CAPEX.com Review: CySEC Regulated but Not Authorised by SPK

🔴 Licence and Authorisation Status

• ● SPK Licence: CAPEX.com is not authorised in Türkiye by the Capital Markets Board (SPK). It has no authority to offer forex services to investors in Türkiye.
• ● CySEC Regulation: The platform is regulated by CySEC. CySEC is a respected regulator operating under the European Union's MiFID II. However, CySEC regulation gives full protection only to customers in the EU/EEA region.
• ● Risk for Investors in Türkiye: Serving citizens of Türkiye without an SPK licence is contrary to the Capital Markets Law. Investors in Türkiye are not covered by CySEC's Investor Compensation Fund (ICF).
• ● Possibility of an Offshore Structure: Many CySEC-regulated brokers serve customers outside the EU through offshore legal entities. In that case CySEC protection does not apply.
• ● Aggressive Marketing: CAPEX.com's aggressive marketing in the Turkish market shows that it targets investors in Türkiye without an SPK licence.

⚠️ Points to Consider

• ● Service Outside SPK: Even if it is CySEC-regulated, serving investors in Türkiye without an SPK licence is unlawful. Investors in Türkiye are left without legal protection.
• ● Which Legal Entity: It matters whether customers in Türkiye are served through the CySEC-regulated company or through an offshore legal entity. Where an offshore structure is used, CySEC protection does not apply.
• ● Withdrawal Problems: Investors in Türkiye who deal with platforms without an SPK licence lack an effective mechanism of recourse when they have withdrawal problems.
• ● Tax and Legal Compliance: Transactions made with platforms that do not hold an SPK licence may create problems under Turkish tax legislation.
• ● Relying on the CySEC Logo: The presence of the CySEC logo does not mean protection for investors in Türkiye. The protection that applies in Türkiye is an SPK licence.

📊 Structural Analysis

• ● The Difference Between CySEC and SPK: CySEC is the financial regulator of Cyprus and, indirectly, of the EU. SPK is the capital markets regulator of Türkiye. The two regulators are independent of each other, and the licence of one does not replace that of the other.
• ● Analysis of the Name "CAPEX": CAPEX, an abbreviation of "Capital Expenditure", evokes professionalism and corporate identity in financial terminology.
• ● Multiple Legal Entities: Large brokers may operate under different legal entities in different countries. The CySEC-regulated company and the entity serving customers in Türkiye may be different.
• ● Focus on the Turkish Market: The offering of a Turkish-language website and Turkish payment methods shows that investors in Türkiye are targeted.

🛡️ Protection Guide

• ● SPK Check: The list of authorised institutions can be checked on the official SPK website. Even CySEC-licensed platforms are unauthorised in Türkiye without an SPK licence.
• ● Checking the Legal Entity: The company name and country of registration are stated in the account opening contract. A CySEC-regulated company and an offshore company offer different levels of protection.
• ● SPK-Licensed Alternatives: By working with SPK-licensed intermediary institutions in Türkiye, investors benefit from legal protection.
• ● If a Person Believes They Are a Victim: The usual steps are to inform the bank, to file a criminal complaint with the Chief Public Prosecutor's Office and to submit a complaint to SPK.

Frequently Asked Questions