A Visit to SIB 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 SIB as planned according to its regulatory address that 27 Pindarou Street, Alpha Business Centre, 1st Floor, Block B, CY 1060, Nicosia, Cyprus.

The investigators came to 27 Pindarou Street in Nicosia, the capital of Cyprus, for a visit to the brokers office, and located Alpha Business Centre, an 8-storey commercial building with a well-maintained façade, in the city center. In the meantime, the building boasts a fabulous location which is easily accessible, with a large array of entertainment facilities nearby like restaurants, shopping malls, and more.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which did not display the company name or logo of SIB. After reaching the 1st floor, it was evident that the entire floor was vacant, with no signs of renovation.

It appeared that the companies had moved away a long time ago. And then the inspection team searched the companys website, which was not accessible. Therefore, it was not possible to determine whether the company had relocated or not.

Through the on-site investigation, it is confirmed that the broker is likely to have run away.

Conclusion

The survey team went to Cyprus to visit broker SIB as scheduled, but did not find the company at its regulatory address. This signifies that it might just register with the address without 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.