R4I | FinTelegram News

Category: R4I

January 31, 2024

Let’s Discuss The Unusual Approach of High-Risk Payment Processor Unlimit!

Unlimint EU Ltd d/b/a Unlimit is an e-money institution regulated by the Bank of Cyprus and headquartered in Limassol. Unlimit is one of the payment facilitators of 22Betgo, an online casino and gambling platform operated by TechSolutions Group N.V. with a license in Curacao. The SEPA transfers of 22Betgo players are processed via Unlimit. Our review found a strange development we would like to discuss.

January 29, 2024

High-Risk Payment Processor MiFinity With Reputational Issues!

FinTelegram is seeking information on MiFinity, a financial services provider involved in the online casino, gambling, and sports betting sectors. MiFinity UK Limited and MiFinity Malta Limited are authorized by the UK Financial Conduct Authority (FCA) and the Malta Financial Services Authority (MFSA) respectively as E-Money Institutions (EMI). We have found the EMI as a payment facilitator at online casinos and sports betting platforms and would like to know more.

January 28, 2024

Attention: Please Let Us Learn More About MoonPay And Its Compliance Issues!

The crypto payment scheme MoonPay was established in 2019 by Victor Faramond and Ivan Soto-Wright. The company offers a comprehensive solution for converting fiat currencies to cryptocurrencies and vice versa, supporting various payment methods, including debit/credit cards, local bank transfers, and mobile payment options. MoonPay operates in over 160 countries and seems to have compliance issues.

January 23, 2024

Request for Whistleblower Information: Investigating MinerSale and Raitis Kaucis!

During the 2017 cryptocurrency boom, a flood of Initial Coin Offerings (ICOs) swept the market. A significant number of these, including MinerSale, led by Estonian citizen Raitis Kaucis, have raised serious concerns. Reports suggest that MinerSale, along with the vast majority of these ICOs, involved business models that were either non-functional or outright fraudulent, leading to the loss of substantial investor funds. The MinerSale website has since vanished

February 23, 2022

R4I – Let us know more about the high-risk payment processors CardOneMoney and FairFX!

We have brought an update on the offshore activities of the CySEC-regulated IC Markets group. The broker onboarded clients from Europe through its offshore entity Raw Trading Ltd in Seychelles. Through these, European customers are accepted without proper KYC/AML and can make bank transfers to the FCA-regulated Spectrum Payment Services Limited d/b/a CardOneMoney. That's part of the listed fintech Equals Group PLC. We'd like to know more about it.

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February 10, 2022

R4I – The high-risk payment processor network around EcommPay!

Payment processors are at the very center of FinTelegram's attention. Especially those in the high-risk segment such as online gambling, adult business, ticketing, or online trading. Our readers know this. In this context, we have also recently co-founded PayCom42 (www.paycom42.com) together with partners, which systematically collects and evaluates payment processors. Recently, we have received interesting information about the high-risk processor ECommPay group active with regulated entities in the UK and Cyprus. We would like to know more.

January 30, 2022

R4I – Scam-facilitating illegal payment processor PGSellers!

Victims of several scams have sent us payment documents proving that they made their deposits to the scams via PGSellers Ltd. Officially, PGSellers sells courses, ebooks, or education packages to would-be online traders. However, we have already discovered PGSellers as an illegal payment processor for IGM Holdings, HQ Trade, and FinoCapital. PGSellers is a registered merchant with several payment services providers and is owned by the British Paul Solinsky.

January 21, 2022

R4I – Who is behind the high-risk payment processor Kryptova?

Kryptova Biz Ltd d/b/a Kryptova (www.kryptova.biz) is an unregulated crypto-focused high-risk payment processor. The company was established in October 2021 by the Indian citizen Chhavi Mishra and had its registered office at a virtual office address in London. We last exposed Kryptova at Invest Area broker scam as a facilitating payment processor. The Spanish CNMV, the Italian Consob, and the German BaFin issued warnings against Invest Area. We would like to learn more about this new kid on the block.

January 5, 2022

R4I – Let us know more about the vast scam network XupAssetSignals et al!

We know that most broker scams are part of a network that constantly produces new scam brands. The UK FCA recently warned against the crypto scam Encrypted Investment a/k/a CryptoExpert Investments. In our review, we found that this scam is part of a scam network including iQtrades247, BinFXtrade broker scams, and vanished XupAssetSignals. There are many more scam brands in this network, some of them have been exposed by TBBOB in June 2021.

December 22, 2021

Whistleblower Request – Let us know more about Ljudmila Mohacsek and her scam ventures

We have already reported on the activities of Hungarian citizen Lyudmila Mohacsek several times. She has been active with her companies as an operator and payment processor for numerous scams. Especially with the illegal payment processor Pay Credits, she came to our attention. In the meantime, Pay Credits has disappeared, and the operating company was dissolved via compulsory strike-off. We would like to know more about Ljudmila Mohacsek and her scam activities.

December 13, 2021

Whistleblower Inquiry – Who are the villains behind the MarginElite Scam?

In November 2020, we issued a warning against the broker scam MarginElite. Shortly before that, the UK FCA warned against the scam. At that time, we discovered the Estonian Blossom Capitals OÜ as the operator. In the meantime, the MarginElite scam has disappeared into the darkness of the Internet and the website is offline. Australian victims have asked us to provide our whistleblowers with clues about the ultimate villains behind the scam. Please share the respective information with us.

November 1, 2021

R4I – Licensed Estonian crypto payment processor Finrax

We recently spotted Estonia-registered and licensed crypto payment processor Finrax at offshore broker Moneta Markets. Finrax is new on our radar, and we would like to know more. We know that Finrax is a Bulgarian venture operated via Finrax Limited, registered in Sofia. To get the crypto license in Estonia, the subsidiary Finrax Exchange OÜ was established. The founders and directors are Roberto Penchev and Miroslav Marinov. We would like to know more about the crypto payment processor.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.