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September 5, 2023

Interesting Court Case Around Rabobank And The OAD Bankruptcy!

A decade after the OAD insolvency precipitated by Rabobank, the appellate proceedings concerning OAD's dispute with Rabobank are set to commence on 13 September. Attorney Jan Michiel Wagenaar, representing OAD, has been refining the legal arguments and amassing supplementary evidence for the appeal. Wagenaar is also the Dutch lawyer for the European Fund Recovery Initiative (EFRI) in the Payvision case.

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September 4, 2023

Israeli Entrepreneur Beny Steinmetz Arrested In Cyprus Over Romanian Fraud & Corruption Allegations

Last Thursday, Beny Steinmetz, an Israeli entrepreneur, was detained in Larnaca, Cyprus, following an EU arrest warrant initiated by Romania. Steinmetz received a five-year jail sentence in Romania in Dec 2020 for his involvement in a vast real estate fraud, one of Romania's biggest-ever corruption cases. Additionally, Steinmetz faced an 18-month prison sentence in Switzerland for bribing Guinea's ex-president.

September 3, 2023

Ukraine-Born Israeli-Cypriot Oligarch Ihor Kolomoisky Arrested Over Fraud & Money Laundering Charges!

In a significant development from Ukraine, Ihor Kolomoisky, a leading oligarch and pivotal backer of President Volodymyr Zelensky's 2019 electoral campaign, has been apprehended in relation to a fraud inquiry. A Ukrainian court has ordered the tyccon to be held in custody for two months on suspicion of fraud and money laundering. Kolomoisky, renowned for his ventures in media and banking, ranks among Ukraine's most affluent figures.

September 3, 2023

Rising Russian And Chinese Cybercrime Attacks On Germany with €206 Billion Economic Toll in 2023!

In an alarming revelation, a recent survey highlighted the escalating peril of cybercrime, projecting a staggering cost of €206 billion for Germany in 2023. The ever-growing wave of digital threats puts the nation's economy at substantial risk, accentuating the urgent need for comprehensive cybersecurity measures. Cybercrime attacks from Russia and China have skyrocketed and pose a national threat.

September 2, 2023

FinTech Giant Wise Accidentally Facilitates Withdrawal for Sanctioned Individual! CEO Goes On Parental Leave!

Amidst the complexities of global sanctions and the dynamics of financial technology, Wise, a UK-based fintech leader, finds itself entangled in an incident of inadvertent sanctions breach. An individual listed on the Russian sanctions roster was unexpectedly allowed to withdraw £250 ($316.63) from a Wise business account, as revealed by the Office of Financial Sanctions Implementation (OFSI), a regulatory arm of the UK government.

August 31, 2023

In-Depth Analysis: SEC Charges Against Binance And Implications Thereof!

In June 2023, the U.S. Securities Exchange Commission (SEC) formally lodged thirteen charges against Binance and its founder, Changpeng Zhao. Among the charges are allegations..

August 30, 2023

Legal Precedent: 1st Court Hearing In Preliminary Injunction Against Dutch Regulator DNB!

Disclaimer: The following article summarizes the report of the leading Dutch financial newspaper FD. The journalists of the financial newspaper have followed the first hearing in the Amsterdam court in which the European Fund Recovery Initiative (EFRI) and the victims represented by EFRI filed an injunction against the Dutch regulator DNB. EFRI and the victims are demanding the release of an audit report from the regulator in which the misconduct of the ING subsidiary Payvision is recorded.

August 30, 2023

Crypto ETF: Another Court Battle Defeat Of SEC May Be A Turning Point For The Crypto Industry!

In a pivotal ruling that has captured the attention of financial experts and cryptocurrency enthusiasts alike, Grayscale has secured a significant victory against the U.S. Securities and Exchange Commission (SEC). This outcome, as detailed in recent court findings (Grayscale v. SEC), permits Grayscale to transition its futures Bitcoin ETF to a spot ETF. Analysts perceive this decision as a transformative moment for the cryptocurrency domain.

August 28, 2023

Payvision Victims Go After The Dutch Regulator DNB Over Refusal To Support Them!

FinTelegram readers are well aware that through the coordination of the European Funds Recovery Initiative (EFRI), the Dutch payment processor Payvision, now in liquidation, is being sued by victims of scams who made and lost their deposits through Payvision. An investigation conducted by Dutch regulator De Nederlandsche Bank (DNB) confirmed that Payvision supported scams and violated financial laws in the process. However, DNB does not want to make the report available to victims.

August 28, 2023

The Crypto Bull Cycle And The Obstacles On Its Way!

The cryptocurrency market, known for its volatility, has experienced several bull and bear cycles over the past decade. We approach the next potential crypto bull cycle centered around the 4th Bitcoin halving in April 2024, where block rewards will reduce from 6.25 BTC to 3.125 BTC per block. However, several macroeconomic and industry-specific factors could influence its trajectory. Here's an analysis of these factors.

August 27, 2023

Cyprus-Based Offshore Broker XtreamForex Included In Orange Compliance List!

Several legal entities in different jurisdictions operate the XtreamForex scheme. On the one hand, there is Xtream Markets Ltd in Mauritius, registered as an investment dealer with the Financial Services Commission (FSC) in Mauritius since 2023. The website also mentions Xtream Markets Ltd in the Marshall Islands as the website's owner. The client agreement also mentions Grand Investing Ltd. We have added XtreamForex to our Red Compliance List.

August 27, 2023

Attention: Keler Group Broker Scam Vanished After More Regulatory Warnings!

The Keler Group broker scam has been active since early 2022 and, to the best of our knowledge, has ripped off thousands of consumers. Victims' deposits were processed via crypto payment processors such as Russian Mercuryo or AllCoinSwapper. Most recently, Swiss regulator FINMA placed Keler Group on its warning list following several reports by FinTelegram. It looks like the scam broker's website and the victims' money have vanished.