CMB announce closure of 52 sites in Turkey
Turkey’s Capital Markets Board (CMB) has announced that it has identified 52 websites that are facilitating leveraged transactions to Turkish residents. In order to prevent access to these websites, the CMB has invoked Article 99 of the Capital Markets Law, which allows the board to take legal actions in accordance with the fourth paragraph.
Some of the websites listed by the CMB include https://www.borsafgc.com, https://exenpanel.com, and https://www.tradehfm-4.com. These websites are making leveraged transactions through the internet, enabling Turkish residents to participate in trading outside of the country.
Leveraged transactions involve borrowing money to buy assets, which can lead to significant losses if the investments do not perform well. The CMB has noted that these types of transactions are highly risky and only suitable for experienced investors.
The CMB has urged Turkish residents to be cautious when investing in leveraged transactions and to only invest in regulated entities authorized by the CMB.
This action by the CMB is part of its ongoing efforts to protect Turkish investors from fraudulent activities in the financial markets. The CMB has been taking steps to regulate the financial markets and curb illegal activities in the sector.
