CONSOB | FinTelegram News

Category: CONSOB

April 26, 2021

Italian Consob orders blackout of five new illegal financial services

Like every Monday, the Italian regulator Consob today announced the blackout of five new websites of illegally operating providers of financial services. This makes the Italian financial market supervisory authority the only EU regulator to take this effective measure. For consumer protection in the EU, it would be desirable if more member states would create a legal basis for blocking illegal or fraudulent websites. Forza Italia!

April 19, 2021

Italian Consob orders blackout of five new broker scams

Consob now announces almost every Monday the blackout of websites of illegally operating providers of financial services. This makes the Italian financial market supervisory authority the only EU regulator to take this effective measure. For consumer protection in the EU, it would be desirable if more member states would create a legal basis for blocking illegal or fraudulent websites. Today, the Italian watchdog announced that it ordered the black-out of five new websites that offer financial services illegally.

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

The GlobalCFD broker scam and its payment processors

The Italian regulator Consob ordered the blackout of the then GlobalCFD broker scam website in Feb 2021 www.globalcfd.co. A few days ago, the regulator also blocked the scam's new domain www.globalfxcfd.com. The scam is allegedly operated by GlobalCFD Ltd and D&D Venture Project Ltd via the Marshall Islands. As payment processors, we have once again found a few of the usual suspects. Among them the iPayTotal and the crypto payment processors Itez and WE4BTC.

BaFin
CONSOB

March 31, 2021

Investor Warning – Scam broker SwissPremiumFX

The Italian Consob has ordered the blackout of the website of the broker scam SwissPremiumFX (www.swisspremiumfx.com) on March 29, 2021. The scam is allegedly operated by the offshore companies Kbs Capital Markets Ltd, Marshall Islands, and Axis Solutions Ltd, Commonwealth of Dominica. At the beginning of March 2021, the German BaFin initiated investigations against this scam operator in connection with the Swiss24 broker scam.

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 12, 2021

Consob orders blackout of Zurich Invests broker scam facilitated by Praxis Cashier and MisterBit

The Italian Consob has this week again ordered the blackout of the websites of five illegally operating financial service providers. Among the blacked out is the scam broker Zurich Invests allegedly operated by BENELUXZURICH, KB ATM MANAGEMENT, and ZH COMPANIES BNK Ltd, registered in the UK. As payment processors, we have discovered Praxis Cashier and the Estonian MisterBit. The latter is apparently also registered with Praxis Cashier as a merchant receiving the credit and debit card payments on behalf of the Zurich Invests scam.

March 6, 2021

Italien Consob ordered black-out of FX24 facilitated by BridgerPay

This week the Italian Consob ordered the black-out of the FX24 broker scam website operated by Swiss Management Corporation Ltd. The scam also operates with the domain www.fx24.live, which is not mentioned in the Consob order. The scam operator Swiss Management Corporation is registered with the private forex "regulator" IFMRC. A fake regulator for a fake company We have once again identified the unregulated Cyrpus-based BridgerPay as the payment gateway for credit and debit card deposits.

CONSOB

March 6, 2021

Italian Consob ordered blackout of 5 more scam broker sites

The Italian watchdog Consob has ordered the blackout of five more scam broker websites that abusively offer financial services and financial products. Additionally, one site through was ordered to be blacked out offering financial products without the required prospectus. Consob availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) regarding the blackout of the sites of abusive financial intermediaries.

March 5, 2021

The 20+ Mio of scam operator Donnybrooker and the Lithuanian payment processors

Spanish CNMV issued an investor warning against the EuroFX scam operated by Donnybrook Consulting Ltd in the Commonwealth of Dominica. This offshore entity is also the operator of the Energy Markets scam. We have discovered the Russian Piastrix and the illegally operating Lithuanian payment processor Merelita UAB with the regulated e-money institution Epayblock as facilitators. Besides, we have discovered a BTC address with more than BTC490 (equivalent to almost $23.2M).

February 15, 2021

German-Ukrainian Capital Letter Scam Group and its payment facilitators

German Capital Letter group operatees scams such as BrightFinance, SolidInvest, GFXRoyal, STSRoyal, STSCrypto, or GFXFinance. Various European regulators such as the FCA, BaFin, or the FMA have already warned and issued Cease and Desist Orders over the last months. The Italian Consob has ordered a blackout of the sites. Some scams are still active. Now the UK FCA issued a new warning. Praxis Cashier is still facilitating the GFXRoyal scam along with the Estonian AnyCach OÜ (d/b/a any.money).