Global Investment Gate FX and FX Yard – owner of numerous currency trading platforms, were fined by CySec €5,000 (£4,383/$6,940) and €3,000, respectively for “infringement of article 4 (1) of the investment services and regulated markets law of 2007.”
According to CySec, the companies were advertising on their websites that they were able to provide investment services on a professional basis, when in fact this was untrue.
A short search for both companies, particularly GIG FX, on the internet delivers numerous examples of FX traders complaining about the services of the companies – some of which suggest they may be involved in scams.
This is not the first time CySec has acted in recent weeks to clamp down on rogue investment providers operating within its country through promotion on the internet. Last month, it released warnings on two companies – Cayo Flow Capital and Plaza Capital – and has reminded investors that they should check with its register to see whether a firm is registered and licensed before conducting any business with them.
