A Visit to TCR in Cyprus – No 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 attracted 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 the current situation of 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 TCR as planned according to its regulatory address that 47 Agiou Georgiou Street, 2nd Floor, Latsia, CY 2224, Nicosia, Cyprus.

On March 7, 2024, the investigators came to 47 Agiou Georgiou Street in Nicosia, Cyprus for a visit to the brokers office, and located a 3-story commercial building, which was easily accessible with a well-maintained façade. It could be seen that there was a directory at the entrance, which displayed the company information and logo of TCR. This provides tangible evidence that the broker might exist in the building.

Upon arrival at the 2nd floor via the elevator for further investigation, the survey personnel clearly spotted the logo of TCR on the door of its office. However, it‘s confused that the room was closed with a notice on the door, which showed that the company had moved to the ground floor. Subsequently, the inspection team searched the entire ground floor of the building, but failed to discover any sign of the company. In the meantime, despite multiple attempts to dial the phone number displayed on the broker’s official website, nobody answered.

Through the on-site investigation, it‘s confirmed that the company doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker TCR as scheduled, and found the company‘s name at its regulatory address. However, the office was locked with a relocation notice on the door, and the broker was out of reach by phone. This signifies that the broker doesn’t have a physical business office at the place. Accordingly, 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.