CySEC | FinTelegram News

Category: CySEC

July 23, 2021

R4I – Regulated brokers ForTrade and Alpari have joint interests

Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.

July 22, 2021

Incorrect FCA warning against alleged clones of regulated ForTrade broker

The UK FCA issued an interesting and incorrect investor warning today. The UK regulator warns against the TorexFX, an allegedly unauthorized clone of the FCA and CySEC regulated broker ForTrade. The domains mentioned in the warning are https://torexfx.com, https://gloryft.com, and https://fxen.gloryft.com. The GloryFT domains are operated by the Russian Alpari Broker LLC and the FCA-regulated ForTrade Limited. Thus, the FCA has not recognized that an FCA-regulated entity conducts allegedly "unauthorized" activities.

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July 12, 2021

R4I – Muddy Waters in Cyprus or ArgusFX and an international financial thriller

The story recently touched down in Paris at the listed IT provider Solutions 30 SE, whose shares are listed on Euronext in Paris. The company has a market capitalization of approximately €700M as of July 12, 2021. Well-known Californian short-seller Muddy Waters shorted Solutions 30, suggesting that the company was linked to money laundering and criminal organizations. As a result, a certain Federico Salmoiraghi, brought suit against Muddy Waters. Salmoiraghi is a person of interest who is also associated with CySEC-licensed Acier FX Ltd d/b/a ArgusFX. We would like to learn more!

July 9, 2021

BaFin- and CySEC-regulated NAGA deploys fraud marketing campaigns to chase new clients

The NAGA Group AG is a German-based FinTech company publicly listed on the Frankfurt Stock Exchange. The company is doing business as NAGA. The subsidiary NAGA Markets Europe Ltd is an investment firm (CIF) regulated by CySEC in Cyprus with license number 204/13. Another subsidiary is the unregulated offshore entity NAGA Global Ltd, registered in St. Vincent and the Grenadines. The company labels itself as an operator of a social network for financial investments and thus similar to eToro. Today, we established that NAGA is using fraudulent marketing methods.

June 12, 2021

CySEC Compliance Issue – Regulated FXORO illegally chases EU clients via its offshore entity

We first registered with an EU address on the offshore entity of the CySEC-regulated FXORO, which is marketed through the subdomain https://global.fxoro.com. There we could choose between two account types, each offering leverage of 1:400. Only 1:30 is allowed in the EU in the first place. After that, we wanted to register on the CySEC-regulated FXORO on its approved website www.fxoro.com with the same credentials. This was not possible because our data from the offshore registration was already there. Thus it's evident that FXORO uses only one client database for the two mutations.

May 7, 2021

Daily Affiliate Alert – Fraudulent Bitcoin Worldwide campaign promotes broker scams

Today we receive an email in which we are informed that there would still be a credit balance of more than €1,800 on our account. They had already tried to contact us several times to let us have our money! Within 48 hours, they would delete the account if we did not contact them. OK, let's have a look. The link in the email takes us to the BITCOIN WORLDWIDE campaign, where we are promised a bitcoin bonus. Then we are redirected to the YuanPay Group (www.yuanpay-system.com) site, which finally redirects us to payment pages of various scam brokers.

April 21, 2021

FCA warning against PrimeQX broker scam operating with CySEC clone site

The UK Financial Conduct Authority (FCA) has issued an investor warning against the broker scam PrimeQX. The scam is operated by PRIME BUSINESS FINANCE LTD and MAGNETITS CAPITAL LTD. The scam claims to be regulated by CySEC with license number 129/22. The scammers operate the fake CySEC site www.cysecgov.com where PrimeQX is falsely presented as a CySEC-approved domain. As the scams payment facilitators, we have discovered iPayTotal, Itez, WE4BTC, and PaymentsPro.

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 15, 2021

CySEC Compliance Issue – PlusMarkets, its offshore mutation, and Serbian boiler rooms

CySEC-regulated investment firm UR Trade Fix Ltd operates PlusMarkets broker under the license number 282/15. Within the scope of this license, the company is authorized to operate the domain www.plusmarkets.eu within the EU or EEA only and must comply with the relevant regulatory requirements. But as most CySEC-regulated brokers, PlusMarkets entertains an offshore mutation operating with the unauthorized domain www.plusmarkets.com. This offshore mutation acquires and accepts investors from the EEA and circumvents regulatory frameworks and investor protection.

April 12, 2021

EuroTrader Update – Ozan Ozerk, Soteris Georgiou, domains, and legal entities

We have brought a first report on the activities of brokers brands EuroTrader and LQDFX some ago. The EuroTrader group is regulated by CySEC for its activities in the EU. However, besides that, the group operates offshore mutations via entities in the Marshall Islands and South Africa. The FinTech emperor Ozan Ozerk controls both EuroTrader and the unregulated LQDFX. The British accountant Soteris Georgiou is also registered as Ozerk's long-time partner and accountant as the offshore entities' beneficial owner. Here is an update.

March 27, 2021

LegacyFX – another CySEC CIF onboarding European clients via Vanuatu mutation

LegacyFX broker operates with two mutations. The "European Mutation" is operated by A.N. Allnews Investments Ltd, an investment firm regulated by CySEC. Then there is the "International Mutation," operated by AN All News Investments Ltd regulated offshore by the Vanuatu Financial Services Commission (VFSC). While not allowed to do so, the "International Mutation" actively addresses European investors and accepts happily accepts them and their money.

March 19, 2021

CySEC Attention – Regulated Trade360 fishing for clients with fraudulent affiliate services

Once registered with one of the many fraudulent affiliate schemes, our research team is served with literally dozens of new scams every day via email, phone, or social media. Currently, cryptocurrencies are used to lure client-victims. These emails introduce crypto investment opportunities. In fact, you are redirected to scams via websites like Bitcoin Billionaire, Bitcoin Revolution, or Bitcoin Era. But also CySEC-registered CIFs use this fraud service. Yesterday and today, we found Trade360, which use it to get customers to deposit without KYC/AML and false promises.