ForexMinute.com – The Cyprus Securities and Exchange Commission today issued a warning against a forex brokerage firm, which goes by the name of ‘SiliconValley Markets Ltd.â€
The investors have been cautioned not to indulge themselves in any business with the mentioned company. In a notice issued just a few hour back, CySec has revealed that SiliconValley Markets does not hold a CIF license, and is not permitted to provide investment and ancillary services in the Republic, pursuant to the Investment Services and Activities and Regulated Markets Law.
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The regulatory commission also says that it has never authorized SiliconValley Markets Ltd., a thing which the latter’s existing customers might have presumed due to its similarity with an established forex brokerage firm operating in Cyprus. “It is not a bank or a cooperative firm, established in the Republic and authorized to provide such services,†says the notice.
CySec has lately noticed a number of similar cases that many unlicensed brokers are choosing domain names that are very similar to the ones of properly regulated and renowned brokerage firms. The organization had also issued a similar warning last year, advising investors to always check the licensed companies from CySec’s official website.
Few days back, CySec fined a CIF license holding company OptionBit for wrongfully advertising its services in Cyprus. The broker was not authorized as a binary option service provider, and its advertising said so. And a year back, CySec had closed down a company when its owners were in dispute over some legal hassles, because of which the company’s customers were incurring heavy losses.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
