BaFin | FinTelegram News

Category: BaFin

November 26, 2020

Gooooood Morning BaFin! Another Cease-and-Desist order against a dissolved company

Almo Markets VIP GmbH accepted funds from private persons on its bank accounts for the sole purpose of transferring these funds to offshore companies operating FX, CFD, and crypto scams. Among these scams facilitated by Almo Markets VIP have been 53capitaltrade, YesOption. YesTrading, TradeGBP, TradeDAX as well as Coinbrokerz. Almo Markets VIP vanished. As did all the scam sites. And with them the money. BaFin missed some time, we guess!

November 25, 2020

Sorry, too late! BaFin issued a cease-and-desist order against dissolved laundromat

In recent years, German companies have increasingly been used as payment processors for scams and cybercrime. Dozens of German companies are still acting as illegal payment processors for scammers. The law calls it money laundering. Lipans Smart Consult GmbH was one of those laundromats. BaFin issued a Cease-and-Desist Order but the company has already been dissolved months ago.

November 25, 2020

Finally! BaFin orders Deutsche Handelsbank to implement appropriate AML procedures

Deutsche Handelsbank has appeared as a payment processor in many binary options and broker scams. Moreover, the BaFin-regulated institution is a correspondent bank and partner of other regulated payment processors such as MoneyNetint, which also support scams. EFRI has filed a corresponding complaint to BaFin. The German regulator has now officially ordered Deutsche Handelsbank to implement appropriate AML measures to prevent money laundering and terrorist financing.

October 25, 2020

BaFin issues cease-and-desist orders against MorganTrust and 10CryptoMarket scams

The German regulator BaFin has issued two cease-and-desist orders against two well-known scam operators - GreenRiver OÜ, the Estonian operator of the broker scams MorganTrust (www.morgantrust.eu), and the 10CryptoMarket (www.10cryptomarket.com) scam of the Joshua Group. The latter is a Ukrainian operated scam on the notorious PumaTS (Leverate) whitelabel provider against which several other regulators have already issued investor warnings.

October 13, 2020

BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

Germany is known in the international scam and cybercrime scene for its illegal payment processors. Scammers are fond of their exceptional bank wire services. The BaFin today announced that the Cease-and-Desist order issued in July 2020 against Global Data Conduct GmbH is final and conclusive. This illegal payment processor facilitated the broker scam TradesFX (www.tradesfx.com).

October 12, 2020

German BaFin issues Cease-and-Disease order against TopInvestus – again!

On October 9, 2020, the German regulator BaFin again ordered the discontinuation of the TopInvestus broker scam. Already in May 2020, the regulator issued a cease-and-desist order against the scam which was then operated under the domain www.topinvestus.com by Silverdale Holdings Ltd, British Virgin Islands, and Vindigo Systems OÜ, Estonia.

October 1, 2020

BaFin issues cease and desist orders against illegal payment processors

On September 29 and 30, 2020, the German Financial Market Authority BaFin issued several Cease and Desist Orders against German companies that provide payment processing services without the appropriate authorization. The BaFin order against the German companies is related to the international broker scams GiroFX, STSRoyal, and Fibonatex against which other regulators have already issued warnings.

September 26, 2020

BaFin issues cease and desist order against TheCapitalStocks and RoyaltyFinance

The German regulator BaFin has warned against the broker scams TheCapitalStocks (www.thecapitalstocks.com) and RoyaltyFinance (www.royaltyfinance.io) which are allegedly operated by Kleinman Enterprise Ltd in St. Vincent & the Grenadines. Already in August 2020, the Italian CONSOB warned against these scams. Both are white label solutions of the Bulgarian Global CRM Solution Platform.

August 21, 2020

BaFin issues cease and desist order against payment processor Global Data Conduct

The German regulator has issued a Cease and Desist Order against the illegal payment processor Global Data Conduct GmbH, a company registered in Cologne, Germany. This German company at least acted as facilitator for the broker Scam TradesFX, received bank transfers from client victims and forwarded them to the scammers. The sole managing director of the company is Anatolijs Dedenko, who lives in Düsseldorf.

August 7, 2020

Investor Warnings – Austrian FMA warns against broker scams – illegal payment processors exposed

The Austrian Financial Market Authority FMA has recently issued several investor warnings. Specifically, the FMA warns against the broker scams Tradixa, GFXRoyal (GFX Finance), HBC Market (HBC Markets), and BSB Global. The FinTelegram Research Team has looked at the special features of these scams. And this is what we found:

August 3, 2020

Investor Warning against FX Leader and SwisCapital broker scams!

The German regulator BaFin has issued a cease and desist order against the scam broker FX Leader (www.fx-leader.com). This scam, in turn, is directly linked to the SwisCapital (www.swiscapital.com) scam. In fact, the domain has been redirected from FX Leader to the SwisCapital broker scam, which is allegedly operated by a SwissCapital Limited, a company allegedly registered in St. Vincent and the Grenadines. The broker scams are really bad for small investors and consumers. But worse, much worse are the facilitating payment processors that make fraud possible in the first place.

August 3, 2020

BaFin issues another Cease and Desist Order to illegal payment processor TrustSecure

The unauthorized and thus illegally operating German payment processor TrustSecure GmbH has been operating since 2017. Initially, the company was founded at the end of 2017 as SCRI-Alpha 961 GmbH as an asset management company. Already in January 2018, the company was renamed to Trustsecure GmbH and Serghei Grodetchi with official residence in Düsseldorf was appointed as managing director. The BaFin issued another cease-and-desist order to TrustSecure in the context of the broker scams FDM Trade Online and TradesPrime.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.