Home / 2020 / October

  • Italian CONSOB blocks another six scam broker sites

    Italian CONSOB blocks another six scam broker sites

    The Italian CONSOB is currently the only regulator in the EU with the approach to blocking the websites of scams and unauthorized financial service providers. This regulatory enforcement tool is intended to protect Italian consumers and retail investors by making illegal financial products inaccessible. A few days ago, CONSOB blocked another six sites.

     
  • Spanish CNMV warns against BitOptionFX and Tradingon broker scams

    Spanish CNMV warns against BitOptionFX and Tradingon broker scams

    On 26 October 2020, the Spanish regulator CNMV issued warnings against a number of unauthorized financial services providers. These include BitOptionFX (www.bitoptionfx.com) and Tradingon (www.tradingon.io) operated by Netbit Services and Solutions OÜ. At BitOptionFX we have identified the GumBallPay as a facilitating payment processor for credit and debit cards.

     
  • BaFin issues cease-and-desist orders against MorganTrust and 10CryptoMarket scams

    BaFin issues cease-and-desist orders against MorganTrust and 10CryptoMarket scams

    German BaFin has issued two cease-and-desist orders against two well-known scam operators – GreenRiver OÜ, the Estonian operator of the broker scams MorganTrust (www.morgantrust.eu), and...

     
  • BaFin issues cease-and-desist orders against MorganTrust and 10CryptoMarket scams

    BaFin issues cease-and-desist orders against MorganTrust and 10CryptoMarket scams

    The German regulator BaFin has issued two cease-and-desist orders against two well-known scam operators - GreenRiver OÜ, the Estonian operator of the broker scams MorganTrust (www.morgantrust.eu), and the 10CryptoMarket (www.10cryptomarket.com) scam of the Joshua Group. The latter is a Ukrainian operated scam on the notorious PumaTS (Leverate) whitelabel provider against which several other regulators have already issued investor warnings.

     
  • Whistleblower Power – SEC Issues Record $114 Million Whistleblower Award

    Whistleblower Power – SEC Issues Record $114 Million Whistleblower Award

    The fight against scams and cybercrime is unthinkable without the support of whistleblowers. Most regulators and law enforcement agencies have established whistleblower reward programs. The U.S. Securities and Exchange Commission (SEC) today announced an award of over $114 million to a whistleblower.

     
  • NY DFS announced Paypal to be the first approved entity for BitLicense

    NY DFS announced Paypal to be the first approved entity for BitLicense

    This announcement is a big step for PayPal, cryptocurrencies, and the regulatory scene. The FinTech giant with its 346 million active accounts and 26 million merchants plans to offer its customers the possibility of receiving cryptocurrencies in their wallets and thus pay at merchants from the beginning of 2021. The new service will be provided on the regulatory basis of the NY Department of Financial Services (DFS) BitLicense.

     
  • Crypto Regulation – U.S. SEC Obtains Final Judgment Against Kik and settles case with $5 Mio fine

    The U.S. SEC announced that a federal district court has entered a final judgment on consent against Kik Interactive Inc. ("Kik") to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. On the legal grounds of this final judgment the court approved a settlement between Canadian Kik and SEC. Under the settlement, Kik will pay a US$5 million penalty.

     
  • ICO Legacy – U.S. SEC Obtains Final Judgment Against Kik and settles with $5 Mio fine

    ICO Legacy – U.S. SEC Obtains Final Judgment Against Kik and settles with $5 Mio fine

    The U.S. SEC announced that a federal district court has entered a final judgment on consent against Kik Interactive Inc. ("Kik") to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. On the legal grounds of this final judgment the court approved a settlement between Canadian Kik and SEC. Under the settlement, Kik will pay a US$5 million penalty.

     
  • EU Commission takes action against Cyprus and Malta’s malicious Golden Passports Schemes

    EU Commission takes action against Cyprus and Malta’s malicious Golden Passports Schemes

    EU passports are highly prized as they give their owners the right to travel, live, and work freely in all 27 members of the union. Unfortunately, some countries such as Cyprus and Malta sell citizenships and thus EU passports as part of investment programs for the sole benefit of these countries. Most recently, Al Jazeera has revealed that Cyprus is also offering its "Golden Passport" scheme to convicted criminals and money launderers. Now the EU Commission takes action to terminate this malicious approach.

     
  • The PayTech Papers – Regulatory Challenge in Fighting Cybercrime

    The PayTech Papers – Regulatory Challenge in Fighting Cybercrime

    The revised Payment Services Directive (PSD2) to regulate payment services throughout the EU and EEA came into force in January 2018 and officially kicked-off the “Open Banking Era” with FinTech unicorns TransferWise, Revolut, Monzo, or N26 leading the pack. The number of licensed PayTechs in the EEA exploded as statistics published in July 2020 shows. Unfortunately, the number of unregulated and therefore unauthorized acting PayTechs specializing in scams and cybercrime also exploded.