Illegal Broker Activities | FinTelegram News

Category: Illegal Broker Activities

February 22, 2023

Spanish WatchDog Issues 13 Warnings Against Illegal Financial Websites!

Spanish regulator CNMV warned against 13 illegally operating financial websites on February 20, 2023. Among them are 12 broker scams from the Forex, CFD, and crypto sectors and a clone of a CNMV-registered financial services provider. The Spanish-speaking market is extremely attractive for scammers and illegally operating financial service providers, as it can also be used to access a large part of the LATAM markets.

February 20, 2023

Italian Consob Orders Black-Our Of 6 Abusive Financial Websites

On 15 February 2023, Italian regulator Consob announced that it ordered six abusive financial websites to be blacked out. The total number of black-out orders increase to 839. Consob has been authorized by the so-called “Growth Decree” to order ISPs to inhibit access from Italy to illegal financial websites. The black-out by Italian Internet service providers is ongoing, but it can take several days for the black-out to come into effect. Below are the websites Consob has ordered to be blacked out:

February 17, 2023

Attention! Another Regulatory Warning Against SwissPro Broker Scam!

In October 2022, FinTelegram warned against the broker scam SwizzPRO, allegedly operated by Reverra LLC in St. Vincent & The Grenadines. In January 2023, the German regulator BaFin also warned against SwizzPRO. This week, the Spanish CNMV also warned against the scam broker, which is implemented as a white-label solution by the Israeli-Cypriot PandaTS. Stay far away, secure your money, and protect your financial health.

Illegal Broker Activities

February 17, 2023

Russian Broker Scam Binarium Terminated Registration For EEA Residents!

Currently, Russian broker scam Binarium is running a massive promotion and offers generous bonuses of 100% for deposits. FinTelegram and financial market regulators have already issued several warnings against Binarium, which operates through Binarium Limited, registered in Cyprus, and an offshore entity in St. Vincent & The Grenadines. For some time now, the new registration has been blocked for EEA residents. However, existing EEA clients can still register, make deposits, and trade. Stay far away!

February 16, 2023

Spanish Watchdog Warned Against 11 Illicit Financial Websites!

On 13 Feb 2023, the Spanish regulator CNMV issued warnings against 11 financial websites operating illegally. Among them is FXWinning, a scam we have already reported. Besides that, the Spanish watchdog has also issued warnings against various crypto schemes, including ZoomEx, allegedly operated by Octochain Fintech Limited, registered in Singapore. With crypto prices on the rise again, we expect a new wave of crypto scams. Be super-cautious.

February 13, 2023

Attention! Another Regulatory Warning Against FCA-Regulated Vantage Group!

Vantage Prime Group LLC d/b/a VantageMarkets (VantageMarkets.co.uk) is regulated in the UK by the FCA. In addition, the VantageMarkets scheme runs offshore entities through which it performs onboarding of clients in the EEA region, in violation of the regulatory requirements of the FCA and ESMA regulators. The Italian Consob has ordered the black-out of the VantageMarkets offshore broker website (VantageMarkets.com). It is not the first regulatory warning. Be very careful when dealing with this broker scheme.

February 13, 2023

Italian Consob Orders Black-Out Of 7 Illegal Financial Websites

On 2 February 2023, Italian regulator Consob announced that it ordered five abusive financial websites to black out. The total number of black-out orders increase to 833. Consob has been authorized by the so-called “Growth Decree” to order ISPs to inhibit access from Italy to illegal financial websites. The black-out by Italian Internet service providers is ongoing, but it can take several days for the black-out to come into effect. Below are the websites Consob has ordered to be blacked out:

February 11, 2023

German BaFin Follows FinTelegram And Issues Warning Against Fake Regulator FISEU

Over the last few weeks, FinTelegram has warned several times over the last few weeks about the alleged financial market supervisory authority FISEU. BaFin has now shared FinTelegram's opinion and also issued a warning. The truth is that FISEU was founded for the sole purpose of presenting scam brokers and fraudulent investment schemes as reputable. In this respect, any scheme allegedly regulated by FISEU can be labeled a scam. Do not be misled. Protect your financial health!

February 9, 2023

Attention! Be Super-Alerted When Working With Offshore Broker NordFX

A few weeks ago, we brought our initial review about the offshore broker NordFX and connected it with a warning. Whistleblowers informed us that the operators of NordFX were three Russians living in the Netherlands. They would also be behind the company Nord Group Investments Inc., which we could not find. We were informed that the NordFX operators were under criminal investigation. We would like to know more and ask our whistleblowers for additional information. Be very careful!

February 8, 2023

Attention! The Many Victims Of The CTMatador Broker Scam!

FinTelegram has already issued many warnings about the super-aggressive broker scam CTMatador. The last one was in November 2022. Standard payment options have been disabled for some time now. It seems that CTMatador is preparing to vanish, but victims continue to report their losses. Most recently, many victims may have made crypto deposits to CTMatador and lost them. The boiler rooms behind the scam are still active. If you have lost money, please get in touch with us!

Illegal Broker Activities

February 6, 2023

German Watchdog Warns Against Broker Scam InvestPoint!

The German regulator BaFin issued a warning against broker scam InvestPoint. Allegedly, the broker scam is operated by Nexus LLC in St. Vincent & The Grenadines. However, we have not found this offshore entity. It is likely to be a fake. Interestingly, the Similarweb analysis shows that almost 90% of website visitors come via referrals from fraudulent marketing campaigns. Stay far away, and protect your money, financial health, and private data.

February 6, 2023

Another Urgent Warning Against Offshore Brokers SpotInvest And BBanc!

FinTelegram has warned several times against the offshore broker scams SpotInvest and BBanc. However, they are still chasing victims. In the past, both scams were operated through Primis LLC, which is registered in St. Vincent & The Grenadines. Various financial market regulators and FinTelegram issue some warnings. Since then, the websites of SpotInvest and BBanc stated the fake companies SpotInvest Inc. and BBanc Inc., respectively, as the operators. Stay far away and do not lose money; protect your financial health.