Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond management defaulted, the Cyprus banking system suffered heavy losses, exceeding 30% of the annual GDP of Cyprus, and the country's domestic debt crisis occurred. In response to the crisis, the Cypriot government introduced a terrible solution that was opposed by all the people, aggravating the crisis. At the same time, some people in Cyprus have discovered various foreign currencies that are independent of the sovereign currency and whose prices are in an upward cycle, which might be able to deal with this crisis. As a result, people poured funds into the small foreign exchange market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active foreign exchange transactions. In order to let investors truly understand the current situation of foreign exchanges in Cyprus, the survey team is going to Cyprus for on-site inspection.

On-site visit

This time the survey team went to Limassol, the second largest city in Cyprus, to visit the foreign exchange dealer Solid as planned. The survey address is Arch. Makariou III, 284 Fortuna Court Block B, 2nd floor, 3105, Limassoll, Cyprus.

The survey personnel came to a local residential area according to the address on the supervision information. The layout of the building is all small single rooms, and there are many offices on the first floor, which are densely packed.

The survey personnel entered the hall. Since there is neither front desk nor the water sign of the trader in the hall, the investigators decided to visit directly.

The office found on the 2nd floor does not belong to the dealer Solid, but belongs to LABROPOULOS. In order to prevent omissions, the investigators checked all the offices on the 2nd floor and confirmed that the dealer Solid does not have an office here. 

Conclusion

The investigators went to Cyprus to visit the foreign exchange dealer Solid as planned, but did not find the dealer's office at its publicly displayed business address. The dealer might have just registered the company at this address without real business premises. Investors are advised to choose this dealer carefully.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.