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Screenshot of a breaking news alert e-mail from Q2 2017
Cypriot financial markets regulator CySec has today issued a public warning regarding an online retail FX firm operating under the name Forextradition Ltd.
According to CySec, the firm is not permitted to provide investment and ancillary services in the Republic of Cyprus pursuant to Investment Services and Activities and Regulated Markets Law, as it is not regulated by CySec, and has never been authorized by CySec.
CySec asserts that in order to be authorized to operate as a retail FX firm based in Cyprus, it must fulfil specific criteria, and this particular firm is not a bank or a cooperative firm, established in the of Cyprus and is not authorized to provide such services.
The company’s website is https://www.forextradition.com and is the latest in a series of firms that CySec has brought to public attention for unlicensed activity during recent times.