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The Cyprus Securities and Exchanges Commission (CySEC) is sounding a fresh warning against 11 platforms that it says aren’t licensed to offer their services in the country. The 11 were dealing with forex and digital currency trading.

CySEC claims that most of the companies are based in other countries but give false addresses in Cyprus to lure the public. It warned such companies against these practices, while pledging to take further actions against those that were indeed based in Cyprus.

Some of the companies that were flagged include Binance Capital Options, a company that claims to be licensed to operate in the European Union (EU). While not affiliated with Binance digital currency exchange, it lets its users trade CFDs on digital currencies as well as stocks, metals, indices and commodities. Curiously, the company claims to be licensed by CySEC on its website.

Yet another company which the regulator flagged, Invest Absolut Ltd also claims to be licensed by the regulator, as does Trades Open Markets, which is also on the list.

Others on the list include justproforex.com, amelok.com, metafinancetrade.com, bitoptionstrade247.com and royalfxpro.eu as per a report by Finance Magnates.

According to CySEC, some of the companies it warned against have been falsely claiming to be affiliated to other legitimate trading platforms.

CySEC has a history of cracking the whip on trading platforms that fail to adhere to its strict guidelines. In February this year, it sounded a warning against three companies that falsely claimed to have offices in Cyprus. The three, IcFxMarkets, Calibur Capital and Naga-Markets.online, offered digital currency, stocks and forex trading. Naga-Markets.online was especially suspicious as it greatly resembled Naga Markets Ltd, a reputable social investing and trading company.

Despite being tough on potential digital currency scammers, the watchdog has embraced blockchain technology. CySEC launched ‘Innovation Hub’ in October 2018 to foster cooperation between tech startups and regulators. Blockchain startups have been among the biggest beneficiaries of the initiative, with nine out of the nineteen that participated making use of the technology.

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