Tag: Advanced Cash

stoxDC is another illegal broker on the PandaTS white-label broker platform. Heimdall Developments Ltd, registered in the Commonwealth of Dominica, allegedly operates the scheme. The payment gateway is operated by the anonymous Hong Kong-based SysPG (https://syspg.net). Customers can make deposits using credit and debit cards and AdvCash. For deposits via AdvCash, Website2 is acting as a fake merchant. We were alerted by a victim of the stoxDC broker scam that this and other broker scams until recently operated under the same PandaTS Vendor ID.

It is no secret that we consider scam-facilitating payment processors to be much more dangerous than the scams themselves. These payment processors make the scammer scene possible; they are the facilitators of the fraud attacks on consumers and retail investors. Many crypto payment processors have been established in recent years, giving the high-risk and scam-facilitating scene another boost. In many cases, crypto payment processors hold bank accounts with regulated institutions to facilitate scams like Coinicash, AdvCash, and PaySys in the Cento GX scam.

In today's daily market screening, we noticed that the scam broker ElitSolutions (www.elitsolutions.co) is promoted by various fraudulent marketing campaigns like Bitcoin Buyer. ElitSolutions is a typical white-label scam from one of the numerous scam factories. Deposits from prospective victims are possible via credit and debit cards with the cashier running under the domain https://sand.cheap. Deposits via Bitcoins are offered, but the scam operator is blocked at the payment processor AdvCash.

Regulators have warned against the FinMax scams already. In Jan 2019, the German BaFin warned against the mutation FinMaxBO and issued a Cease-and-Desist Order today. In Oc 2020, the Spanish CNMV warned against the mutation FinmaxFX. The scams are operated by Max Capital Limited, Vanuatu, and Gatelinas UAB, Lithuania. Although Max Capital is licensed by the VFSC, it's not authorized to scam anybody. As scam-facilitation payment processors, we have uncovered Webmoney, VLoad, advcash, and Aveia.

The Spanish regulator CNMV had already warned against FinmaxFX in October 2020. The scam is operated by Max Capital Limited in Vanuatu and Gatelinas UAB in Lithuania. Max Capital is licensed by the offshore regulator VFSC. This offshore license does not authorize the broker to operate in other regulatory regimes. Based on our review, we qualify FinmaxFX as a scam designed to defraud. As payment facilitators for the scam, we have discovered Webmoney, Jeton, VLoad, advcash, and Aveia. The illegal active broker is still active, as are the payment facilitators.