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 country's 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 is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to the second largest city Limassol in Cyprus to visit forex broker zemblanco as planned according to its regulatory address that 8, RiGas Fereos, Ayios Nicolaos, CY-3095 LiMassol.

On July 23, 2023, the investigators came to 8 RiGas Fereos in Limassol, Cyprus, and located LIBRA CHAMBER, an old 5-storey office building near the Limassol District Court, with 200 meters away from the seaside. There was a store facing the street on the ground floor with the office entrance nearby.

After arriving at the building, the survey personnel spotted an outdoor directory, which displays that office 31 on the 3rd floor is occupied by zemblanco. However, people werent permitted to enter the building without an access card.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker zemblanco as scheduled, and found the companys name at its regulatory address. This indicates that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible decision based on 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.