A Visit to GRANDIS SECURITIES in Cyprus – No Office Found

Reason for this visit

Established in 2003, the Cyprus Securities and Exchange Commission (CySEC) is a financial services regulatory authority, overseeing financial products including securities, stocks, foreign exchange, etc., and its financial regulation and operations align with the European Unions MiFID financial framework.

Since Cyprus joined the EU in 2004, CySEC has become an integral part of the EU‘s Markets in Financial Instruments Directive (MiFID) regulations. This means that any company registered in Cyprus can freely bring its business into the entire European market. As a result, Cyprus has invisibly attracted more and more overseas companies to choose to register there. There has been a notable increase in overseas retail forex brokers who are eager to obtain CySEC regulation. Additionally, significant changes have occurred in Cyprus since it adopted the Euro in 2008. CySEC is now regarded as a reputable regulatory authority, and obtaining a CySEC license gives customers a more positive impression of a company. In brief, obtaining a CySEC license in Cyprus provides clients with a greater sense of security and protection. Furthermore, Cyprus not only has the lowest corporate tax rate among all EU member states but also aims to develop Cyprus’ stock market into the safest, most reliable, and attractive investment destination. In an attempt to provide investors with a tangible understanding of the current situation of brokers in Cyprus, WikiStock survey team is determined 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 broker GRANDIS SECURITIES as planned according to its regulatory address that 73 Archiepiskopou Makariou III Avenue, Methonis Tower, 6th Floor, Office 601, CY 1070, Nicosia, Cyprus.

The investigators came to 73 Archiepiskopou Makariou III Avenue in Nicosia, the capital of Cyprus, for a visit to the broker‘s office, and located “Methonis Tower,” a 7-storey commercial building, next to the street. The building is easily accessible via public transportation. Additionally, there is a large array of entertainment facilities nearby such as eateries, shopping malls, and more, which attract a steady stream of people due to the area’s prosperity.

Upon arrival at the building for further investigation, the survey personnel spotted a directory and mailboxes at the entrance, which displayed that the 6th floor was occupied by Sibilla Solutions and ProFee. However, no company name or logo of GRANDIS SECURITIES was found on the floor.

Then the inspection team took the elevator to the 6th floor but failed to discover any information regarding GRANDIS SECURITIES, including its company name and logo, after a thorough search. Meanwhile, they did not find the link among Sibilla Solutions, ProFee, and GRANDIS SECURITIES by a detailed search and comparison on the internet.

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 GRANDIS SECURITIES as scheduled, but did not find the company at its regulatory address. This signifies that it does not have a physical business office at the place. 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.