CySEC Issues Warning Regarding 10 Unapproved Investment Platforms
Cyprus Securities and Exchange Commission (CySEC) warns investors about unauthorized websites offering investment services, including apexfinancialtrading.com, bullmarketsllc.com, tcmglobals.com, opticaltradings.com, arkiseguro.com, front-service24.site, miningcity.com, nemtlex. online, evalonassets.com, and expertminingcryptocurrency.com. CySEC advises caution and emphasizes the lack of proper authorization for these platforms. The regulator highlights the risks associated with trading with unregulated entities, including mishandling of funds and potential financial losses. CySEC is committed to strengthening oversight and has taken action against Brokereo, revoking its CIF license and removing its membership from the Investors Compensation Fund (ICF).
South Korea has updated its foreign exchange regulations to simplify FX trading for foreign investors. The changes include allowing investors to use Korean won overdrafts and choose their preferred FX trading institution. Additionally, the country has streamlined FX procedures and provided easier access to its capital markets. South Korea has also opened its forex market to registered foreign institutions, leading to a resurgence in Contracts for Difference (CFDs) trading.
XTB, a Polish brokerage firm, is addressing the demand for cryptocurrency investments in Europe by introducing three new exchange-traded products (ETPs). These offerings include two Bitcoin-focused exchange-traded notes (ETNs) and one ETN that combines the top ten cryptocurrencies. ETNs are debt securities that track the performance of an underlying asset or index. They trade on exchanges like stocks and offer tax advantages, but carry more risk as unsecured debt instruments. XTB has experienced significant growth, with a 51% increase in active clients in 2023 and a 3% year-over-year growth in net profit. Their 2024 product roadmap includes expanding fixed-income offerings and focusing on passive investments, social trading, and AI technology.
The Canadian Securities Administrators (CSA) has warned about fraudulent emails impersonating their Chair and CEO. These phishing attempts aim to obtain confidential information. Recipients are advised to verify the legitimacy of the sender, report suspicious communications, and be cautious of similar scams by financial regulators in other countries.
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