Category: Red Compliance
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Alert: Caution Advised Regarding Gerald Check’s New Crypto Scheme – 20Exchange (20EX)
FinTelegram issues a stark warning and an urgent call for information regarding the newly launched 20Exchange (20EX), a crypto scheme spearheaded by Gerald Check, a key figure linked to the blacklisted L7 DEX crypto MLM scheme. Given the emerging pattern of dubious crypto schemes and the lack of transparency surrounding 20EX, we advise potential investors to exercise extreme caution. Stay informed, stay vigilant.
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The MEXC Storm Continues: Discussion About The Deleted X Account Of Twitter CEO John Chen Ju!
The crypto exchange MEXC is on the red list on FinTelegram. This was the result of several reviews that revealed an unclear situation regarding regulation and the apparent secrecy surrounding the beneficial owners. In Estonia, the FIU revoked the crypto license of MEXC Estonia OÜ, which the company appealed against. Following the Grimace debacle and insolvency rumors, MEXC CEO John Chen Ju is said to have deleted his X account, which the scheme denies.
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NordFX Update: The Broker Is Now Registered In St. Lucia!
FinTelegram included the offshore broker NordFX in its REd Compliance list as it is operating without authorization. The broker uses a formerly CySEC-regulated entity acting as a payment agent. NordFX has informed us that the operator, NFX Capital VU Ltd, is no longer registered in Vanuatu but in St. Lucia. Traders conclude their client agreement with this unregulated offshore entity. The offshore broker "will not be held responsible for the accuracy of any information available on this site."
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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.
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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.
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License Revoked: Urgent Warning Against Crypto Exchange MEXC And Its Possible Collapse!
After the collapse of FTX in November 2022, regulators worldwide cracked down on crypto companies. Scrutiny increased in intensity and led to complaints and warnings from regulators. This also affected the crypto exchange MEXC, which received warnings from regulators worldwide. As exclusively reported by FinTelegram, the Estonian FIU has now revoked the crypto license of MEXC Estonia OÜ. Does this mean the end for MEXC? It is a likely scenario!
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Attention: UK FCA Updated Warning Against Offshore Broker PU Prime. Red Compliance Rating Confirmed!
FinTelegram published an initial review of offshore broker PU Prime in April 2022. This offshore broker offers its financial products to clients in the UK and EEA without the required regulatory authorizations. In addition to the UK FCA, which updated its warning on November 10, 2023, the Danish FSA has also issued a warning against PU Prime, mentioning that the offshore broker is advertised via financial influencers.
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Attention: Crypto Exchange MEXC Downgraded To Red Compliance Status!
The Estonian entity MEXC Estonia OÜ holds a crypto license issued by the Estonian FIU. The entity operates as a payment agent and distributor for the crypto exchange MEXC. FinTelegram recently reported the warning issued by Austrian FMA against the crypto exchange MEXC. In October 2023, the German BaFin also issued a warning. Due to the regulatory warnings and other issues, we downgraded MEXC to our Red Compliance list. Here is the update.
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Red Compliance Rating: The Bond Offered By BDSwiss Parent Company Duronga!
German entrepreneur Jan Malkus is the beneficial owner behind CySEC-regulated BDSwiss, which has recently faced massive regulatory difficulties in various jurisdictions. Malkus controls the BDSwiss Group through Cyprus-based Duronga Holdings Ltd. Currently, Duronga is offering a bond that offers investors a repayment of 210% of the capital invested. We have put the bond on our Red Compliance List.
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Offshore Broker RoboForex Included In Red Compliance List!
RoboMarkets Ltd is a CySEC-regulated broker d/b/a RoboMarkets. RoboForex is the scheme's offshore broker operated by RoboForex Ltd, Belize, regulated by FSC Belize. RoboForex offers its financial services in EEA jurisdictions without regulatory permission. In addition, we found that the broker's website receives a lot of traffic from Russia. We have added RoboForex to our Red Compliance list. Read our latest review.
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Attention: Spanish Watchdog Warns Against CFTC-Regulated NinjaTrader
The Spanish financial regulator CNMV has warned against the broker scheme NinjaTrader. NinjaTrader Group and its legal entities operate this broker and the Infinity Futures brand. NinjaTrader Group holds CFTC registrations as an Introducing Broker and futures commission merchant. However, the scheme does not have regulatory permission to operate in EEA jurisdictions. You should, therefore, be cautious as an EEA resident.