The logo of the broker scam Billion Forex (www.billionforex.com) reminds of the beverage brand Red Bull and this could be intentional. Currently, there are no warnings against the scam by a financial market regulator but FinTelegram already has whistleblower information and complaints. The scam is operated by BillionTraders Services OÜ, Estonia, and Billion Traders Ltd, St. Vincent and the Grenadines. They claim to be part of FCA-regulated Billion Key Ltd. TEXCENT and crypto payment processors such as BitPanda, Coinmama, or Coinbase are integrated as payment providers.
The scam is operated by BillionTraders Services OÜ, registered in Estonia, and Billion Traders Ltd, registered in St. Vincent and the Grenadines. The Cypriot Christos Varnavas is registered as a director of the Estonian company. According to its website, the scam is part of the network of Billion Key Limited, registered in the UK and regulated by the UK FCA. The company changed its name to Paywiser Limited with effect from 7 October 2020 and is controlled by the Hong Kong Chinese Him Shun Sam Ho.
In fact, Billion Key Limited aka Paywiser is registered with the FCA under reference number 901086, but the brand and/or Domin “Billion Forex” is not approved by the FCA.
That said, we can conclude that the bold claim that Billion Forex would be part of the FCA-regulated Paywiser is either a false statement or that operating Billion Forex under the FCA license umbrella of Paywiser is a violation of regulatory requirements.
Deposits to the scam are processed via TEXCENT and its BIILZ platform. TEXCENT – sounds a bit like the Chinese FinTech giant “TenCent” – is an Asian FinTech company and payment processor and operates the payment platform BIILZ (www.biilz.com) via its European entity Texcent UK Ltd registered in the Companies House with Company No 11108806. Both of the company’s directors – Sumedha Goel and Svetlana Umarova – are residents of the United Arab Emirates.