Pharaoh
Brigadier General
- Messages
- 20,304
CySec gives only runarounds now concrete actions is taken by them its really a problem. I made about 4 inquiries no success.
There's something you need to know about regulators. They are SLOW!!! Even the CFTC (probably the most effective one out there) can take several years between initial reports and actions. While the investigation is ongoing, all they do is collect data and ask questions when necessary. They never give out any information until they are ready to take action,
Of course, if everyone gives up and stops feeding evidence to the regulators, then action may NEVER come. Cysec is finally showing signs of trying to rein in some of the worst scammers, so discouraging people from filing complaints there is exactly what the scammers want.
In addition to Cysec, there's also the Cyprus Financial Ombudsman. Reports are that they want 20 Euros to take a complaint. If I was owed thousands (or more), I think I'd risk 20 with a regulator to improve the chances of getting my money back.