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Exposure Unlicensed Forex Brokers Pose a Threat to Investors: How CySEC is Taking Action
The Cyprus Securities and Exchange Commission (CySEC) is taking strict action against unregistered forex brokers to protect investors and maintain market integrity. Unlicensed brokers pose a significant risk to investors due to a lack of regulatory control and the potential for deception. CySEC employs various measures to detect and penalize unlicensed brokers, including market surveillance, alerts, fines, and collaboration with other regulatory bodies. Forex trading site WikiFX has launched a program to identify and mark unlicensed forex brokers to discourage fraudulent activity. Investors must exercise caution and choose reputable and licensed forex brokers.