See, the problem with financial market regulators’ warnings is that they usually come too late. Usually, their warnings are issued only after many investors have complained. Thus, scammers defraud consumers undisturbed for many months. This is also the case with CiscoTrades (www.ciscotrades.com). The broker scam has been active for several months, and only today the CNMV issued a warning. The scam is apparently already disappearing again. As a payment processor, we have once again discovered the Estonian BitTheBank. Seriously, again?
The first sign that a scam is about to disappear is when the payment options stop working. This is also the case with CiscoTrades. BitTheBank (www.bitthebank.com) from Lipan Services OÜ is integrated as the payment processor. However, during our review today, we received an error message during the simulated deposit.
It is always the same high-risk payment processors that we discover as in the scams. In the payment gateway space, these include the unregulated PayTechs Praxis Cashier, BridgerPay, and most recently Coriunder and its white-label solution PayoTop. In the crypto sector, we have seen XChangePro and BitTheBank in recent months as big-style scam-facilitators.