Securities and Exchange Commission of Cyprus blacklists 19 illegal cryptocurrency brokerage firms.

The Securities and Exchange Commission of Cyprus has blacklisted around 10 companies operating in the field of cryptocurrency and foreign exchange for providing unauthorized trading services without a license. The agency is intensifying efforts against unlicensed brokers while warning about some platforms faking the license of Cyprus Investment Firm (CIF) to scam users.

The commission requires all digital asset service providers to register, with penalties of up to $370,000 or five years in prison for violations. Research also shows that many investors do not spend enough time researching before investing, and only 30% check whether the broker is licensed. Regulators have launched a campaign to educate citizens about the risks of online trading.