A Visit to EFINNO 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 EFINNO as planned according to its regulatory address that 284 Archiepiskopou Makariou III, 4th Floor, CY 3105 Limassol, Cyprus.

The investigators came to 284 Archiepiskopou Makariou III in Nicosia of Cyprus for a visit to the broker‘s office on May 7, 2024, and located an old building easily accessible with a well-maintained façade. In the meantime, there was a directory and mailboxes at the entrance, which didn’t display the relevant information pertinent to EFINNO as well as its logo.

The whole building was occupied by “UniTeam - Group of Companies”, with different departments or branches on different floors. It was worth noting that the finance department of the company was independently situated on the 4th floor.

Despite the thoroughly searching and checking, both the building directory and the official website of “UniTeam - Group of Companies” didnt showcase any sign of broker EFINNO.

Subsequently, the inspection team discovered from the website of EFINNO that it was a sub brand of Streams Financial Services LTD. But funnily enough, there was no any information regarding EFINNO on the website of Streams Financial Services LTD.

Through the on-site investigation, it‘s confirmed that EFINNO doesn’t have a physical presence at the location and its address was invalid.

Conclusion

The survey team went to Cyprus to visit broker EFINNO as scheduled, but didnt find the company at its regulatory address. This signifies that the broker 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.