Category: FSA Seychelles

Offshore broker PU Prime without authorization in EuropeC
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May 16, 2023

Correction: CySEC-Regulated Pacific Union Group Ltd Is Not Part Of the PU Prime Scheme!

In April 2022, FinTelegram recently updated its review of PU Prime, an offshore broker regulated by the FSA Seychelles. We included the broker in our Red Compliance list. Despite lacking the necessary regulatory authorizations, this broker offers financial products to clients in the UK and EEA. On May 10, 2023, the UK regulator FCA issued a warning regarding PU Prime. The CySEC-regulated Pacific Union Group Ltd informed that it would not be part of the offshore broker scheme.
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CySEC regulated FXORO and its offshore activitiesC
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October 17, 2022

CySEC-Regulated FXORO Stopped New Client Registration For Its Offshore Brokerage!

Over the last few months, we covered the CySEC-regulated investment firm MCA INTELIFUNDS LTD, which offers broker services under the trading name FXORO. Besides the CySEC-regulated mutation, we have also found an offshore mutation licensed by the FSA Seychelles that has also offered its services to EEA residents. Upon our reports, the offshore domain has been changed, and no new registrations are currently possible. However, existing EEA clients can continue to work with the offshore broker. And we have received a threat of legal action.
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Opoforex is now Opofinance but still unauthorizedW
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October 4, 2022

Warning! Offshore Broker Opoforex Is Now Opofinance But Acts Still Unauthorized!

Opofinance (previously Opoforex) is an unregulated offshore broker operated by Opo Group Ltd in the Seychelles and Opo Group LLC in St. Vincent & The Grenadines (SVG). The offshore broker is a member of The Financial Commission, a private dispute resolution organization. The broker has an offshore securities dealer license from the FSA Seychelles, which does not authorize Opofinance to offer financial services in Europe, North America or any other regulatory regime. Traders are not protected under any regulatory regime outside Seychelles.
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EverFX rebranded into axiance after FCA and BaFin banC
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September 13, 2022

Cayman Island Regulator Fined Offshore Broker EverFX For Money Laundering Issues!

The Cayman Islands Monetary Authority (CIMA) has fined ICC Intercertus Capital (Cayman) Ltd d/b/a EverFX $116,680 for breaches of the Anti-Money Laundering Regulations. The regulator said the company had failed to apply enhanced customer due diligence, had not conducted adequate risk assessments, nor scrutinized transactions, and failed “to verify customer’s identity using reliable, independent source documents.” The EverFX offshore entity is part of Axios Holding like the CySEC-regulated axiance.
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MarketFinancials operates offshore brokers Invest100 and xbprimeO
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April 20, 2022

Offshore Radar! CySEC-controlled Seychelles broker MarketFinancials and its brands!

In Jan 2020, Finance Magnates reported that Growth Capital LLC, part of CySEC-regulated Mount Nico Group Ltd, would be a subsidiary of Saint Vincent and the Grenadines-based broker Invest100. The latter is just one of several offshore brokers facilitated through the FSA Seychelles regulated MarketFinancials Limited. We also found xpprime and bkfx. The latter used to be operated by MarketsFinancial until 2020 but is now operated by South African BKFX (Pty) Ltd and BKFX LLC in SVG.
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Offshore broker PU Prime without authorization in EuropeN
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April 15, 2022

New on the offshore radar: Seychelles-base PU Prime!

For regular readers of FinTelegram, it is no secret that we put a special focus on offshore broker activities in our market monitoring. An efficient way to detect unauthorized offshore brokers is to follow fraudulent marketing campaigns and fake review sites. A fake review site led us to Pacific Union Group a/k/a PU PRIME which acquires clients worldwide. While we do not deem PU Prime as a scam, we established that they offer their regulated financial services unauthorized in Europe and most other regulatory regim
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CySEC-regulated Alvexo GroupA
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April 12, 2022

Attention! CySEC-regulated Alvexo Group chases consumers with crypto fraud campaigns!

The website Wealth Info (https://wealth-info.com) is a fake review site and promotes scam campaigns, which it rates with 9+ stars. Today we clicked on the 1k Daily Profit and were taken to the Investment Generator website (https://investment-generator.com), where the 1k Daily Profit campaign is running and promises wealth via Bitcoins. Those who register there will be redirected to the payment page of the offshore broker Alvexo, which belongs to the CySEC-regulated Alvexo Group.
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BDSwiss Group and its offshore activitiesA
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April 11, 2022

Attention! CySEC-regulated BDSwiss continues its illegal offshore onboarding in Europe

The BDSwiss Group d/b/a BDSwiss, Swiss Markets, and BDS Trading. These are the trading names of BDSwiss Holding Ltd, regulated by the Cyprus CySEC. The offshore entity BDS Markets, regulated by FSC in Mauritius is part of this BDSwiss Group. The FCA banned BDSwiss Group in June 2021 The German BaFin launched an investigation saying that BDS Markets has no permission to offer ist regulated services in Germany. In our review, all CySEC-approved domains were redirected to the offshore broker websites. Here is another update!
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Offshore broker Skilling facilitated by Spectrum Payment ServicesC
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March 6, 2022

CySEC-regulated Skilling, its offshore activities, and Spectrum Payment!

Skilling is the trading name of Skilling Ltd, a Cyprus Investment Firm (CIF) regulated by CySEC. The Skilling website also offers offshore onboarding to UK and EU residents outside of ESMA and CySEC rules. This is done through Skilling (Seychelles) Ltd, with whom clients then enter into a Client Agreement. FCA-regulated Spectrum Payment Services is one of the facilitating payment processors. Consumers in UK and EU should be cautious with offshore Skilling.
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FCA warns against CySEC-regulated IC MarketsA
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January 10, 2022

Attention! UK regulator warns against CySEC-regulated IC Markets!

The UK Financial Conduct Authority (FCA) has issued a warning against the CySEC-regulated broker IC Markets and its offshore entity Raw Trading Ltd in Seychelles. The offshore broker operates with the domain www.icmarkets.com. The CySEC regulated broker IC Markets (EU) Ltd operates under license number 362/18 with the two approved domains www.icmarkets.eu and www.icmarkets.com/eu. The IC Markets offshore mutation also acquires clients from the EU and UK.
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Alpari works with ForTrade and Forex TimeR
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December 29, 2021

R4I – Connections between Alpari, Forex Time, and ForTrade!

The Spanish regulator CNMV has recently issued an investor warning against the broker Alpari, operating illegally in Europe via the offshore entity Alpari Limited, registered in St. Vincent & The Grenadines. We uncovered Praxis Cashier as a facilitating payment processor. From the information available to FinTelegram, it seems that die Alpari Group is related to the Forex Time Group and the ForTrade Group. Both are brokers regulated by the UK FCA and the Cyprus CySEC.
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NewFX and DBinvesting broker scams facilitated by Praxis CashierI
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August 11, 2021

Investor warning against NewFX and DBinvesting!

Spanish CNMV has recently issued an investor warning against the unauthorized broker NewFX, which actually a scam. The broker's website provides different companies as the operators. There is NEWFX Limited and then BIG HORIZONS Limited. The CNMV has also identified DBFX Limited as one of the operators. This very legal entity also operated the DBFXtrades scam, which the Italian Consob blocked in October 2020.
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