Purpose

The Cypriot forex market is a rapidly developing and highly influential forex market in recent years. Leveraging its advantageous geographical location, comprehensive financial regulatory system, and open financial policies, it has attracted numerous forex brokers to establish operations there. To help investors or practitioners gain a more comprehensive understanding of forex brokers in this region, the on-site inspection team traveled to Cyprus for a field visit.

Process

This time, the on-site inspection team went to Cyprus as planned to conduct a field visit to the forex broker MultiBank Group. According to public information, its office address is Aiolou & Panagioti Diomidous, 9 Katholiki, 3020, Limassol, Cyprus.

A professional and experienced on-site inspection team, driven by a sense of mission to strictly vet for investors, traveled to Cyprus according to a well-planned schedule to conduct a physical verification of the broker MultiBank Group, which claims to be located at Aiolou & Panagioti Diomidous, 9 Katholiki, 3020, Limassol, Cyprus.

The inspectors successfully arrived at the target building. The location is in a specific area of Limassol, Cyprus, with a relatively bustling surrounding environment and a strong commercial atmosphere. However, no signage or relevant information of the company was found on the exterior of the building.

The inspectors attempted to enter the building lobby and explained their purpose to the security personnel. After communication, permission to enter was not granted.

Consequently, unable to reach the target floor, the inspectors found no prominent signage for MultiBank Group in the public areas, nor any security measures. They could not enter the interior, could not photograph the reception desk, and the office area was not a shared workspace.

Looking through the main door, as the interior situation was unclear, they were also unable to observe information such as the company's internal environment. No information regarding this broker was found, leading to the judgment that it is false.

Therefore, after the on-site inspection, it was confirmed that the broker MultiBank Group does not exist at the aforementioned address.

Conclusion

The on-site inspector visited the forex broker MultiBank Group in Cyprus as planned. At its publicly displayed business address, no information such as the company name of this broker was visible, indicating that this broker does not have a genuine business premises. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

The above content and views are for reference only and should not be used as the final basis for selection.