Trade Com Racket | FinTelegram News

Category: Trade Com Racket

June 20, 2021

Trade Com Racket – More scam-facilitating crypto payment processors exposed

The crypto exchange Crypto4x (www.crypto4x.net) is a clone of the crypto exchange Tradient (www.tradient.net). There are more of these Tradient clones, such as Qxtrade (www.qxtrade.co) or CrypTek (www.cryptek.fr). According to information from our whistleblowers, these are payment processors in the Trade Com Racket, just like the Latvian Paybis (www.paybis.com), a FinCEN-registered money service business. The Trade Com Racket operates a huge network of broker scams.

June 8, 2021

Bravo! Bank of Lithuania revokes license of Finolita Unio

As reported by FinTelegram, The Financial Times reported that German prosecutors suspect that more than €100M was stolen from Wirecard via the licensed Lithuanian e-Money Institution (EMI) Finolita Unio. Via this fintech, at least €35M was said to have flowed to fugitive ex-Wirecard executive Jan Marsalek and another €65M to the now insolvent company oCap in Singapore. Today, the Bank of Lithuania announced that the license of Finolita Unio had been revoked for violations of money laundering rules.

May 22, 2021

Research Update on Estonian crypto payment processor and scam-facilitator Woodstocks

Over the years, we have learned that public (open) investigations evolve. Typically, after publishing initial reports or Requests 4 Information (R4I), we receive additional information from whistleblowers and victims. With the new information, we continuously update the reports. Therefore, it has often seemed like a mosaic of information for our readers to piece together. We try to avoid this Mosaic Approach in the future. Therefore, here is a new-form update on the licensed Estonian crypto payment processor Woodstocks OÜ d/b/a Coinmond and FMA Crypto.

May 19, 2021

Update on the Trade Com Scam Racket and its facilitating payment processors

The Trade Com Racket is believed to have a headquarters in Albania. JPM Capitals, ProfxCredit, FMA Crypto, Coinmond, GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX are part of the racket. In January and August 2020, the UK FCA issued investor warnings against the FXonspot scam; in September 2020, the Spanish CNMV followed. The racket offers the trading app TopEuroFX for free download in the Google store. As facilitating payment processors, we have recently discovered Payecards, the Estonian Woodstock OÜ, the UK Cashaa Technologies Ltd, and Net Kantor.

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.