A Visit to VELES INTERNATIONAL in Cyprus – Office Found

Reason for this visit

Established in 2003, the Cyprus Securities and Exchange Commission (CySEC) is a financial services regulatory authority, overseeing financial products including securities, stocks, foreign exchange, etc., and its financial regulation and operations align with the European Unions MiFID financial framework.

Since Cyprus joined the EU in 2004, CySEC has become an integral part of the EU‘s Markets in Financial Instruments Directive (MiFID) regulations. This means that any company registered in Cyprus can freely bring its business into the entire European market. As a result, Cyprus has invisibly drawn more and more overseas companies to choose to register there. There has been a notable increase in overseas retail forex brokers who are eager to obtain CySEC regulation. Additionally, significant changes have occurred in Cyprus since it adopted the Euro in 2008. CySEC is now regarded as a reputable regulatory authority, and obtaining a CySEC license gives customers a more positive impression of a company. In brief, obtaining a CySEC license in Cyprus provides clients with a greater sense of security and protection. Furthermore, Cyprus not only has the lowest corporate tax rate among all EU member states but also aims to develop Cyprus’ stock market into the safest, most reliable, and attractive investment destination. In an attempt to provide investors with a tangible understanding of current brokers in Cyprus, WikiStock survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Cyprus to visit broker VELES INTERNATIONAL as planned according to its regulatory address that 23 Kennedy Avenue, Globe House, 5th Floor, CY 1075, Nicosia, Cyprus.

The investigators came to 23 Kennedy Avenue in Nicosia of Cyprus for a visit to the brokers office on March 1, 2024, and located GLOBE HOUSE in the city center. The building featuring a well-maintained façade is easily accessible via public transports, with a steady stream of people nearby. In the meantime, people could enter the building freely.

Upon arrival at the 6-storey building for further investigation, the survey personnel spotted a directory at the entrance, which displayed prominently the company name of VELES INTERNATIONAL.

Additionally, the lobby director on the 1st floor showcased that VELES INTERNATIONAL was situated on the 5th floor, which indicates the existence of the broker in the building.

After proceeding to the 5th floor, the inspection team discovered clearly the company information and logo of VELES INTERNATIONAL. Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker VELES INTERNATIONAL as scheduled, and found the company at its regulatory address. This signifies that the broker truly has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.