A Visit to CAPITAL PANDA in Cyprus – No Office Found-CapitalPanda-WikiFX Field Survey-WikiFX

A Visit to CAPITAL PANDA in Cyprus – No Office Found

Danger

Cyprus 2024-08-13

Elpidos, Agios Athanasios, Limassol District, Cyprus

A Visit to CAPITAL PANDA in Cyprus – No Office Found

Danger

Cyprus

Field Survey Time：2024-08-13

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 CAPITAL PANDA as planned according to its regulatory address that 2, Filiou Zannetou, Ground Floor, Office 1, 3021 Limassol, Cyprus.

The investigators came to 2 Filiou Zannetou in Limassol, Cyprus for a visit to the brokers office on March 27, 2024, and located a modern 5-storey structure with a well maintained façade in a residential area.

Upon arrival at the building for further investigation, the survey personnel spotted two outdoor directories, which did not display the company name or logo of CAPITAL PANDA. In the meantime, people were not permitted to enter without an access card or an appointment. Consequently, it was impossible to go upstairs to access the office regarding the working environment and staff size. According to the security guards, CAPITAL PANDA did not exist in the building.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker CAPITAL PANDA as scheduled, but did not find the company at its regulatory address. This signifies that it might just register with the address without a physical business office at the place. 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.