CNMV | FinTelegram News

Category: CNMV

July 6, 2021

Spanish CNMV warns against new scams and their operators

It's high summer in Europe, but scammers are very active despite the unbearable heat in some regions. Yesterday, the Spanish regulator CNMV issued a series of investor warnings against financial scams and their operators. In total, the CNMV has issued warnings against seven scams which we have listed below. Use the high summer for your vacation, and please stay far away from the scams. You certainly do not need this thrill. Keep your money and have a good time with it.

June 30, 2021

Investor Attention – CNMV warns against illegally operating crypto broker Quotex

Spanish regulator CNMV has issued an investor warning against the illegally operating broker Quotex (www.quotex.io) earlier this week. Seychelles-registered Awesomo Ltd and Quotex Ltd allegedly operate this. The scam has registered with the International Financial Market Relations Regulation Center (IFMRRC) and received a Certificate of Compliance. Well, the IFMRRC is a fake regulator, and the certificate is worth nothing. The payment processors we found are Onepayways, AdvCash, Perfect Money, Piastrix, and Coinbase.

June 28, 2021

Spanish CNMV warns against Australian ZeroMarkets and its offshore entity

CNMV issued a warning against Australian broker Zero Markets and its offshore entity Zero Markets LLC. Zero Markets is a group of companies that include Zero Financial Pty Ltd, Australia, and Zero Markets LLC, registered in St. Vincent & the Grenadines. While Zero Financial Pty Ltd as the operator of www.zeromarkets.com.au, is an Authorised Representative of First Prudential Markets Pty Ltd, the offshore entity Zero Markets LLC as the operator of www.zeromarkets.com has no license to offer financial services in the European Union.

April 19, 2021

Investor Warning – CiscoTrades facilitated by crypto payment processor BitTheBank

The problem with financial market regulators' warnings is that they usually come too late. Usually, their warnings are issued only after many investors have complained. Thus, scammers defraud consumers undisturbed for many months. This is also the case with CiscoTrades (www.ciscotrades.com). The broker scam has been active for several months, and only today the CNMV issued a warning. The scam is apparently already disappearing again. As a payment processor, we have once again discovered the Estonian BitTheBank.

April 19, 2021

Spanish CNMV issues warning against PrimeBit crypto trading platform

Spanish regulator CNMV has issued a warning against the self-proclaimed P2P crypto trading platform PrimeBit (www.primebit.com). This is allegedly operated by PrimeBit Ltd, registered in St. Vincent and the Grenadines. There you can trade the USD against BTC, ETH, and LTC. Customers can only deposit Bitcoin (BTC) and Tether (USDT) there. If you don't have any cryptocurrencies to deposit, the crypto exchange Changelly (www.changelly.com) is suggested for you to buy. PrimeBit seems to be a scam to us.

April 17, 2021

CySEC Compliance Issue – FCA bans FXVC for the UK market

Cyprus Investment Firms (CIF) regulated by CySEC are a problem for the security of the European financial markets. The CySEC CIFs work with illegal offshore mutations, fraudulent marketing campaigns, and target consumers and retail investors in the EU. Now the UK watchdog FCA has banned CySEC-regulated Finteractive Ltd d/b/a FXVC from UK clients. After Brexit, FXVC was allowed to operate under the Temporary Permission Regime (TPR) with the CySEC license in the UK.

April 8, 2021

Consob orders blackout of six more scam broker sites

Actually, all EU states and their regulators should do this! The EU rules on consumer protection stipulate that the respective competent authorities must take the necessary measures to protect their citizens from Internet fraud. One of these measures is the blocking of fraudulent websites. Currently, only the Italian regulator Consob does this, based on a "Growth Decree" law from June 2019 empowering the regulator to block access to websites offering financial services without the proper authorization. On the first day after Easter, Consob blocked another six broker scams.

CNMV

April 8, 2021

Investor Warning – CityFX Capital broker scam with illegal US payment processor

The Spanish regulator CNMV has recently issued a warning against CityFX Capital (www.cityfxcapital.com). The scam is allegedly operated by Turtle Capital Ltd, which is registered in the Marshall Islands. As an illegal payment processor, we have discovered ER Expert Solutions LLC in the United States, which processes potential victims' deposits through its account at JP Morgan Chase Bank. The involvement of a US payment processor is astonishing.

March 26, 2021

CNMV warns against Investflow broker scam with Lithuanian payment processors

CNMV issued an investor warning against the broker scam InvestFlow a/k/a Invest Flow (www.invest-flow.io and www.investflow.trade). The scam is allegedly operated by Seabreeze Partners Ltd, which is registered in the Commonwealth of Dominica. Besides, the CNMV has also issued warnings against the broker scams Capital Pro Investments and EverestBTC. However, these are currently no longer active. At Investflow, we have discovered Piastrix and the Lithuanian duo of Epayblock and Ristema as payment processors.

March 25, 2021

Investor warning – Broker scams Tradixa and Brokerz facilitated by Praxis Cashier and PandaTS

The broker scam Tradixa currently operates with the domain www.tradixa.net. The legal entitiwa behind the scam allegedly used to be Tradixa Ltd, St. Vincent & the Grenadines, and All Media EOOD, Bulgaria. In December 2020, the Italian Consob ordered the scam's website's blackout; several other European regulators have issued investor warnings. The scam is still active and facilitated by Praxis Cashier and Epay as its payment processors.

March 16, 2021

Latvian Racket – CNMV investor warning against XFinances

We issued an investor warning against the XFinances a/k/a eXFinances broker scam a few days ago. Now the Spanish regulator CNMV has also issued a warning against the scam. This scam is operated by Finex Group Ltd, registered in the United Kingdom. According to our findings, this scam is part of the Latvian Racket, a European cybercrime organization with a diverse portfolio of scam activities, including the licensed payment services provider Isunext in Estonia.

March 8, 2021

Regulatory Analysis – Spanish CNMV warns against 11 investment scams

The Spanish regulator CNMV today issued investor warnings against 11 investment scams. We took a closer look at the affected scams and their websites. The websites currently still online are all scam brokers specializing in Forex and Crypto. As payment processors, we discovered BridgerPay as a gateway provider at one scam broker. Besides that, we have discovered Spanish GoodPay, PayPan, Garden for Grow, or Trading Academy. However, most of the scams rely exclusively on crypto.