ASIC | FinTelegram News

Category: ASIC

December 17, 2022

Australian Regulator Charges Finder Wallet For Its Stablecoin Offering!

The Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings against Finder Wallet Pty Ltd, a subsidiary of Finder, founded by Crypto King Fred Schebesta. The regulator alleges Finder Wallet was providing unlicensed financial services, breaching product disclosure requirements, and failing to comply with design and distribution obligations (DDO) in relation to its crypto-asset-related product Finder Earn the TAUD stablecoin.

June 28, 2022

The IC Markets Scheme And Its False Defamation Claims!

We received a letter from the Cyprus-based law firm KPK Legal confronting us with defamation claims on behalf of the IC Markets group. KPK Legal explicitly represents the interests of CySEC-regulated IC Markets (EU) Ltd and its offshore entity Raw Trading Ltd in Seychelles. The letter to FinTelegram claims that, contrary to FinTelegram's representation, IC Markets would not be included in the Italian Consob's Warning List. Well, this is fact and not defamation. We are publicly countering KPK Legal's letter as they also address Google in their false defamation allegations.

June 19, 2022

Sam Bankman-Fried, FTX, And His Robinhood Investment

The vegan crypto billionaire Sam Bankman-Fried founded the crypto broker FTX in April 2019 and has since been on an aggressive acquisition trip around the world. FTX acquired the CySEC-regulated K-DNA Financial Services Ltd and the ASIC-regulated Australian ITFS Markets Pty Ltd in March 2022. A few weeks ago, WSJ reported a $648 million investment in Robinhood in exchange for 7.6% of the company’s shares. In recent weeks, the FTX founder has also stepped up as a financier in Elon Musk's Twitter acquisition. He is a busy guy!

June 19, 2022

Whistleblower Request – Broker Crypto FTX & CySEC-Regulated K-DNA Financial Services!

We didn't have US crypto billionaire Sam Bankman-Fried and his FTX Group on our radar. This crypto brokerage scheme, controlled via offshore entities in Antigua and Barbuda or the Bahamas, recently acquired CySEC-regulated investment firm K-DNA Financial Services Ltd, led by Martha Lambrianou. In March 2022, FTX Group announced the establishment of FTX Europe AG, Switzerland, as a holding company. FTX Group came to our attention via a BaFin warning against the Investorix broker scam mentioning the K-DNA Financial Services Ltd. We would like to learn more!

April 25, 2022

Introducing the Serbian Fortrade partner KapitalRS

Kapital RS Inc. a.d. d/b/a KapitalRS is a Serbian investment company regulated by the Securities Commission of the Republic of Serbia, authorized to provide investment advisory services. KapitalRS is not authorized to accept deposits, client deposits are made to an authorized broker. The company operates boiler rooms and provides technical support and marketing promotion to regulated Fortrade Group. It provides services related to the execution of orders, ie it manages the trading platform on which financial instruments are traded.

April 21, 2022

Offshore broker Axiory with super-high leverage does not accept clients from UK and EU!

Axiory offshore broker is operated by Axiory Global Ltd, regulated by FSC Belize, and Tradit Ltd, regulated by FSC Mauritius. It does not acquire clients in the UK, and EU whereby registration is algorithmically blocked and not possible. Thus Axiory abides by regulatory requirements in these countries. Axiory also does not allow pre-KYC deposits, positively differentiating itself from many other offshore brokers. It offers leverage of up to 1:777. However, in Eu

January 1, 2022

The offshore activities of CySEC-regulated Eightcap!

Until Aug 2021, the CySEC-regulated investment firm (CIF) Eightcap EU Ltd was called R Capital Solutions Ltd and was the owner and the operator of MXTrade until 2015. Then the broker was transferred to the infamous Lau Scheme in Belize. However! Now Eightcap operates the CySEC approved domain www.eightcap.eu. Besides, as usual with many CySEC CIFs, offshore broker activities are conducted through www.eightcap.com and Eightcap Global Limited in the Bahamas.

December 22, 2021

Investor warning against offshore broker Moneta Markets and the Vantage Group

We recently communicated with David Bily, founder of Moneta Markets, to get the background of Vantage Group of companies. David confirmed that Moneta Markets is operated as a white label solution of Vantage Group by Vanuatu-based and VFSC-regulated offshore entity Vantage Global Limited. David opined that a license or permission would not be required for Moneta Markets in the EU. However, Consob sees differently and recently issued a warning against Moneta Markets and Vantage Global Limited.

October 31, 2021

Attention! Offshore broker Moneta Markets attacks European consumers with illegal offerings!

Moneta Markets is one of the numerous brokerage and trading brands of the Vantage Group. The website claims that Moneta Markets is operated by the offshore entity Vantage Global Limited in Vanuatu, which works with a financial dealer license from the VFSC. However, an offshore license like this does not entitle the licensee to engage in regulatory regimes in North America or Europe. Most recently, Vantage Group entered into a settlement with the Canadian regulator OSC because of their illegal offshore approach, and they continue to move on. Here is the review!

October 31, 2021

FCA-regulated Vantage Group with unauthorized Moneta Markets, FXMarket Trades, and FXBit Mining

In August 2021, Spanish CNMV issued a warning against VT Markets acting without authorization. The broker's Client Agreement states Vantage International Group Limited, registered in the Cayman Islands, as the operator. This offshore entity is part of the Vantage Group and holds a Caymen Islands Monetary Authority (CIMA) license. The Vantage Group operates a portfolio of other broker brands such as the UK-regulated VantageFX and several unregulated such as Moneta Markets or FXBit Mining.

August 2, 2021

Spanish CNMV warns against offshore broker VT Markets of Vantage Group

Spanish CNMV issued a warning against VT Markets, a broker operating without authorization. The broker's Client Agreement states Vantage International Group Limited, registered in the Cayman Islands, as the operator. This offshore entity is part of the Vantage Group and holds a Caymen Islands Monetary Authority license. The Vantage Group operates other broker brands such as VantageFX, VantageFXoptions, or TradeOnlineProfit via different entities. As a payment processor, we found everpay for bank transfers, for example.

May 14, 2021

Investor Alert – Operators of broker scam Tradesto on the run!

Tradesto was around for many years. This week, the UK FCA issued an investor warning against Tradesto (www.tradesto.com), allegedly operated by Tradesto Corporation, in St. Vincent and the Grenadines, and Tradesto UK Limited. The Malaysian Law Yi Soon was registered as the beneficial owner. The broker claims to be regulated by the VFSC in Vanuatu and ASIC in Australia. It isn't. Tradesto Corporation was de-registered from the VFSC's register in November 2020; Tradesto UK Ltd was dissolved via a compulsory strike-off at Companies House on March 30, 2021.