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German regulator warns against EUSchuld and MarketBulls broker scams

Boss of CySEC-regulated investment firm arrested
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The German regulator has announced investigations against broker scams EUSchild (www.euschild.de) and MarketBulls (www.marketbulls.co.uk). While the latter is already offline and gone, EUSchild is still online. Both scams falsely claimed to be regulated brokers. In our review today, we discovered GatewaysApi cashier. However, none of the offered payment options worked. It seems that EUSchild will be gone soon as well.

The content on the websites www.euschild.de and www.marketbulls.co.uk justifies the assumption that the operators of the platform offer unauthorized banking transactions or financial services in Germany. In contact with their victims, they make unauthorized use of official seals and logos of regulators in particular. In addition, the website of EUSchild untruthfully claims to be subject to supervision by BaFin and CySec, the Cypriot regulator. They also untruthfully claim to be a brand of supervised institutions.

In addition, BaFin has become aware that fake BaFin employees have made telephone contact with victims of MarketBulls. Subsequently, they have received a fake BaFin letter informing them about alleged incoming payments in cryptocurrency on an account. The addressee is asked to pay a certain amount to “unlock the money”. BaFin states that it would not send such letters. This is an attempt to defraud. Moreover, the facts presented would lack any real economic basis.

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