FSCA | FinTelegram News

Category: FSCA

October 13, 2022

The Cyprus-Israeli Broker Scheme Evest Shows Impressive Growth In Turkey!

The offshore brokerage scheme Evest powered by PandaTS is operated through boiler rooms in Cyprus and Israel and primarily targets clients in Turkey, the Arab and African regions. Access to the website is blocked for Europeans. Evest operates with registration from the Vanuatu Financial Services Commission (VFSC) and the FSCA in South Africa. In addition, the scheme works with companies in the UK and Cyprus as payment agents. Ali Hasan serves as CEO of the Israeli-controlled brokerage scheme.

August 22, 2022

Finally! Unauthorized Offshore Broker BKFX Allegedly Terminates European Operation!

We have already alerted investors against the offshore broker BKFX, operated by the FSCA-regulated BKFX (Pty) Ltd in South Africa and BKFX LLC registered in St. Vincent & The Grenadines. BKFX solicited clients from the EU, UK, and other jurisdictions withouth regulatory permission. In an email we received today in our several accounts, BKFX informed that it would terminate the business in our country, i.e., in the EU and the UK, by 31 August 2022. That's good news for investors. Goodbye and please don't come back!

May 19, 2022

Urgent Warning Against South African GreenCapitalz Broker Scheme!

Today we received another email promising us that we could get rich with the help of an algorithmic trader. The link in the email led us to the website https://theabuntantia.org where the fraud marketing campaign Bit AI was presented. Well, we registered and consequently landed on the payment page of the GreenCapitalz broker scam where we were supposed to make the first deposit via CoinDeck or bitonic immediately via credit card and crypto. Stay far away.

April 20, 2022

Offshore Radar – South African BKFX with interesting roots!

MarketFinancials Ltd, regulated by FSA Seychelles, operated the offshore broker bkfx until 2020. At least that's what the broker's records show. Currently, FSCA-regulated BKFX (Pty) Ltd in South Africa and BKFX LLC registered in St. Vincent & The Grenadines are the operators. BKFX offers leverage of up to 1:2000. In the EU and UK, a maximum of 1:30 is allowed. However, BKFX accepts clients from the EU, UK, and most other jurisdictions where it operates unauthorized and non-compliant.

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.

October 11, 2020

Investor Warning – Crypto-based forex scheme Mirror Trading International

The much criticized Bitcoin-based forex trading MLM scheme Mirror Trading International ("MTI") was established in April 2019 in South Africa by MLM veteran Johann Steynberg. In July 2020 the Texas Financial Services Authority (FSSB) issued a cease-and-desist order against MTI and in August 2020 the South African FSCA issued an investor warning. Allegedly the MTI scheme has more than 140,000 members holding some 17,000 BTC in their trading accounts.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.