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 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 order 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 Cyprus to visit forex broker RMG HOLDING as planned according to its regulatory address that 25 Michalakopoulou Street, Michalakopoulou Tower, Second Floor, Office 202, CY 1075, Nicosia, Cyprus.

The investigators came to 25 Michalakopoulou Street in Nicosia, the capital of Cyprus, for a visit to the brokers office on March 8, 2024, and located Michalakopoulou Tower, an 8-storey commercial building easily accessible with a well-maintained façade, next to the street.

Upon arrival at the building for further investigation, the survey personnel spotted mailboxes on the 1st floor, one of which displayed the company name of “RMG HOLDING LIMITED”, while an outdoor directory adjacent to the entrance of the building didnt showcase the company name.

After proceeding to the suite 202 on the 2nd floor via the elevator, the inspection team failed to discover the company name and logo of RMG HOLDING near the door. Subsequently, the team searched the building from the 1st floor to the 8th floor, but still didnt spot any information concerning the company. Based on the information presented on the mailbox in the lobby, the company had probably moved out from the building.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker RMG HOLDING as scheduled, but didn‘t find the company’s office at its regulatory address. Accordingly, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.