A Visit to PRODIGIT Investments 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 PRODIGIT Investments as planned according to its regulatory address that 60 Vasileos Pavlou, Agios Dometios, CY 2360, Nicosia, Cyprus.

The investigators came to Vasileos Pavlou in Nicosia of Cyprus for a visit to the broker‘s office on March 7, 2024, but didn’t find the No.60 at the street. In the meantime, the google map showed that the company was located at 16 Vasileos Pavlou.

Upon arrival at 16 Vasileos Pavlou for further investigation according to the map, the survey personnel spotted a lately renovated 1-storey building, which was easily accessible with a well-maintained façade. And there wasnt any company information at the entrance with a mailbox. Therefore, it was unable to know whether PRODIGIT Investments was situated in the building or not.

The inspection team rang the bell, but no one answered. From the appearance, it seemed like a private residential building, instead of an office.

Subsequently, the team dialed the companys phone number displayed on the CySEC. However, the people who picked up the phone declined to tell anything. Additionally, the survey team also checked their official website, which was inaccessible as it was under maintenance.

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

Conclusion

The survey team went to Cyprus to visit broker PRODIGIT Investments as scheduled, but didn‘t find the company’s name 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.