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FinTelegram

May 9, 2023

US Entity Of Crypto Exchange Bittrex Filed For Chapter 11 Bankruptcy!

The crypto exchange Bittrex announced that its U.S. entity, Bittrex Inc., applied for Chapter 11 bankruptcy. According to a bankruptcy case filed in Wilmington, Delaware, Bittrex’s financial assets and liabilities were both between $500 million and $1 billion. Customers are expected to be paid in full. The U.S. SEC filed a lawsuit against Bittrex and former CEO William Shihara charging that Bittrex operates an unregistered national securities exchange, broker, and clearing agency.

April 28, 2023

CFTC Secures Court Order Against South African Scam Operator To Pay Over $3.4 Billion!

The U.S. Commodity Futures Trading Commission (CFTC) announced that it secured an order of default judgment and permanent injunction against Cornelius Johannes Steynberg, a South African citizen. For operating a fraudulent Bitcoin-based forex trading scheme Steynberg has to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty. This is the highest civil monetary penalty ordered in any CFTC case.

FinTelegram

April 27, 2023

ChatGPT Warns Against The Russian Payment Processor Advcash!

Advcash is a payment platform that allows users to send and receive payments in multiple currencies, including cryptocurrency. The platform offers various services, including digital wallets, prepaid cards, and virtual cards. Advcash was founded in 2014 and is headquartered in Belize, with offices in the United Kingdom and Russia. Advcash has been associated with scams and fraud, so users should exercise caution and do their due diligence before using the platform.

FinTelegram

April 27, 2023

Estonian FIU Revoked License Of Russian-Controlled Crypto Payment Processor Mercuryo!

Mercuryo, through its Austrian lawyers Binder Groesswang, has launched a SLAPP action with an injunction against EFRI. It is alleged that EFRI had a sort of control over FinTelegram's reporting. In the application for the preliminary injunction, Mercuryo even admits to having worked with scammers at short notice (!). The Estonian FIU confirmed that the Estonian Mercuryo entity MoneySwap OÜ has had its license revoked for violations of money laundering regulations.

April 18, 2023

Crypto Crusade: SEC Charges Bittrex For Operating An Unregistered Securities Exchange!

The U.S. Securities and Exchange Commission (SEC) continued its crusade against crypto and charged crypto exchange operator Bittrex, Inc., a Delaware-registered company, and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Bittrex’s subsidiary, Bittrex Global GmbH, a company registered in Liechtenstein.

FinTelegram

April 11, 2023

Italien Regulator Orders Block-Our Of Five Illegal Financial Websites!

The Italian regulator Consob announced that it ordered five illegal financial websites to be blacked out. The total number of black-out orders increase to 871. The Italian financial watchdog has the authority to order ISPs to inhibit access from Italy to illegal financial websites. So far, the Italian regulator is, unfortunately, the only one in Europe with this authority. Below are the websites Consob has ordered to be blacked out:

April 5, 2023

Payvision And Frank: The Two Big FinTech Takeover Disasters And The Different Consequences.

Recently, Charlie Javice was arrested in New York and charged with fraud. She is the founder and former CEO of fintech Frank, which JP Morgan bought for $175 million. She allegedly misled JP Morgan about the true state of the company. In 2018, ING acquired Payvision, founded by Rudolf Booker, at a valuation of €360 million. ING expected Payvision to be a different company. The fintech made most of its revenue from merchants in the porn and gambling sectors - and with scammers.

FinTelegram

March 27, 2023

Consob Follows FinTelegram And Orders Black-Out Of Already Vanished CrystalsCapital Website!

We recently issued several warnings against Bulgarian Shadlake Ltd, which runs various broker scams. Deluxe Royals is one of the currently active scams. Others have vanished, including Crystals Capitals, Royal Capitals, and EuroTrade Invest. Finally, the Italian Consob followed our warnings and ordered the blackout of the Crystals Capitals website. Too late; the site has already vanished! Please be very cautious when considering opening an online trading account.

March 27, 2023

Consob Orderes Black-Out of Five Illegal Financial Websites!

On 27 March 2023, Italian regulator Consob announced that it ordered five illegal financial websites to be blacked out. The total number of black-out orders increase to 860. The Italian financial watchdog has the authority to order ISPs to inhibit access from Italy to illegal financial websites. So far, the Italian regulator is, unfortunately, the only one in Europe with this authority. Below are the websites Consob has ordered to be blacked out:

March 27, 2023

Whistleblower Request: Please Let Us Have Information About Gennaro Lanza’s DBX Consultants!

DBX Consultants (website) is a company builder and merchant service provider in Dubai controlled by the boiler room veteran Gennaro Lanza. It offers consultancy services and arranges bank accounts for businesses, company incorporations, and PSP merchant accounts. A few weeks ago, the company's CEO, Gennaro Lanza, announced they would establish a branch in Cyprus to build a bridge to Dubai. Lanza is the owner and director of the Maltese boiler room operator Capital Solutions Ltd.

March 19, 2023

The Pornhub Acquisition: Just A Fake Transaction To Escape Public Scrutiny?

MindGeek, the Luxembourg-based operator of several porn sites, including Pornhub, Brazzers, and Redtube, was acquired by Canadian private equity firm Ethical Capital Partners (ECP). The financial terms of the deal were not disclosed. MindGeek has been a giant in the online porn industry since. In June 2022, Visa stopped working with the company after lawsuits and public criticism. On Twitter, it is claimed that the purchase of MindGeek was just a fake. Here is a short report.

FinTelegram

March 16, 2023

Update On Eurocity: The Secretive Turkish-Controlled ‘No Longer Bank’ And Its Connections!

We recently reported that the European Central Bank(ECB) had revoked the license of the small Turkish-controlled German Eurocity bank. The ECB confirmed this to Finanz Szene. Neither the regulators ECB and BaFin nor Eurocity explained the reasons and background. The 2021 financial statements show that Eurocity has struggled with regulatory problems since 2020. BaFin then imposed a new business ban in 2021. The bank had a connection to the Austrian secret service.