The Cyprus Securities and Exchange Commission (CySEC) has issued a warning to investors regarding multiple online platforms that are operating without the necessary authorisation to provide investment services or perform investment activities under Cypriot law.

In an announcement, CySEC identified several websites that do not belong to any entity granted an investment services licence under Article 5 of Law 87(I)/2017.

These platforms include weonmarket.com, nortenway.com, primuscfd.net, axiagroup.co, octamarketfx.com, apmetrade.com, investous.pro, varkuti.eu, efgbtrdpltfrm.com, profitwave.cc, marketsadvgroup.com, platform-oro.com, and chiron-group.limited, among others.

The financial regulator urged investors to exercise caution and verify the legitimacy of investment firms before engaging in any transactions.

Investors are advised to consult CySEC’s official website to confirm whether an entity is licensed to provide investment services or activities in Cyprus.

Regulatory decisions

In related news, the commission has also announced two regulatory decisions.

Firstly, CySEC has withdrawn the Cyprus Investment Firm authorisation of Royal Forex Ltd, citing the company’s decision to expressly renounce it.

Secondly, CySEC has requested the suspension of trading of shares for three companies listed on the Cyprus Stock Exchange (CSE), due to their failure to publish required financial information.

Specifically, CySEC decided to request the CSE to suspend the trading of shares for Toxotis Investments Public Ltd, A. Tsokkos Hotels Public Ltd, and Dome Investments Public Company Ltd.

CySEC’s decision was based on the companies’ non-compliance with their obligation to publish a number of key documents.

These include their annual financial reports for the year 2023, and their semi-annual financial report for the period ending June 30, 2024.

CySEC stated that this lack of compliance “resulted in investors being deprived of essential information regarding the financial standing of these companies“.

Finally, the commission mandated that the trading of these companies’ shares on the CSE be suspended until they achieve compliance.