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Category: CySEC

CySEC

July 2, 2022

CySEC-Regulated ForexTB Payd €270k To Settle Regulatory Investigations.

The Cyprus Securities and Exchange Commission (CySEC) says ForexTB, a regulated contract for difference (CFD) broker, has paid €270,000. The settlement has been reached with Forex TB Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017. The investigation for which the settlement was reached involved the company’s compliance procedures for the period of April 2020 to December 2021, following its internal auditors' report of April 2020 and other information examined.

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!

June 16, 2022

Another Update: BDSwiss Still Not Accepting New Clients!

Since Mid-April 2022, the CySEC-regulated German BDSwiss has not been accepting new clients. For reporting on their offshore onboarding activities, we have been threatened several times by the BDSwiss Compliance and Legal Departments. In our re-check on 15 June 2022, BDSwiss still does not accept new clients. Catalina Pantea resigned as director in Jan 2022 , and we learned that some other key people left the company in 2019 to establish Klarpay, as regulated Swiss FinTech. The latter received a CHF3 million funding from Payabl in May 2022. Here is another update.

June 1, 2022

Quo Vadi BDSwiss? Still Not Accept New Clients And A Resigned Director!

Since Mid-April 2022, the CySEC-regulated German BDSwiss has not been accepting new clients. We have been following the activities of the CySEC-regulated BDSwiss and have reported extensively on their offshore onboarding. We have been threatened several times by their Compliance and Legal Departments for doing so. In our re-check on 1 June 2022, we learned that the BDSwiss website continues to inform visitors that no new clients are accepted until further notice. Moreover, former director Catalina Pantea informed us that she resigned in Jan 2022 and has no clue about the current state of affairs.

May 13, 2022

BDSwiss And Its Unleashed Capital Bank Project!

In February 2021, the CySEC-regulated broker issued an impressive company presentation. According to this presentation, BDSwiss used to be the fastest-growing CFD Broker in Europe and among the fastest growing in the world. Accordingly, in February 2021, the broker had more than 1.7 million customer accounts through which 200 million transactions with a volume of €1,000 billion were processed. The growth would have been 1000% over the previous two years. And the intention was to establish a bank in Germany with Unleashed Capital Bank (UCB).

May 9, 2022

Interesting! CySEC-regulated BDSwiss business, its exploding numbers, and ambitious plans!

While the revenue of CySEC-regulated BDSwiss grew by 149% to €121.7 Mio in 2020, its profit before tax quadrupled to almost €50 Mio. The total trading volume surpassed €1 trillion and client deposits exploded from €102 to €238.4 Mio. The impressive growth was driven by the Contract for Differences (CFD) brokerage, which accounted for more than 99% of the revenues. For 2021, BDSwiss forecasted a profit of more than €66 Mio from the CFD business alone.

May 8, 2022

Finally! The Russian GloryFT associated with Alpari and Fortrade vanished!

FinTelegram has reported the apparent cooperation between the two broker schemes, Alpari and Fortrade. In particular, we have drawn attention several times to the Russian site GloryFT which, according to the website, was operated by the CySEC-regulated Fortrade and the Russian-licensed Alpari. In our reviews, after registering with GloryFT, we were immediately redirected to the website of CySEC-regulated ForTrade Cyprus Ltd to complete the registration. We were greeted by an email from ForTrade. The website has now disappeared with a 404 error message.

May 2, 2022

Introducing CySEC-regulated Alvexo and its offshore onboarding activities!

A few weeks ago, we published our initial review about the offshore broker Alvexo is operated by HSN Capital Group Ltd, regulated by the Financial Services Authority (FSA) Seychelles. It is part of the CySEC-regulated Alvexo operated by VPR Safe Financial Group Ltd. The offshore broker accepts pre-KYC deposits with credit and debit cards, bank transfers, or e-wallets. In our follow-up review on May 2, 2022, we could have easily deposited €50,000 via bank transfer through the Nuvei cashier and optionally received a First Deposit Bonus of 30%.

April 29, 2022

CySEC-regulated BDSwiss does temporarily not accept new clients!

We have been following the activities of the CySEC-regulated Cypriot Investment Firm (CIF) BDSwiss and have reported extensively on their offshore onboarding. We have been threatened several times by their Compliance and Legal Departments for doing so. In fact, we have perfectly documented the offshore onboarding approach for EU and UK residents at BDSwiss. In our review today, we were advised on the website that secondarily no new brokers can be accepted via the CySEC approved domain. Existing customers are promised a deposit bonus via email.

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.