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Month: August 2020

  • EU License Passporting – Spanish CNMV allegedly plans actions to stop malicious practices

    / CNMV, CYSEC, Regulation

    According to a report by Gerald Segal of FX News Group (FNG), the Spanish regulator CNMV is planning tough measures against regulated brokers to protect Spanish customers. Specifically, these are mainly CySEC regulated brokers who operate in Spain through the EU Passporting License. The CNMV measures are designed to prohibit the common illegal practices of many regulated brokers and their respective boiler rooms.

     

  • Documentation – The IronFX and CySEC Inside Story

    / Regulation

    The following documentary was published on YouTube in 2019 by a former BBC journalist and victim of IronFX. It provides a wealth of details about the business practices and founder and CEO Markos Andreas Kashiouris, the so-called Medallion Man. The CySEC-regulated IronFX scheme has gigantic proportions. The documentation also describes and criticizes the inactivity of the CySEC in detail. The documentation also gives former IronFX employees a chance to explain the dark business.

     

  • Cyprus Papers – The EU Vanuatu offering citizenships and financial licenses for sale

    / CYSEC, Regulation, VFSC

    The EU member Cyprus and the Republic of Vanuatu have some things in common that they probably should not have in common. Apart from the fact that both are island states - Cyprus in the Mediterranean Sea and Vanuatu in the South Pacific Ocean - both are willing to sell citizenship and passports, register companies, and sell financial licenses.

     

  • Investor Alert – Never trust offshore-licensed or privately regulated brokers

    / BVI FSC, IFSC Belize, Regulation

    Many online trading and broker scams claim that they have a license and want to pretend to the future victims that they are not serious. On the website and in the penetratingly aggressive calls of the Boiler Room agents the alleged licensing is emphasized again and again. The advice to investors, consumers and traders - do not trust companies with offshore licenses. Even with some EU licenses issued by weak, negligent, or relaxed supervisors, you have to be very careful.

     

  • FCA warns against PumaTS-Leverate scam RoyalStox with Praxis Cashier

    / FCA UK, FinTech, Regulation

    The UK regulator FCA has issued an investor warning against the scam broker RoyalStox (www.royalstox.com). This is operated by Marom Partners Limited on St. Vincent and the Grenadines. The scam is part of the Leverate and PumaTS network and connected to their Activ8 trading servers. It’s another full-blown scam from without any special features. The scam works with the payment processors Praxis Chashier and QubePay for crypto payments.

     
  • CySEC Scam Tourism – Leverate and PumaTS Network

    CySEC Scam Tourism – Leverate and PumaTS Network

    / CYSEC, Regulation

    For many years, the CySEC-regulated Leverate Financial Services Ltd has been operating an infrastructure and trading network used by dozens of scam brands, in addition to its own regulated broker brands. Leverate works together with PumaTS and provides its technology, infrastructure, and trading services to scam brokers such as CapitalFX. FinTelegram has carefully reviewed documentation that supports this allegation beyond any reasonable doubt.

     

  • UK watchdog FCA warns against Fortrade clone FXTradePremium

    / FCA UK, Regulation

    The FCA issued an investor warning against the scam broker FXTradePremium on 20 August 2020. According to the information on the website, the scam is operated in Minsk via the Fort Securities LLC registered in Belarus with registration number 193075810. This is actually one of the companies of the CySEC regulated investment company ForTrade Cyprus Ltd (CIF No 385/20).

     

  • BaFin issues cease and desist order against payment processor Global Data Conduct

    / BaFin, Regulation

    The German regulator has issued a Cease and Desist Order against the illegal payment processor Global Data Conduct GmbH, a company registered in Cologne, Germany. This German company at least acted as facilitator for the broker Scam TradesFX, received bank transfers from client victims and forwarded them to the scammers. The sole managing director of the company is Anatolijs Dedenko, who lives in Düsseldorf.

     

  • Stop it! The Estonian FIU and its improper dealing with crypto payment processors

    / Estonian FIU, Regulation

    Estonia has just over 1.3 million inhabitants and is said to have issued more than 3,000 crypto licenses by June 2020. According to the latest yearbook of the Estonian FIU, the authority issued 667 new licenses for crypto exchanges and 638 licenses for online wallet services in 2019. One can imagine how important cryptocurrencies and crypto licenses are for this small Baltic country. Lawyers and specialized consulting companies and their employees live off them. The FIU is obviously completely overstrained with this regulatory tsunami and should immediately order a stop to new licenses.

     

  • Dutch Regulator warns individuals found on boiler room ‘sucker lists’

    / AFM, Regulation

    Dutch watchdog AFM warned 2,500 Dutch individuals that their names appear on a boiler room's potential client list. The list was seized during an international criminal investigation in Marbella in March 2020. The Dutch Police started the investigation over two years ago after a total of 40 people reported they had been conned out of a combined €6m by boiler rooms operating under such company names as FX-CI, Global Trading Investment Group, or Power Capital Financial Trading.

     
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