German regulator BaFin announced today that an investigation had been opened against the broker scam SafeFund. The scam claims to be a regulated SICFund, with the applicable law being the offshore paradise of Vanuatu. However, no legal entity is mentioned on the website. We found only crypto companies as facilitating payment processors. Credit and debit card payments are also processed through the notoriously licensed Estonian BitTheBank.
We have already warned several times in the last months against the Gloffix broker scam, which is active with the domain www.gloffix.com. Now the UK Financial Conduct Authority (FCA) also issued an investor warning against Gloffix. Advaniq Ltd, registered in the Marshall Islands, allegedly operates the scam. The Bulgarian Key Solutions Ltd is the stated payment agent. The broker works with the Sirix Trader platform and MetaTrader 4.
Attention! Funded trading clients could violate regulatory requirements
We have received initial feedback on our articles about funded trading accounts from our alert whistleblowers. One interesting opinion on the legal and regulatory situation for funded traders, i.e. the clients of funded trading providers like Topstep et al, points out that they would have to register with the competent regulator. The apparently legally competent whistleblower, therefore, recommends that all such traders in the U.S. to seek legal advice and conduct due diligence. He also believes that the U.S. CFTC, for example, will take action against Topstep et al.