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  • 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.

     
  • 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.

     
  • CySEC confirms receipt of Maxigrid Request 4 Action

    CySEC confirms receipt of Maxigrid Request 4 Action

    Over the last months FinTelegram has received plenty lot of evidence that suggests the involvement of Roy Almagor's CySEC-regulated Maxigrid Ltd in broker scams like RoyalsFX or LincolnFX. These scams have harmed thousands of EU small investors. However, the legal responsibility to investigate the allegations lies with the responsible regulator CySEC and law enforcement. We have therefore sent a Request 4 Action to the CySEC Chairwoman and Europol. The receipt was confirmed by email and the clock is running.

     
  • 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.

     
  • CySEC Scam Tourism – The ‘Blank Pages Approach’ of Financial Ombudsman Cyprus!

    Andreas Koufkis is for sure an honorable businessman. He is one of the seven members of the Board of Directors of The Financial Ombudsman of the Republic of Cyprus. By his business genes, Koufkis is not on the consumer side. Being the General Manager of Atlantis Securities Ltd, a company registered in Cyprus and licensed by CySEC (CIF 005/03) he can not be regarded as a consumer advocate. Only one director, Loucas Aristodemou, is representing consumers as President of the CyprusConsumers Union and Quality of Life.

     
  • Maxigrid Case – Open Letter to CySEC chairwoman and Europol

    Maxigrid Case – Open Letter to CySEC chairwoman and Europol

    FinTelegram and EFRI have sent an open letter concerning Maxigrid and the related broker scams like RoyalsFX or LincolnFX (to name only two) to Demetra Kalogerou, chairwoman of CySEC, and Europol. The claim of The Financial Ombudsman Service of the Republic of Cyprus that CySEC would not be responsible for the crypto activities of the investment firms they regulate is wrong in our view. In addition, Maxigrid also handled bank deposits for scams hance was involved in fraudulent FIAT transactions too.

     
  • 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.

     
  • Maxigrid Case – Cyprus Financial Ombudsman confirms regulatory violations but doesn’t care!

    Maxigrid Case – Cyprus Financial Ombudsman confirms regulatory violations but doesn’t care!

    Cyprus is really dark territory within the regulatory regimes in the EU. In plain sight, CySEC-regulated investment firms operate scams and/or facilitate them with their financial services. As in the case of Roy Almagor's Maxigrid and its meanwhile vanished BitandBuy crypto investment platform. Even the Financial Ombudsman Office has found that Maxigrid has violated regulatory requirements. However, the office does not feel responsible for customer complaints for very strange reasons.

     
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