FinTelegram Financial Intelligence
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Worthwhile Reading: How Libel Firms Are Implicitly Enabling Illicit Schemes Via SLAPP Attacks!
A remarkable analysis published by the Bureau of Investigative Journalism (TBIJ) on the UK law firm Carter-Ruck, renowned as Britain’s fiercest libel firm, sheds light on the profound impact of libel laws and practices on democratic values. In recent years, FinTelegram has had several experiences with law firms that represent scammers or shoddy schemes without moral or legal scruples and try to help them by preventing criticism through SLAPP actions.
Latest Updates
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FCA-Regulated Forex & Payment Services Entity RFX Was Placed Under Special Administration!
On November 29, 2023, Rational Foreign Exchange Limited (RFX), an FCA-regulated institution offering foreign exchange and payment services, was placed into special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021. This decision came after the firm's directors determined that RFX was insolvent, leading to a court application for special administration.
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Spanish CNMV Warns Against Broker Scam BTRADE!
The Spanish regulator CNMV has issued a warning against the broker scam BTRADE, allegedly operated through WSYM Technology LLC, registered in St. Vincent & The Grenadines. Potential victims may lose their money via credit/debit cards with the stated payment processor Praxis not working. Apparently, the business relationship has been terminated. Stay far away!
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Italien Consob Ordered The Black-Out Of Six Illegal Financial Websites!
The Italian financial watchdog Consob has ordered the blackout of six illegal financial websites. These are all illegally operating broker scams. The new order brings the total number of websites blacked out since Consob’s authorization came into effect to 983. Unfortunately, other regulators in the EU do not currently have the authority to have websites blacked out. However, this would definitely be worth considering.
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Merchant Alert: Please Be Aware Of The Risk Of Termination Fees And Its Implications!
In the complex world of high-risk payment processing, merchants face the murky waters of termination fees. Recent cases, such as T1 Payments LLC v. New U Life Corp., have shed light on a concerning trend where some high-risk payment processors employ termination fees to unjustly profit at the expense of merchants. We strongly caution merchants against accepting termination fees, as this is a motivation for payment processors to collect them.
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!
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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U.S. Federal Judge Criticizes SEC Lawyers for Misleading Court In Crypto Case Against Debt Box!
In a recent development that has raised eyebrows in legal and financial circles, a federal judge has expressed serious concerns about the conduct of attorneys from the U.S. Securities and Exchange Commission (SEC). The judge threatened to impose sanctions on the SEC lawyers, accusing them of presenting "false and misleading" arguments in a case against crypto firm Debt Box. These are typically allegations that the SEC makes against companies and individuals against whom it takes action.
Regulatory Updates
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Introducing Better Business Bureau: Understanding The U.S. Rating Agency!
In many lawsuits in the U.S. against financial institutions, Plaintiffs often make reference to the Better Business Bureau (BBB) and the customer complaints mentioned there. Most recently, we saw this in fraud complaints filed against Donald Kasdon and his now-bankrupt high-risk payment processor, T1 Payments. But what is the BBB, and can you rely on their information? We do think so; here is our review and assessment.
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Urgent Warning Against Broker Scam CapitalMarket24!
The Austrian Financial Market Authority FMA recently issued a warning against the broker scam CapitalMarket24. On the scam's website, the operator is Capital Forex Markets Ltd, which is allegedly authorized by the UK FCA. This is, of course, bullshit. Potential victims can lose their money via credit/debit cards with Smart Pay acting as a payment facilitator. Stay far away and protect your money and your data.
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French Ethical Hacker Acquitted Of Charges After Platypus Finance Smart Contract Hack!
In a landmark decision, a French court acquitted Mohammed and Benamar M. of criminal charges related to the February 2023 hack of Platypus Finance, an Automated Market Maker (AMM) protocol on the Avalanche AVAX + network. The hack, which exploited a flaw in Platypus Finance's smart contract, resulted in a loss of approximately $8.5 million in stablecoin collateral.
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European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
