Red Compliance | FinTelegram News

Category: Red Compliance

August 10, 2023

Compliance Update: Alpari and FXTM Broker Schemes Included In Red Compliance Liste

The broker schemes Alpari and FXMT, a/k/a ForexTime, were founded by the Russian Andrey Dashin. On his website, Dashin claims that Alparin has more than 2 million clients and a more than a trillion turnover. Alpari has received and lost licenses in Russia, Cyprus, and the UK since its inception. FXTM currently has a CIF license from CySEC in Cyprus and via Exinity UK Ltd from the UK FCA. Both schemes are operated by Dashin's Exinity Group. We have placed both on our Red Compliance list.

August 1, 2023

Compliance Rating: Offshore Broker Startrader Included In Our Red Compliance List!

On August 21, 2023, the Spanish regulator CNMV has issued a warning against the offshore broker Startrader operated through Startrader LLC, registered in St. Vincent & The Grenadines, the website says. The broker does not have a license to offer its financial services. Startrader Limited in the Seychelles is registered as a securities dealer with the FSA and operates IV Markets. We have placed Startrader on the Red Compliance list.

July 13, 2023

Introducing Vanuatu-Broker AdroFX: Initial Review And Compliance Check!

As part of our systematic coverage and evaluation of offshore brokers, we also looked at AdroFX, a multi-asset broker registered in Vanuatu with the VFSC as a Financial Dealer. Like many other offshore brokers, AdroFX also addresses retail traders in the regulatory regimes of Europe, North America, and Asia without the required regulatory permission. Due to the lack of licenses and regulatory lapses, we have placed AdroFX on our Red Compliance List.

July 12, 2023

Compliance Check For Offshore Broker Number One Capital Markets (N1CM)!

The offshore broker Number One Capital Markets a/k/a N1CM registered as a Financial Dealer with the Vanuatu FSC (VFSC) in 2017. However, N1CM no longer appears in the latest VFSC Financial Dealer list dated July 10, 2023. The broker does not provide details on this. Recently, the Spanish regulator CNMV issued a warning against N1CM. We have therefore placed the broker on our Red Compliance list and advise all traders to exercise the utmost caution.

July 11, 2023

Compliance Check For Offshore Broker BlueStarFX

BlueStarFX is an offshore broker registered as a Financial Dealer with the Vanuatu FSC (VFSC) since June 2023. We have not found much about the broker; it should be relatively new. There are no reviews or Similarweb statistics, but the broker is online. Therefore we were able to register and do a compliance check. This has resulted in us putting BlueStarFX on the Red Compliance list and recommending traders avoid the broker.

July 10, 2023

Initial Review And Compliance Check for Offshore Broker ForexChief

The offshore broker ForexChief operates through a legal entity in Vanuatu that is registered with the VFSC as a financial dealer. ForexChief is also registered with the FMA in Vanuatu as a member. We think that people from Belarus control this offshore broker. As payment processors, we found the usual suspects like Advcash, Perfect Money, or FasaPay. We have put ForexChief on our Red Compliance list due to the lack of regulatory permission.

July 9, 2023

Update Review: The Offshore Broker Olymp Trade And Connected Schemes!

The offshore broker scheme Olymp Trade is operated by Saledo Global LLC, registered in St. Vincent & The Grenadines, and Aollikus Limited, Vanuatu. The offshore broker addresses clients in Asia and the MENA region and attracts some 5 million monthly website visitors. OlympTrade is also connected to other broker-affiliated schemes such as Saledo Global, Swiss USDT, or DealAcademy through its operating entities. We included Olymp Trade in our Red Compliance list.

July 7, 2023

Red-Listed Offshore Broker Quotex Continues Its Strong Growth!

The offshore broker Quotex has been active for several years and during this time has used various offshore entities as official operators. Until recently, this was Maxbit LLC, registered in St. Vincent & The Grenadines. In our current review, we have found Soft Horizon Ltd in Saint Lucia in the Service Agreement. Quotex is vast and has around 10 million website visitors per month, according to Similarweb. Due to the lack of regulatory permission, we have added Quotex to our Red Compliance list.

July 6, 2023

Updated Review On Red-Listed Offshore Broker Scheme PocketOption!

Most recently, the Belgian FSMA has placed the offshore broker scheme PocketOption a/k/a PO Trade on its blacklist. Over the past few years, several regulators have already warned against the unregulated broker. For a few weeks, PocketOption has been operated by Infiniti Trade LLC, a company registered in Costa Rica. Before that, it was Gembell Limited. We have added PocketOption to our Red Compliance list.

June 23, 2023

Offshore Broker HonorFX Downgraded To Red Compliance!

HonorFX is a Red-listed offshore broker operating through Honor Capital Markets Limited, registered in Malaysia, Mauritius, and St. Vincent & The Grenadines. EEA regulators have issued warnings against HonorFX as early as 2022. While HonorFX grew rapidly in 2022, website traffic has recently collapsed. Most recently, a website visit's average duration has only lasted a few seconds. Is HonorFX in trouble? Here is our updated review.

June 22, 2023

Offshore Agra Markets About To Go Out Of Business!

Agra Markets is a small offshore broker operating through Agra Markets LLC in St. Vincent & The Grenadines. The offshore entity was only incorporated in Nov 2021 and became a member of The Financial Commission in March 2022. We published our initial review in April 2022. The collapsed website traffic suggests that Agra Markets may go out of business. Be super careful with unregulated offshore brokers. You will most likely lose all your money.

June 21, 2023

No Surprise: UK Watchdog Issues Warning Against VT Markets Broker Scheme!

VT Markets is an Australian broker scheme that also allows the onboarding of retail clients in EEA jurisdictions via offshore entities. VT Markets offers maximum leverage of 1:500. Until mid-2022, VT Markets was part of the Vantage Group and still operates with the same solution. The scheme is operated by various companies in different jurisdictions and has authorizations in Australia and South Africa. However, the FCA has today issued a warning against the broker.

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.

U.S. DOJ Charges 18 Individuals and Entities in Global Crypto Fraud Crackdown!

The U.S. DOJ has charged 18 individuals and entities in an international operation targeting market manipulation and fraud in the crypto industry. The defendants, including market makers and token promoters, are accused of using wash trading and false trading activity to deceive retail investors and artificially inflate crypto prices. This is the first major criminal case of its kind in the crypto market.