Finally! German BaFin follows FinTelegram and investigates CentoGX

investor warning Cento GX broker scam promoted by Crypto Hoppers
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FinTelegram has issued several warnings against the CentoGX a/k/a Cento GX (www.centogx.com) broker scam in recent months. The fraud broker has recently focused on acquiring German-speaking victims with a dedicated website. The Spanish regulator CNMV already issued a warning in October 2021. The German BaFin has now announced an investigation into the CentoGX scam. It was also high time, but the German regulator is not known for its speed.

Key data

BrandCentoGX, Cento GX
Legal entitynot exposed yet
JurisdictionCento GX Ltd (fake)
Facilitating payment processorsSysPay, Coinicash, Coinichanger, AdvCash
WarningsBaFin, CNMV

Scam narrative

The CentoGX operator allegedly is Cento GX Ltd, with an address in London, United Kingdom. However, We did not find the company. In our first review, we found Coinicash, Coinichanger, and AdvCash as facilitating payment processors operating via the SysPay cashier (www.syspay.cc). Victims can lose their money with credit and debit cards or with Bitcoins.

The Cento GX scam is a well-crafted broker scam. The scammer launched it with a press release in June 2021. The operators have created a profile on CrunchBase and opened presences on LinkedIn, Facebook, Instagram, Twitter, and YouTube. On Trustpilot, Cento GX has a 3.7-star rating with an “Average” trust level. However, most of the 4- and 5-star reviewers are First-Time-Reviewers, i.e., they are very likely fakes. We suspect that the scam’s boiler room agents post these fake reviews.

Share information

If you have any information about the CentoGX scam, please share it with us through our whistleblower system, Whistle42.

CategoriesBaFin CNMV

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