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CySEC Issues Warning Against IMS
Abstract：On Thursday, the Cyprus Securities and Exchange Commission (CySEC) issued a fresh alert against IMS Crypto as it is an unlicensed company that is operating using false information to deceive investors.
On Thursday, the Cyprus Securities and Exchange Commission (CySEC) issued a fresh alert on the operations of IMS Crypto, an unlicensed cryptocurrency company. The entity misrepresents having a CySEC trading licence, according to the Cypriot watchdog, by illegally using the information of the approved firm.
The ims-crypto.com website falsely claims to be operated by Initial Merit Secure Ltd. was placed on the warning list of CySEC on 9th February 2023 as it markets itself as a crypto fund managing company promising a monthly return of 15%.
According to the publicly displayed information on ims-crypto.com, not only is it licensed by CySEC, but it is also registered as a Cyprus Investment Firm (CIF) under license number 219/14. However, based on CySec's registration database, this CIF license actually belongs to Initial Merit Secure Ltd, thus proving that IMS is operating illegally as a clone.
As required by article 61E of the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 20071, as amended, CySEC officially informed the public to be aware of IMS as it is not a legitimate Crypto Asset Service Provide recognized by CySEC.
CySEC encourages retail investors to always confirm with the regulator's registry to validate the credibility of any company.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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