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 countrys domestic debt crisis occurred. In response to the crisis, the Cyprus government introduced a terrible solution that was opposed by all the people, which aggravated the crisis. At the same time, some people in Cyprus discovered that having an upward trend in price, various foreign currencies that were independent of the sovereign currency might be able to cope 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 help investors better understand the current situation of foreign exchange brokers in Cyprus, WikiFX survey team decides 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 forex broker EZINVEST as planned according to its regulatory address that 11 Vizantiou Street, Sotos & Lygia Hadjisoteriou Building, 4th Floor, Strovolos, CY 2064, Nicosia, Cyprus.

The investigators came to 11 Vizantiou Street in Nicosia, the capital of Cyprus, for a visit to the brokers office on March 8, 2024, and located Sotos & Lygia Hadjisoteriou Building, an old 4-storey commercial building easily accessible with a well-maintained façade, next to the street.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which displayed that the 4th floor was occupied by company “Earl Group Holdings”, instead of “EZINVEST”.

After proceeding to the 4th floor via the elevator, the inspection team only discovered one company called “Earl Group Holdings”. According to its official website, there was no any connection between “Earl Group Holdings” and “EZINVEST”. At the same time, the site of EZINVEST showcased that they had moved into a new address that “Themistokli Dervi 42, appr 104, Nicosia, Cyprus”. And the survey team will continue to visit the broker according to its updated location.

Through the on-site investigation, it‘s confirmed that EZINVEST doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker EZINVEST as scheduled, but didn‘t find the company’s office at its regulatory address. And the team will continue to pay a visit to the broker based on the updated address on their website. Therefore, investors should be meticulous in choosing the broker.

Disclaimer

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