Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bonds default occurred, 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 an attempt 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 Limassol, the second largest city of Cyprus, to visit forex broker RONIN as planned according to its regulatory address that 3 Pythagoras Street, Pythagoras Court, Office 301, CY-3027 Limassol.

The investigators came to 3 Pythagoras Street in Limassol, Cyprus for a visit to the brokers office on March 27, 2024, and located a 4-storey commercial building with an old-fashioned façade, in the city center. With a fabulous location, the building is adjacent to residential areas, and there is a large array of entertainment facilities nearby like restaurants, supermarkets, and more.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lift lobby, which didnt display the company name or logo of RONIN. And the 3rd floor was occupied by a chiropractic center. After proceeding to the Suite 301 via the elevator, the inspection team saw a male sitting in the room with the door open, and was sure that it was a health center, instead of a forex company.

Through the on-site investigation, it is confirmed that the broker doesnt have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker RONIN as scheduled, but didn‘t find the company’s office at its regulatory address. Accordingly, 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.