German BaFin warns against HandelXP broker scam

BaFin warns against HandelXP broker scam
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Today the German regulator BaFin announced an investigation against the broker scam HandelXP (www.handelxp.de) and its operator. On the website, we did not find any information about the legal entity behind the scam and, of course, no information about persons. The scam is available in English and German and is apparently operated through boiler rooms in Belgrade. Deposits of victims are processed via the website Special Gift Cards (www.specialgiftcards.co.uk) and Trustly.

HandelXP facilitated by Special Gift Cards and Trustly

The content of the website www.handelxp.de and information and documents available to BaFin justify the assumption that the platform operator is offering unauthorized banking transactions or financial services in Germany. Moreover, the German regulator found that when requesting a payout, victims receive information that capital gains tax must first be paid to an account designated by HandelXP. In some cases, a fake BaFin document is used that purports to inform about the taxation of cryptocurrency trading.

The scam apparently works closely with Elite Trading Academy (www.elitetrading.academy), another scam run by Bulgarian GRINGOTTS WIZZ LTD selling trader education. The same company also operated the website BTCXe (www.btcxe.de and www.btcxe.io) which has since disappeared. Stay far, far away.

  1. trustly are not involved as the service is being embedded on handelxp without their authorization, but ilan and the nazi don’t have the integrity to point that out, and should have contacted trustly for comment.

    1. Ben Givon says:

      Thank you for your valued opinion. We have explicitly pointed out that Trustly is used via the Special Gift Cards website. As is shown in the screenshot. Evidently, Special Gift Cards is facilitating the HandelXP scam as an illegal payment processor.

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