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  • 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.

     
  • BaFin issues Cease and Desist orders against unauthorized German payment processors

    BaFin issues Cease and Desist orders against unauthorized German payment processors

    On October 19, 2020, German regulator BaFin issued two Cease and Desist Orders against the two unauthorized payment processors ION & Maga Consulting GmbH and Premium Service ECN GmbH. Both of them processed bank transfers for the illegal brokers BlueTrading, CoinBrokerz, and TradeDAX respectively.

     
  • BaFin employees traded with Grenke shares and derivatives

    BaFin employees traded with Grenke shares and derivatives

    BaFin had already received criticism because, despite the numerous reports and negative reports and ongoing investigations, employees of the regulator were trading in shares and derivatives of the meanwhile collapsed Wirecard. According to information from the German Ministry of Finance, BaFin employees also traded in shares and derivatives at the German company Grenke AG, despite a BaFin special audit due to accusations of balance sheet manipulation and money laundering.

     
  • EFRI charges Payvision with scam facilitation claiming restitution payments

    EFRI charges Payvision with scam facilitation claiming restitution payments

    Scam facilitating payment processors are the key for scammers to defraud consumers. The European Funds Recovery Initiative (EFRI) has sent a letter of formal notice...

     
  • BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

    BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

    Germany is known in the international scam and cybercrime scene for its illegal payment processors. Scammers are fond of their exceptional bank wire services. The BaFin today announced that the Cease-and-Desist order issued in July 2020 against Global Data Conduct GmbH is final and conclusive. This illegal payment processor facilitated the broker scam TradesFX .

     
  • BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

    Germany is known in the international scam and cybercrime scene for its illegal payment processors. Scammers are fond of their exceptional bank wire services. The BaFin today announced that the Cease-and-Desist order issued in July 2020 against Global Data Conduct GmbH is final and conclusive. This illegal payment processor facilitated the broker scam TradesFX (www.tradesfx.com).

     
  • German BaFin issues Cease-and-Disease order against TopInvestus – again!

    On October 9, 2020, the German regulator BaFin again ordered the discontinuation of the TopInvestus broker scam. Already in May 2020, the regulator issued a cease-and-desist order against the scam which was then operated under the domain www.topinvestus.com by Silverdale Holdings Ltd, British Virgin Islands, and Vindigo Systems OÜ, Estonia.

     
  • Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

    Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

    The U.S. Prosecutors charge the BitMex founders Arthur Hayes, Benjamin Delo, Samuel Reed along with the senior manager Gregory Dwyer with (a) violating the Bank Secrecy Act and (b) conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an anti-money laundering (“AML”) program at the crypto exchange or BitMEX. The charges each carry a maximum penalty of five years in prison.

     
  • BitMEX founders resign amid regulatory enforcement actions and criminal actions

    While the CySEC looks away from cryptocurrencies, the U.S. authorities and regulators proceed strictly and consistently in this regard. The U.S. CFTC and U.S. Government announced law enforcement actions action charging the BitMEX co-founders and executives Arthur Hayes, Benjamin Delo, Samuel Reed, Gregory Dwyer, and their legal entities with operating an unregistered trading platform and violating multiple CFTC regulations as well as the U.S. Bank Secrecy Act.

     
  • Investor warning against Billion Forex broker scam as part of FCA-regulated Billion Key

    Investor warning against Billion Forex broker scam as part of FCA-regulated Billion Key

    The logo of the broker scam Billion Forex resembles the one of Red Bull and this could be intentional. Currently, there are no warnings against the scam by a financial market regulator but FinTelegram already has whistleblower information and complaints. The scam is operated by BillionTraders Services OÜ, Estonia, and Billion Traders Ltd, St. Vincent and the Grenadines. They claim to be part of FCA-regulated Billion Key Ltd. TEXCENT is the facilitating payment processor.