FinTelegram Financial Intelligence
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The Scamadviser Connection to PayBack And The Nino Goldbeck Event Participation!
Cybercrime is a lethal threat to our global online society. Schemes like Scamadviser position themselves as bastions against online scams. Scamadviser, under the stewardship of founder Jorij Abraham, ostensibly battles the digital scourge of scams. Not content with Scamadviser alone, Abraham also pilots the Global Anti Spam Alliance (GASA), amplifying his anti-scam crusade. Yet, beneath this veneer of virtuous combat lies a perplexing association that beckons rigorous scrutiny.
Latest Updates
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Another Regulatory Warning Against Crypto Exchange Gate.io and ClavisChain!
A few weeks ago, we put the crypto exchange Gate.io on our Orange Compliance List due to obvious regulatory problems, and recently, the Austrian Financial Market Authority FMA issued a warning against ClavisChain and in this context also against Gate.io. The FMA failed to provide further explanations in its investor warning. ClavisChain looks like a clone of Gate.io. We advise all traders to exercise extreme caution with ClavisChain and Gate.
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Italian Watchdog Consob Orders The Black-Out of Seven Illegal Financial Websites
On March 15, 2024, the Italian financial watchdog Consob ordered the blackout of seven illegal online trading platforms. The number of websites blocked by Consob orders reached the round figure of 1,042 since July 2019, when the “Decreto crescita” (“Growth Decree”) gave the Italien regulator the power to order ISPs to inhibit access from Italy to websites through which financial services are offered without proper authorization.
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Bitcoin’s Pre-Halving “Danger Zone” and Continued Bullish Sentiment Among CEOs
As Bitcoin approaches the critical period known as the halving, historical patterns suggest a potential dip in its value, a phenomenon termed the "danger zone." Currently valued at around $68,000, Bitcoin is on the brink of this precarious phase, which traditionally sees a price decrease in the weeks leading up to the halving event. Crypto analyst Rekt Capital highlighted this trend, noting that Bitcoin is about to enter a period historically marked by significant retracements.
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Binance’s Client Account Freezing Strategy: A Systematic Legal Concern And Global Compliance Challenge!
Crypto exchanges have come under increasing scrutiny. Binance, one of the leading global crypto exchanges, has drawn particular attention for its practices related to freezing client accounts without explicit explanations. This analysis seeks to hypothesize the systemic nature of these actions under the stewardship of new CEO Richard Teng, whose prior experience with regulatory bodies has yet to manifest change in this contentious area.
Payment Processors
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European Financial Institutions and Illegal Casino Payments: A Call to Action for EU Regulators!
In the wake of recent revelations surrounding Cash App and the U.S. authorities' investigation into allegations of money laundering and the facilitation of illegal offshore gambling activities, a concerning pattern emerges—one that is not limited to the shores of the U.S. FinTelegram has revealed that numerous European financial institutions are acting as payment facilitators for illegal offshore casinos.
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Russian-Controlled High-Risk Payment Processor Payeer Facilitates Pocket Option and PO Trade Broker Schemes!
The Russian-controlled high-risk payment processor Payeer has been on our radar since 2021. Since then, the operating companies behind the payment facilitator have changed several times. We have also discovered Payeer to be a facilitator of scams during this time. Currently, Payeer is one of the payment facilitators for the (interconnected) offshore broker schemes Pocket Option and PO Trade, alongside Advcash and Perfect Money. Here is our latest update.
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Klarna’s Sofort Still Facilitates Bank Deposits to Unlicensed Offshore Casino Platforms!
FinTelegram already revealed that Klarna, a prominent Swedish fintech company operating under banking regulation through its subsidiary Sofort, is progressively facilitating online casinos and gambling..
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Urgent Warning Against TraderbrokerFX, Traderbroker X And Their Facilitators!
The Spanish regulator CNMV has issued a warning against the broker scam TraderbrokerFX a/k/a TraderbrokerX. It is allegedly operated by TraderbrokerFX Limited. We have not found this company. As payment processors we have found for crypto deposits Coinsdrom which is operated by Lithuanian Clearcrest Inc UAB. In addition, customers can also l
Cybercrime Court Cases
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Prosecutors Demand Decades Behind Bars for FTX’s Sam Bankman-Fried in Landmark $11 Billion Crypto Fraud Case
U.S. prosecutors have recommended a substantial prison sentence of 40-50 years for Sam Bankman-Fried (SBF), the disgraced founder and former CEO of FTX, one of the previously largest crypto exchanges globally. This recommendation was presented to a federal judge for the sentencing scheduled for March 28. The prosecution's stance starkly contrasts with the defense's plea for a mere 6-year sentence, which prosecutors have deemed "woefully inadequate."
Regulatory Updates
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Moldovan National Sentenced To Prison For Operating Websites Involved In The Illicit Sale Of Compromised Computer Credentials
This week, the cybercrime activist Sandu Boris Diaconu, a 31-year-old Moldovan national, was sentenced to 42 months in federal prison by U.S. Senior District Judge James Moody, Jr. Diaconu pleaded to the charges of the DOJ on December 1, 2023, for charges related to conspiracy to commit access device and computer fraud, and possession of 15 or more unauthorized access devices.
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Crypto Exchange Binance Spins Off $10 Billion Venture Unit!
Amidst a tumultuous period of regulatory and legal challenges, Binance has formally separated its venture capital division, Binance Labs, establishing it as an independent entity earlier this year. This significant development occurred shortly after Richard Teng's appointment as CEO in November, taking the helm from Changpeng Zhao (CZ) following CZ's guilty plea related to allegations of sanction violations and breaches of money-transmitting laws in the U.S.
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UK High Court Says That Australian Computer Scientist Craig Wright is Not Satoshi Nakamoto!
No surprise here. In another courtroom drama in the crypto space, the UK High Court has unequivocally declared that Australian computer scientist Craig Wright is not, in fact, the mysterious Satoshi Nakamoto, the mysterious mastermind behind Bitcoin. This conclusion came swiftly at the end of a five-week spectacle. Justice Mellor wasted no time delivering his verdict, citing the "overwhelming" evidence against Wright's claim.