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 JFBBI as planned. The survey address is 70 Kyrillou Loukareos STreeTKakos PreMier Tower, 2nd FloorLiMassolLiMassolCYPRUS.

The survey personnel came to the destination according to the address on the regulatory information. The JFBBI office is located in the north of the Limassol City Expressway in Cyprus, next to the highway exit, with convenient transportation. There are many shops on the ground floor of the building and the upper floors are occupied with offices.

The investigators didn’t find the name of the dealer JFBBI on the access control system. There was also no reception in the hall. In order to confirm whether the dealer's office exists here, the survey personnel decided to go upstairs to visit directly.

The office on the 2nd floor does not belong to the dealer JFBBI, but belongs to a dealer called JFD. The lady who received the survey personnel said that the unit is the office of JFD, and the LOGO at the entrance is also JFD's. The investigators confirmed that the dealer JFBBI does not have an office here.

Conclusion

The investigators went to Cyprus to visit the foreign exchange dealer JFBBI 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.