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Attention: Crypto Exchange Bybit Under Regulatory Scrutiny Receives Red Compliance Rating!
The Binance case has kept the crypto scene busy over the last few days. Binance and its founder, Changpeng Zhao (CZ), have pleaded guilty to money laundering as part of a $4.3 billion settlement with the U.S. authorities. The U.S. authorities are also investigating Bybit, which works with the same payment processors as Binance. We have added this crypto exchange to our Red Compliance list in our initial review. Here is our review.
Latest Updates
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Another Urgent Warning Against FXG Markets Broker Scam!
A few weeks ago, FinTelegram issued a warning against the broker scam FXG Markets a/k/a FXG Markets Investment. The scam claims to be regulated by the alleged UK-Authority MFA and EMA (European Markets Authority). However, these regulators do not exist. We learned from our whistleblowers that FXG Markets is still aggressively attacking consumers. Stay far away; protect your financial health and your privacy!
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Expected: Rene Benko’s Real Estate Conglomerate Signa Group Filed For Insolvency!
The Signa Group, a major player in the European real estate market, has found itself in the throes of financial turmoil. The company, controlled by Austrian tycoon René Benko, filed for insolvency at the Vienna Commercial Court. This move marks a dramatic shift in the group's fortunes, attributed to the challenging economic climate marked by high interest rates, restrictive bank credit policies, and plummeting real estate prices across Europe.
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FinCEN Exposes Binance’s Deep Ties with Sanctioned Russian Exchange, Implications for Ex-CEO Zhao’s Sentencing!
FinCEN's recent investigations into Binance have unearthed troubling revelations about the cryptocurrency exchange's longstanding collaboration with the Russian exchange Garantex, which has been embroiled in money laundering controversies. This partnership persisted even after Garantex Europe, based in Estonia, had its license revoked in February 2022 due to AML concerns and was subsequently placed on the OFAC sanctions list in April 2022.
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Football Legend Cristiano Ronaldo Sued Over Promotion Of Binance!
Portuguese football legend Cristiano Ronaldo is currently facing a proposed class-action lawsuit, with allegations stemming from his involvement in promoting the cryptocurrency exchange Binance. This legal challenge, filed on November 27 in a United States district court in Florida, accuses Ronaldo of aiding in the offer and sale of what are claimed to be unregistered securities, in collaboration with Binance.
Payment Processors
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Urgent Warning Against VentureXchange Broker Scam!
On Nov 15, 2023, the German regulator BaFin issued a warning against the VentureXchanges a/k/a VentureseXchanges broker scam. This is allegedly operated by PIX POINT CONSULTING LTD, registered in the UK, and has already attracted attention as the operator of the PixPalPro scam. Other regulators have also issued warnings against this entity. Stay far away; protect your financial health and your data.
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Attention: Another Regulatory Warning Against Broker Scam Tools4Deals!
A few weeks ago, we issued a warning against the black-listed broker scam Tools4Deals. The Dutch regulator AMF has the broker on its warning list. Today, the Spanish regulator CNMV has also issued a warning against the scam. The payment agent for credit/debit cards is Admirra, which is registered in the UK. Stay away, protect your financial health and your data.
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Urgent Warning Against Tools4Deals Broker Scam
The Dutch Financial Markets Authority (AMF) warned against the broker scam Tools4 Deals in September 2023. Of course, the website does not provide any information about the legal entity. Addresses in Amsterdam and Singapore appear in the emails and on the website. The payment processor for credit/debit cards is Admirra, which is registered in the UK and officially acts as a provider of courses for trading. Stay far away!
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Urgent Warning Against the Trade Tech Broker Scam Facilitated By MoonPay And Mercuryo!
The Spanish regulator CNMV has warned against the broker scam Trade Tech. It is allegedly operated by Zermatt Group LLC, registered in St. Vincent & The Grenadines. Potential victims can lose their money via credit/debit card deposit or via crypto. As a payment processor, we have once again discovered MoonPay, via which potential victims buy their cryptos using credit/debit cards. Stay far away and protect your money!
Cybercrime Court Cases
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Binance Founder Changpeng Zhao Not Allowed Return To United Arab Emirates, US Court Rules!
In a recent development that has sent ripples through the cryptocurrency world, Binance founder Changpeng Zhao, commonly known as CZ, is currently confined to the United States following a guilty plea to criminal charges related to his cryptocurrency exchange. This decision was cemented by a ruling from a federal judge in Seattle, who stipulated that Zhao must remain in the U.S. pending the court's decision on the Government's review motion.
Regulatory Updates
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Attention: Asian Crypto Scheme MEXC Appeals Against The Revocation Of Estonian License!
The Estonian entity of the crypto scheme MEXC, MEXC Estonia OÜ, has appealed against the revocation of its license in court in Estonia. The appeal reinstated the license. Pending the court's decision, the license is therefore to be recognized as valid. It remains to be seen whether the court will confirm the FIU's revocation of MEXC Estonia's crypto license. The Russian Mercuryo had also challenged the revocation of its license in court but ultimately lost.
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The Binance FinCEN Monitoring: Next In Line Are Partners Including Advcash And Mercuryo!
The landmark settlement between crypto exchange Binance and U.S. authorities, including the DOJ, OFAC, and FinCEN, The agreement contains explosive material for the crypto industry. This settlement mandates Binance to exit the U.S. completely and puts the crypto exchange under strict FinCEN monitoring. It has to report 100,000 suspicisous transactions retrospectively, which will potentially expose partners such as Advcash and Mercuryo.
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Urgent Warning Against The Blockchain.com Fund Recovery Scammers!
FinTelegram has already issued several warnings against fund recovery scammers who misuse the company data of BLOCKCHAIN ACCESS UK LTD to trap victims. The scammers claim that they have discovered wallets that belong to the victims. In order to receive a payout, they would first have to send a reactivation fee of around €500. This is followed by several more requests for payments. Stay far away.
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