CySEC Unauthorised Investment Platforms Warning
- The Cyprus Securities and Exchange Commission (CySEC) has issued a warning regarding 14 websites that are offering investment services without proper authorization.Among these is a fraudulent site,admiralmarket.net, which...
- CySEC emphasized that any firm providing investment services within Cyprus must hold a license as mandated by Article 5 of Law 87(I)/2017, aligning with EU financial regulations.
- The rise of refined clone scams targeting brokers like Admirals poses a meaningful threat.
CySEC has issued a strong warning concerning 14 websites unlawfully peddling investment services, including a clone mimicking teh esteemed broker Admirals. This fraudulent site,admiralmarket.net, mirrors the real broker’s branding to deceive unsuspecting investors; a clear breach of EU financial regulations. News Directory 3 reports that CySEC demands all firms offering investment services in Cyprus hold a license, urging the public to verify a company’s status. In a separate move, CySEC revoked the investment license of viverno Markets Ltd, due to inactivity. What will be the regulators’ next move in the fight against investment fraud?
CySEC Warns Against Clone Scams, Viverno Markets License Revoked
Updated May 27, 2025
The Cyprus Securities and Exchange Commission (CySEC) has issued a warning regarding 14 websites that are offering investment services without proper authorization.Among these is a fraudulent site,admiralmarket.net, which is mimicking the legitimate broker Admirals to deceive investors. This clone employs the same logo, design, and branding as the real Admirals.
CySEC emphasized that any firm providing investment services within Cyprus must hold a license as mandated by Article 5 of Law 87(I)/2017, aligning with EU financial regulations. The agency advises the public to verify a company’s licensed status on its official website.
The rise of refined clone scams targeting brokers like Admirals poses a meaningful threat. These fake sites closely resemble authentic platforms, making it crucial for investors to confirm a platform’s legal standing before investing their money.Investor protection is a key concern for the regulator.
In a separate action, CySEC has withdrawn the investment license of Viverno Markets Ltd, previously the B2B arm of BDSwiss. The decision came after the regulator resolute that Viverno Markets had ceased investment activities for at least six months prior to the suspension of its license.
following the license revocation,viverno Markets must cease operations in accordance with CySEC regulations. The company is obligated to post notices on its websites detailing the license withdrawal and outlining the procedures for clients to finalize transactions,retrieve funds and financial instruments,and file complaints.
CySEC requires viverno Markets to directly contact each client using their established dialog channels. The firm must return all client funds and assets,including any outstanding profits. Furthermore, Viverno Markets is prohibited from offering any new investment services and must maintain its offices to facilitate the closure process and assist clients.
The regulator had previously suspended Viverno Markets’ license, citing concerns over the company’s compliance with regulations requiring at least two qualified individuals to manage a licensed investment firm. CySEC’s actions underscore its commitment to upholding EU financial standards and ensuring robust investor protection.
As Cyprus’s financial regulator, CySEC operates within the EU’s MiFID framework, enabling companies registered in Cyprus to operate across the EU. many global forex brokers are registered with CySEC. The agency was also the first worldwide to regulate binary options as financial instruments before ultimately banning them for retail investors.
What’s next
CySEC continues to monitor investment firms and combat unauthorized operations to safeguard investors and maintain the integrity of cyprus’s financial markets. The agency’s ongoing efforts aim to strengthen investor protection and uphold EU financial standards in the face of evolving scam tactics.