In May 2020, the UK FCA issued an investor warning against the Infinitrade (www.infinitrade.com and www.infinitrade.io) broker scam, operated by offshore entity A&E Products Ltd. The scam has been facilitated by payment processors Praxis Cashier System Ltd d/b/a Praxis Cashier, Phoenix Payments Ltd d/b/a Paytah, and Finligue Grupp OÜ d/b/a Crypto1. The Maltese regulator MFSA has received complaints from victims about Paytah and its scam clients. Despite FCA‘s warning, PayTah and Crypto1 have continued to support the Infinity scam.
The operators of Infinitrade are associated with other scams like CapitalTrade (www.capital-trade.io), CapitalCMedia (www.digitalacmedia.com), or B Trade (www.b-trade.io); all of them have been operated on the Sirix platform of Israeli Leverate. Please read our report here for more information.
The Estonian Crypto1 and Paytah
Although the UK FCA had already issued the warning against Inifinitrade in May 2020, Crypto1 (www.crypto1.io) and Paytah (www.paytah.com) were still processing several deposits from victims of the scam in June 2020. The Estonian Finligue Grupp, which had a license from the FIU until July 2020, had a bank account with Paytah (IBAN MT75 PHPY 2700 70PH OENI X000 0000 055) through which the victims of Infinitrade made deposits.
The Latvian Anatolijs Belavskis, born August 1988) is registered as a director with Finligue Grupp. This guy is also found in the UK Companies House as an active director and controlling person of Treastone Ltd.
Praxis facilitates payments
Infinitrade was also facilitated by the unregulated Israeli-Cyprus Praxis Cashier a/k/a Praxis (www.praxischashier.com) operated by Praxis Cashier System Ltd of Amit Klatchko (LinkedIn profile). Praxis is one of the scammers’ choices for its easy to connect with. KYC/AML/CTF are not well-known terms for this payment processor. Therefore, potential brokers’ customers should not enter into a business relationship with providers who have integrated Praxis as payment processors.