC has warned that the web site www.ecncapital.com “doesn’t belong to an entity which has been granted an authorization for the supply of funding providers and/or the efficiency of funding actions, as offered for in Article 5 of Legislation 87 (I)/2017.”
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Looking at its web site, ECN Capital claims to be a social buying and selling international alternate (foreign exchange) brokerage. In line with its web site, the corporate was established in 2011 by two Swiss capital market specialists with a mixed 15 years value of funding expertise.
On its web site, ECN Capital claims to be related to Moslok Ltd, with its registered workplace at Spyros Kyprianou Road, 4004, Limassol, Cyprus. You’ll be able to see the unique warning from CySEC right here.
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One other day, one other rip-off
Monetary regulators usually warn customers about corporations which are appearing with out a licence, are conducting a rip-off, or entities which are illegally utilizing the small print of a regulated agency to trick folks into parting with hard-earned money, that are known as clone corporations.
These scams will not be unusual within the monetary trade, sadly as know-how grows, fraudsters are getting increasingly more crafty. Solely yesterday, Finance Magnates reported that the Monetary Conduct Authority has flagged World Techno Commerce, a clone agency of True Commerce Restricted.
On Monday, the Australian Securities and Investments Fee (ASIC) added a whopping 10 warnings onto its web site in opposition to foreign exchange and cryptocurrency brokers in addition to different forms of funding corporations.
Due to this CySEC urges residents of Cyprus to seek the advice of the warning part of its web site earlier than conducting enterprise with funding corporations. That is so you’ll be able to examine which entities are licenced and bonafide and which have been flagged by the regulator as suspicious and keep away from.