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.
Notorious Scam Operators
FinTelegram has reported several times about warnings of other financial market regulators against 10CryptoMarket and the many scams of the Joshua Group (see report here). Via different legal entities in different European and offshore jurisdictions, the Joshua Group has operated its scams through Ukraine and Bulgaria as a white label partner of PumaTS – a venture associated with CySEC regulated Leverate Financial Services Ltd.
Already on 18 September 2020, BaFin ordered 10CryptoMarket to immediately cease its scam activities but the scam is still online.
Estonian GreenRiver OÜ is also known as the operator of other scams. The Estonian Financial Market Authority has already issued an investor warning against the company in November 2018 in connection with the broker scam Jones Mutual (www.jonesmutual.com) (read FinTelegram report here).
At MorganTrust, we identified PaynetEasy (www.payneteasy.com and https://gate.payneteasy.eu) as the payment processor in our analysis. The brand MorganTrust is registered as a merchant with the Russian payment processor. According to the information on Alexa, PaynetEasy is apparently particularly popular among Israeli merchants and/or scams. There the domain www.payneteasy.eu is listed among the Top-5000 domains.