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Tag: Coinsxo

June 21, 2022

BaFin Investigates EuropaTradeCapital Broker Scam After FinTelegram Warning!

FinTelegram warned already twice against the EuropaTradeCapital broker scam and exposed Zcoinpay as facilitating payment processor. Finally the German regulator BaFin announced investigations against the operators, St. Vincent & The Grenadines registered FD Trade LLC. These investigations regularly lead nowhere as these scams are not a compliance matter but fraud and thus fall under the jurisdiction of the law enforcement authorities. In our review today, registration was no longer possible. The EuropaTradeCapital scam will soon be gone with the victims' money.

April 4, 2022

Watch out! Fraudulent BitIQ campaign promotes Europe Capital broker scam!

The fraudulent BitIQ campaign is currently being promoted by various websites and emails. This morning, we noticed in our review that the broker scam Europa Trade Capital is hunting for new victims via BitIQ. After registering with BitIQ, victims are directly redirected to the scam's payment page. There they can lose their money via deposit with Bitcoins. As a crypto payment processor, we have discovered Zcoinpay a/k/a Coinsxo. Stay far away.

January 8, 2022

And again! The next regulatory warning against IGC Markets

IGC Markets is a very aggressive scam broker deploying fraudulent marketing campaigns such as Elite Trader or Bitcoin Loophole to chase victims. The offshore entity MaxxMedia LLC, registered in St. Vincent & The Grenadines, is the alleged operator. Several European regulators have already issued warnings against the scam. In December 2021, the UK FCA issued a warning and on 7 Jan 2022, the German BaFin announced investigations. Below is another update.

December 17, 2021

Still active! Another regulatory warning against IGC Markets

FinTelegram has warned several times against the IGC Markets broker scam that chases victims via fraudulent marketing campaigns such as Elite Trader or Bitcoin Loophole. The offshore entity MaxxMedia LLC, registered in St. Vincent & The Grenadines, is the alleged operator. The Austrian Financial Market Authority (FMA) has followed with a warning against IGC Markets. Today, the UK FCA issued a warning against the IGC Markets scam. Do not fall for this scam and avoid registering with fraudulent marketing campaigns at all costs.

November 21, 2021

Please notice! Broker scams Tandem Markets and Global Morgan on the hunt!

In our reviews today, we have discovered that currently, via Yuan Pay a/k/a Yuan Pay Group scam campaign, the broker scam Tandem Markets (www.tandemmarkets.com) is being promoted. This scam is operated by the same boiler rooms and marketing companies as Global Morgan (www.globalmorgan.com). Currently, there are no warnings from regulators against either scam. Stay far away and keep your money and data.

October 26, 2021

Urgent warning! Bitcoin Prime fraud campaign chases victims for IGC Markets broker scam!

FinTelegram has warned about the IGC Markets broker scam several times. Today, the scam is being promoted by the fraudulent marketing campaign Bitcoin Prime and mainly targets German-speaking victims. As a payment processor, we have discovered the mysterious crypto payment processor Coinsxo in BoxiPay cashier. Its website does not provide any information about the legal entity of the operator. Cyprus is stated as the Coinsxo jurisdiction.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.

Prosecuted Telegram CEO Durov Challenges Personal Liability for Platform Misuse!

The prosecuted Telegram CEO Pavel Durov argues that holding CEOs personally liable for platform misuse is an outdated practice that threatens innovation. Following his Paris arrest, Durov emphasized that platforms like Telegram must adapt to rapid growth, but outdated liability standards should not stifle progress. His case highlights the ongoing debate about balancing innovation, privacy, and regulation in the tech world.

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.

Germany: Accomplices in Fraudulent Cyber Trading Platforms Charged by Karlsruhe Prosecutor!

The Baden-Württemberg Cybercrime Center in Germany has announced that it charged three suspects linked to an international fraud scheme that cost over 820 victims more than €5 million. The case marks a significant step in combating organized cyber trading fraud but underscores the growing complexity of such operations that often rely on an international division of labor.

Influencers

Influencers and Financial Crimes: A Short Guideline and a Request for Whistleblower Information!

Recently, the influencer industry has come under increased scrutiny from regulatory bodies worldwide. The case of Turkish influencers Dilan Polat and Engin Polat, facing $30 million money laundering charges and allegations of operating an illegal betting ring, perfectly demonstrates the potential legal risks in this sector. This high-profile case has prompted authorities to investigate hundreds of other influencers for potential financial crimes.