Illegal Broker Activities | FinTelegram News

Category: Illegal Broker Activities

November 13, 2023

Attention: Another Regulatory Warning Against Broker Scam Tools4Deals!

A few weeks ago, we issued a warning against the black-listed broker scam Tools4Deals. The Dutch regulator AMF has the broker on its warning list. Today, the Spanish regulator CNMV has also issued a warning against the scam. The payment agent for credit/debit cards is Admirra, which is registered in the UK. Stay away, protect your financial health and your data.

November 13, 2023

Italian Consob Orders Black-Our Of Six Illegal Financial Websites

The Italian financial watchdog Consob has ordered the blackout of five illegal financial websites. These are all illegally operating broker scams. The new order brings the total number of websites blacked out since Consob’s authorization came into effect to 965. Unfortunately, other regulators in the EU do not currently have the authority to have websites blacked out.

November 10, 2023

Urgent Warning Against Broker Scam FXG Markets And Fake Regulator MFA!

The broker scam FXG Markets a/k/a FXG Markets Investment claims to be regulated by the UK-Authority MFA with incorporation number MFA 1822078 and EMA (European Markets Authority) with License Number EMA 02FG12B. These regulators do not exist, thus, this claim is bullshit. The website does not provide any terms and conditions, let alone information about the operators. Stay far away; protect your money and your private data!

November 4, 2023

Attention: Unauthorized Broker Forexelite Received Black Compliance Rating!

First of all, we would like to thank the whistleblowers who drew our attention to the unauthorized and hidden broker Forexelite. If you unfortunately find your way to the domain Forexelite.co, you will be greeted in the Elite Club and will not realize at first that this is a broker. You can only access the website with a VIP code. Thankfully, the whistleblowers have provided us with such a code and we were able to review. As a result, we have placed Forexelite on our black compliance list and issue a warning.

November 3, 2023

U.S. CFTC Takes Legal Action Against Illinois Trader For Forex Fraud And Misuse Of Client Funds

The U.S. CFTC has initiated legal proceedings against Illinois-based trader Coby Young and his company, Young Emerging Strategies LLC, citing multiple regulatory breaches. The federal lawsuit outlines a series of charges including fraud, mismanagement of a commodity pool, and a series of registration and disclosure violations tied to retail foreign currency transactions.

October 31, 2023

Strange Takeover Announcement In The Scam Environment with Mango Group and Milestone Targets!

In July 2023, a press release appeared stating that Mango Group LLC, registered in St. Vincent & The Grenadines, would acquire online broker FXONIC. This scam broker is operated by Milestone Targets LLC, also registered in SVG. The Italian Consob issued a warning against Mango Group LLC and its broker scam X-Fortune on 26 Oct 2023. It has since disappeared! Protect your money and avoid unregulated offshore brokers.

October 31, 2023

Attention: Do Not Fall For the Crypto Trust Service Provider AlgoTrust

Today, the Spanish financial market regulator CNMV issued a warning against AlgoTrust, which provides trust services for the crypto assets of investors who have them on Binance and other crypto exchanges. For its alleged trust services, AlgoTrust wants the API keys of the users and promises them corresponding profits. Please do not give your API keys to third parties, just as you should not give your passwords to third parties. Stay far away.

Illegal Broker Activities

October 29, 2023

The Cautionary Tale Of A Victim Of The Scam Broker MilleniumOne!

FinTelegram has already issued several warnings against the aggressive scam broker MilleniumOne. Nevertheless, the broker keeps finding new victims. In a cautionary tale about the dangers of online investment and trading platforms, a 69-year-old retiree in Spain has tragically lost nearly €200,000 to this sophisticated trading scam. This story underscores the pressing need for potential retail investors to exercise extreme caution when considering online investment opportunities.

October 23, 2023

Italien Conso Orders The Blackout Of Five Illegal Financial Websites!

The Italian financial watchdog Consob has ordered the blackout of five illegal financial websites. These are all illegally operating broker scams. The new order brings the total number of websites blacked out since Consob’s authorization came into effect to 955. Unfortunately, other regulators in the EU do not currently have the authority to have websites blacked out. However, this would definitely be worth considering.

October 23, 2023

Urgent Warning Against Tools4Deals Broker Scam

The Dutch Financial Markets Authority (AMF) warned against the broker scam Tools4 Deals in September 2023. Of course, the website does not provide any information about the legal entity. Addresses in Amsterdam and Singapore appear in the emails and on the website. The payment processor for credit/debit cards is Admirra, which is registered in the UK and officially acts as a provider of courses for trading. Stay far away!

October 16, 2023

Italian Consob Orders Black-Out Of Five Abusive Financial Websites!

The Italian financial watchdog Consob has ordered the blackout of five illegal financial websites. These are all illegally operating broker scams. The new order brings the total number of websites blacked out since Consob’s authorization came into effect to 950. Unfortunately, other regulators in the EU do not currently have the authority to have websites blacked out. However, this would definitely be worth considering.

October 12, 2023

Attention: Spanish Watchdog Warned Against TradeCMF Broker Scam!

TradeCMF is one of dozens of white-label broker scams active on the Internet at any time. They usually have a short lifespan and disappear after a few months with their victims' money. TradeCMF is allegedly operated by CMF Group Ltd, which is registered in the Marshall Islands. Potential victims can lose their money via bank deposits, credit/debit cards, and e-wallets. The Spanish regulator CNMV has issued a warning. Stay far away.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.