Category: VFSC

FinTelegram assigned Red Compliance rating to TradeNextA
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April 11, 2023

Attention: Offshore Broker TradeNext Received Red Compliance Rating!

TradeNext is an offshore broker regulated by the Financial Services Commission (VFSC) in Vanuatu and focused primarily on Indian clients, from where almost 100% of the website visitors come. Besides the Vanuatu entity, Progressium LLC on St. Vincent & the Grenadines is also listed as the operator. Bank deposits are processed via an account of the Indian Priyanka Industries, which means red flags for us. We have given TradeNext a Red Compliance rating. You should avoid the broker.
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FinTelegram assigns orange compliance rating to TitanFXO
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April 11, 2023

Offshore Broker TitanFX With Orange Compliance Rating!

TitanFX is an offshore multi-asset broker licensed by the VFSC in Vanuatu and the FSC Mauritius. It offers its services to retail and corporate clients. TitanFX's website is mainly visited by Japanese clients, but people in the Netherlands and the United States are also among the website users, Similarweb analysis shows. We believe that TitanFX is affiliated with the FCA-regulated Pelican Trading and TradeNext or shares some resources with it We have given TitanFX an Orange compliance.
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Cyprus-Israeli broker scheme EvestT
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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.
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Former binary options broker Deriv expands with great client feedbackF
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September 26, 2022

Former Binary Options Provider Deriv Continues Expansion With Great Client Feedback!

The former binary options broker Deriv used to operate with the vanity domain Binary.com. It was authorized by the UK Gambling Commission and the Maltese MFSA and MGA. Binary options have been banned in most regulatory regimes due to their susceptibility to fraud. Now Deriv offers Forex, CFDs, and crypto with the new brand and domain and is expanding. One center of activity is Belarus, among other countries, according to a LinkedIn post. Here is an update.
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MFSA-regulated broker Deriv and its offshore activitiesI
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August 15, 2022

Introducing Highly Rated Maltese Broker Deriv And Its Offshore Approach!

On Trustpilot, Deriv, the online broker founded by Jean-Yves Sireau in Malaysia in 1999, receives an impressive 4.5-star rating based on nearly 15,000 reviews. Deriv operates globally with various legal entities and has more than one million clients and more than 1.8 million trading accounts. In Europe, Deriv operates through MFSA-regulated Deriv Investments (Europe) Ltd. According to Similarweb, Deriv focuses on Brazil and South Africa, where nearly 25% of the website's 5.8 million visits are sourced.
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Similiarweb data show intense Russia activity of crypto processor PayeerU
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July 29, 2022

Update On Russian High-Risk Payment Processor Payeer!

In March 2022, the Estonian FIU forced Russian-controlled Garantex Europe OÜ d/b/a Garantex to surrender its crypto license due to money laundering issues with Russia. However, many other FIU-licensed crypto payment processors controlled by Russians engage in illegal activities. One is the notorious scam facilitator and merchant service provider Payeer OÜ d/b/a Payeer, which apparently makes most of its transactions with customers from Russia, Belarus, and Ukraine to date. We exposed Payeer as a payment facilitator for several scams. Here is our July update.
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Offshore activities of CySEC-regulated LegacyFXA
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April 10, 2022

Attention! CySEC-regulated LegacyFX attacks European clients via unauthorized offshore entity!

Offshore onboarding to circumvent ESMA and FCA guidelines is still a big issue for European regulators. Especially CySEC has had a problem with this approach for years, as FinTelegram has pointed out repeatedly. A.N. All News Investments Ltd d/b/a LegacyFX is one of those CySEC-regulated CIFs that works with offshore mutations to solicit clients in Europe. AN All New Investments (VA) Ltd in Vanuatu is their offshore broker. However, all card transactions of this offshore broker are processed by the CySEC-regulated entity. Here is an update!
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investor warning against offshore broker Milton MarketsB
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April 1, 2022

Be cautious with unauthorized offshore broker Milton Markets!

Milton Markets is an offshore broker operated by Milton Markets Ltd, licensed as a security dealer by Vanuatu Financial Services Commission (VFSC). The offshore regulation does not entitle Milton Markets to solicit clients in Europe, North America or other regulatory regimes. The offering violates FCA and ESMA regulatory requirements with leverage of up to 1:1000. Clients of these offshore brokers are not eligible for Investor Compensation Schemes.
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The offshore activities of CySEC-regulated LegacyFXT
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March 9, 2022

The CySEC issue! LegacyFX continues with offshore onboarding for European clients!

Offshore onboarding to circumvent ESMA and FCA guidelines is still a big issue for European regulators. Especially CySEC has had a problem with this approach for years, as FinTelegram has pointed out repeatedly. Most recently, in a new review of CYSEC-regulated FXORO, we found that the CIF continues with offshore onboarding of European retail investors systematically in violation of regulatory requirements, as does LegacyFX.
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EU Commission wants to suspend Vanuatu visa agreementsG
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January 28, 2022

Good news! Offshore paradise Vanuatu tightens license requirements!

Vanuatu is particularly popular with CySEC-regulated brokers who practice "offshore onboarding" through an offshore entity with a VFSC Financial Dealer License from, bypassing regulatory requirements of ESMA and CySEC. Typically, these offshore entities only have a P.O. address in Vanuatu but no operation. Finance Magnates reports that by the end of 2022, all securities brokers will have to move onshore and make tangible investments in the Southwest Pacific island nation. That is excellent news for European consumers.
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EU Commission wants to suspend Vanuatu visa agreementsI
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January 12, 2022

It’s about time! EU wants to suspend visa agreements with cybercrime paradise Vanuatu!

It would be high time for the EU to take action to protect Europe from the money laundering and cybercrime paradise. Many scam broker scams but also regulated EU brokers use Vanuatu to target consumers in the EU via offshore entities licensed issued by the local VFSC. Added to this is the island nation's Golden Passport scheme in the South Pacific Ozan. To protect security in Europe, the EU Commission is considering requiring certain citizens of the island nation of Vanuatu in the South Pacific to again obtain visas to enter the EU.
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CySEC-regulated Eightcap and its offshore activities explained on FinTelegramT
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January 1, 2022

The offshore activities of CySEC-regulated Eightcap!

Until Aug 2021, the CySEC-regulated investment firm (CIF) Eightcap EU Ltd was called R Capital Solutions Ltd and was the owner and the operator of MXTrade until 2015. Then the broker was transferred to the infamous Lau Scheme in Belize. However! Now Eightcap operates the CySEC approved domain www.eightcap.eu. Besides, as usual with many CySEC CIFs, offshore broker activities are conducted through www.eightcap.com and Eightcap Global Limited in the Bahamas.
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