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Praxis Cashier plans to help brokers to raise client-victims deposits up to 20%

CurrentDesk and PraxisCashier cooperate
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This is not good news for the potential customer-victims of broker scams. An estimated 6-7 out of 10 broker scams use Amit Klatchko‘s unregulated Praxis Cashier Systems Ltd (d/b/a Praxis Cashier) as a payment processor to process customer deposits. This gives Praxis Cashier the leading market position in the scam segment. With the integration of the broker CurrentDesk, Praxis Cashier aims to increase deposits from “traders” (aka victims) by up to 20% again. This is terrible news!

CurrentDesk (www.currentdesk.com) is a complete broker management system operated by CurrentDesk Ltd registered in the British Virgin Islands. However, the company’s place of operation seems to be Tusla, Oklahoma. The company also operates www.dispute.watch, an online dispute registry to prevent fraudulent transactions. Interesting, that the operated of DisputeWatch teams up with Praxis Cashier, a notorious if not toxic company in the global scam scene.

CurrentDesk co-founder and managing partner Travis Dahm

Andrew Saks, who has recently been very critical of CySEC‘s role in connection with regulated brokers and their scam-related “off-regulatory” activities, reports on the concerning press release from CurrentDesk. Travis Dahm, a co-founder of CurrentDesk and director of business development (LinkedIn profile), and Praxis Cashier announced their system integration to help global Forex brokers increase their deposits by 10-20%.

The cooperation probably means that our research team will soon find scams with CurrentDesktop and Praxis Cashier. Allegedly, Praxis Cashier (www.praxiscashier.com) has already integrated more than 350 Payment Service Providers (PSP) with over 1000 alternative payment methods into ist cashier.

According to experts interviewed by FinTelegram, companies such as Praxis Cashier or BridgerPay of Ran Cohen should be regulated under the EU Payment Directive. In Cyprus, this would be the Central Bank of Cyprus. In most jurisdictions, such PayTechs require permission from the relevant regulator. But not in Cyprus. This is not good for EU investors and the victims of brokers facilitated through these unregulated PayTechs.

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