FCA | FinTelegram News

Category: FCA

December 22, 2020

UK FCA warns against broker scam Plutus with Estonian BitTheBank payment processor

FCA has issued an investor warning against the broker scam Plutus a/k/a Plutus Pro (www.plutus.pro) on December 21, 2020. An ITM Solutions LLC allegedly operates this from St. Vincent and the Grenadines. As a payment processor, we have discovered the Estonian BitTheBank (www.bitthebank.com) operated by Lipan Services OÜ. Plutus promotes its services on Instagram using the argument of 'financial freedom' via FX Trading and was active until a few minutes ago despite FCA's warning.

December 15, 2020

UK Watchdog issues warning against Ukraine Broker Scam WFT Group with iPayTotal and BridgerPay

FCA has issued an investor warning against the Forex broker scam WFT Group a/k/a WFT World operating under the domains www.wft.world and www.wft.group. As the operator and illegal payment processor, we found IT Consult Pro Ltd operating through an account at TransferWise Europe with IBAN LT633270001000069681. On the website, Invest Group LLC in St. Vincent and the Grenadines is given as the operator.

December 15, 2020

FCA warning against PolarisTradePay crypto scam

PolarisTradePay is an unregistered brokerage platform in the field of energy, agriculture, stocks, and crypto-currencies. The UK FCA issued an investor warning against the broker and calls it a scam. The platform is allegedly operated by Polaristrade.com Ltd, which does not exist. There is a link on the website to the Scottish Polaris Diagnostics & Engineering Ltd, which has nothing to do with the scam. Deposits are only made in cryptocurrencies.

December 14, 2020

FCA warning against PolarisTradePay crypto scam

December 10, 2020

FCA warning against Bitcoin Revolution acting as Introducing Broker for CySEC regulated CIFs and Scam Brokers

UK regulator FCA issued a warning against Bitcoin Revolution (www.bitcoinrevolution.org) on December 9, 2020. This website is allegedly operated by Profitoro Ltd and apparently acts as an Introducing Broker (IB) for a number of regulated and unregulated brokers. In our reviews, we were redirected to ForexTB, Horizon Invest, and Trade360 upon registration with Bitcoin Revolution. The registration process with the respective brokers is automatically handled by Bitcoin Revolution.

December 2, 2020

FCA warns against TopNotchTradeFX and ExplicittradeFX scams cloning regulated entity

In July 2019, Finance Magnates has reported that the UK Financial Conduct Authority (FCA) issued a warning against a clone firm of FCA-regulated Tradeslide Trading..

December 2, 2020

FCA warns against TopNotchTradeFX and ExplicittradeFX scams cloning regulated entity

In July 2019, Finance Magnates has reported that the UK Financial Conduct Authority (FCA) issued a warning against a clone firm of FCA-regulated Tradeslide Trading Tech Limited. Back then, the clone firm operated the three brands, StockotradeFX, UltimateCryptoFX, TradeVibeFX. On Dec 1, 2020, the UK watchdog issued new warnings against the scam brands TopNotchTradeFX and ExplicittradeFX claiming that it would also be operated by the FCA-regulated entity.

November 23, 2020

FCA fines TFS-ICAP £3.44 million for printing trades

UK regulator FCA announced today that it has fined FX Options Broker TFS-ICAP Ltd £3.44m for market misconduct. Between 2008 and 2015, TFS-ICAP brokers carried out the practice of printing trades or flying prices. TFS-ICAP brokers did this openly and over a prolonged period. In 2018 the UK broker pleaded guilty to securities fraud in the U.S. and paid a $1.15 million fine.

November 23, 2020

Update: FCA removes warning against FinTech startup Lanistar

On 18 Nor 2020, the FCA issued a consumer warning against the FinTech startup Lanistar. Subsequently, Lanistar apparently contacted the FCA and offered clarification. These talks evidently have been positive. On 20 Nov the FCA officially removed its warning. Lanistar agreed to make clear in its communication that it is not conducting FCA-regulated activities.

November 20, 2020

Toxic Brokers – FCA warns against QTECK and Online-Trading Scams

St. Vincent & the Grenadines is a popular offshore destination with scammers. This is where they establish their offshore companies as operators of broker scams like QTECK or Online Trading. These legal entities are usually by Wilfred Services in Kingstown, St. Vincent & the Grenadines. At QTECK, Praxis Cashier is again integrated as a payment processor. The FCA issued investor warnings against these broker scams today.

November 20, 2020

FCA issues warning against FinTech wonder Lanistar

Lanistar is a prominent FinTech on Instagram and proudly presents young, sexy, and fashionable influencers on its website. The company was also hyped by bullish press releases from its partner MasterCard. The FinTech is aiming for a £1 billion valuation. The UJ FCA, however, has issued an investor warning against Lanistar, advising that it’s operating without authorization in the U.K.

November 11, 2020

FCA investor warning against Estonian MarginElite!

On November 10, 2020, the UK FCA issued an investor warning against MarginElite (www.marginelite.com), among others. This is a typical white-label scam that is actually easy to recognize. At the latest when you see that Praxis Cashier is the payment processor and has integrated the Russian Mir for credit and debit card payments.

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.