FINMA | FinTelegram News

March 16, 2023

Troubled Legacy Banks: Credit Suisse Needs State-Provided Lifeline To Go Ahead!

Credit Suisse is Switzerland’s second-largest bank after UBS Group, with assets of around $580 billion at the end of 2022, more than twice the size of Silicon Valley Bank (SBV), which failed last week. Over the last few days, Credit Suisse shares and bonds have lost massive value because of nasty rumors. The bank announced it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank (SNB) to shore up its liquidity.

September 11, 2022

FINMA-Licensed Klarpay Is Focused On Digital Merchants And Influencers!

Klarpay claims to be the first FINMA-licensed Swiss fintech to work exclusively with e-commerce, digital merchants, and social media influencers offering cross-border payment acceptance and remittance solutions, including access to multi-currency IBAN accounts, global payment acceptance, and digital disbursement services. Founded in 2019 by the BDSwiss co-founder Mihkel Vitsur, Klarpay was one of the first Swiss fintech's obtaining a banking license under the news Small Banks Regime. Here is our initial review.

June 3, 2022

Whistleblower Warning Against Coiniswap

Coiniswap is purportedly a crypto exchange operated by European Exchange Ltd in Switzerland. However, Coiniswap is a CFD broker scam. The whistleblower is allegedly a former employee and has informed us that everything about Coiniswap is a scam. We were able to confirm this in our review. As a payment processor, we once again found the anonymously operating GameChangers processing credit and debit cards for the scam. CryptoPayIn is integrated for crypto deposits.

November 6, 2021

Whistleblower Call – Let’s find the people behind vanished scam HybridReserve

The HybridReserve broker scam vanished sometime in 2020. It has defrauded thousands of victims during its active period between 2018 and 2020. Several financial market regulators in Australia and Europe have issued warnings against the scam. The vanished website was owned and operated by the offshore entity SingleBell LTD, Saint Vincent & the Grenadines, and the unlicensed Estonian SingleBell OÜ, One of the facilitating payment processors has been the German P2P GmbH, which is investigated by German law enforcement agencies.

September 18, 2021

Wellington Holdings, Solid Invest, and the huge Capital Letter scam network

It is indeed a huge scam network. Scams will typically either take offshore companies or simply invent fake companies. Only rarely, they are operated by companies in Europe as is the case with the Capital Letter scam network. Capital Letter GmbH, registered in Munich, Germany was the operator of several large scams until the end of 2020. In addition, two other companies also registered in Germany, Brunnlitz GmbH and Tokkata Software GmbH, participated in the scams. All three companies are operated by Ukrainian individuals; all received warnings from regulators.

September 15, 2021

Alert! Wellington Holdings scam facilitated by SysPay, Coinicash, and AdvCash

The Swiss regulator FINMA has recently issued an investor warning against the Wellington Holdings scam (www.wellingtonholdings.com). The scam operators do not disclose any information about the legal entity or persons but give Bleicherweg 10 in 8002 Zurich, Switzerland, as the address. This is bullshit, says FINMA. As a payment processor, we once again found SysPay, regulated by the Maltese regulator MFSA, in criminal collusion with Coinicash and AdvCash. We also noticed this combination most recently in the Cento GX scam.

Category: FINMA