CySEC (Cyprus Securities and Exchange Commission) last week updated its latest blacklist list, in which seven online platforms offering trading products without authorization were blacklisted.

CySEC: Licenses of well-known Russian brokers on the blacklist of 7 platforms have been revoked

In the blacklist, CySEC provided the names and website addresses of the companies and stated that, in accordance with Article 5 of the relevant local Law 87(I)/2017, these entities are not authorized to provide investment services or carry out investment activities.

The following are the details of the companies on the CySEC blacklist:

centralspootradingltd.com

brightfinance.co

solidinvest.co

swisskapital.eu

insta-trading.com

financereserve.com

finexics.io

CySEC advises investors to consult its website (www.cysec.gov.cy) to verify that the relevant entity is authorised before making an investment.

Last week, CySEC also announced its decision to revoke the license of well-known Russian broker Otkritie Capital Cyprus Ltd, citing the company's decision to relinquish its Cyprus investment company license.

CySEC: Licenses of well-known Russian brokers on the blacklist of 7 platforms have been revoked

Otkritie Capital Cyprus Ltd is owned by Otkritie FC Bank, one of the largest full-service commercial banks in Russia. Otkritie FC Bank has more than 440 offices in Russia. Igor Finogenov, the chief executive officer of the Eurasian Development Bank, is the co-founder of Otkritie FC. Otkritie was bailed out by the Central Bank of Russia in August 2017, reportedly costing the state more than $8 billion. The central bank later described Otkritie Capital as "largely bogus." The Central Bank of Russia currently owns 99% of Otkritie.

Otkritie Group actually owns another CySEC-licensed entity, Otkritie Broker Ltd. Although the company is not yet actively operating, the license is still valid.