Home / Regulators / CNMV / 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 operated by Pulaski Publicity Ltd, St. Vincent & the Grenadines, as a facilitating payment processor for credit and debit cards.


On the BitOptionFX website, no legal entity is listed as an operator. Already in February 2019, the CySEC issued a warning against the scam. With the offshore payment processor, GumBallPay and no legal entity provided it seems to be a well-hiden scam. Consumers should not fall for it.

The Tradingon broker scam is operated by Netbit Services and Solutions OÜ registered in Estonia. Ivan Gardasevic is registered with this entity as director. The company is also a well-known operator of other scam brands.

  • In March 2020 CMNV has already issued a warning against the company and its scam EliteTrading (www.elitetrading.co)
  • In May 2020, the German BaFin issued a cease-and-desist order against the company and EliteTrading (www.elitetranding.co). This scam is now offline.
  • In July 2020 the Italian CONSOB has blocked the websites of EliteTrading and TradeIdea (www.tradeidea.co), which are also operated by Netbit Services and Solutions.

Both scams are typical white label scams operated by the different scam factories.

 

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