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Tag: Fortrade Cyprus

January 4, 2024

Fortrade Faces License Revocation in Belarus Amid Shifting Forex Landscape!

Multi-asset broker Fortrade, headquartered in London, recently faced the revocation of its authorization in the Republic of Belarus, marking the end of a licensing period that lasted for five and a half years. The regulatory registry in Belarus reported the withdrawal of Fortrade's authorization, with no details given. As reported by FinTelegram Fortrade, it transferred its Belarus business to Mauritius after the Russian invasion of Ukraine.

November 12, 2022

Notorious CySEC-Regulated ForTrade Received Temporary Order In Canada!

The Investment Industry Regulatory Organization of Canada (IIROC) formally initiated the investigation into Fortrade Canada Limited's conduct in August 2021. Following an application made with a notice on November 9, 2022, in Toronto, Ontario, a Hearing Panel IIROC granted a temporary order in the matter of Fortrade Canada Limited. FinTelegram has been reporting about the ForTrade activities over the last two years!

May 18, 2022

Attention! ForTrade Statement Regarding Invest365 Broker Scam!

ForTrade is a broker brand operated by legal entities licensed by various recognized regulators such as the UK FCA, the Cypriot CySEC, or the Australian ASIC. In addition, the ForTrade Group runs offshore entities in Belarus and Mauritius, as FinTelegram has already outlined. BaFin issued a warning against Invest365 and LLC Fort Securities BLR in March 2022. On March 16, 2022, BaFin updated the warning after discussions with ForTrade and outlined that ForTrade Group would not involved in the Invest365 scam, but it would be a case of identity theft. Here is the update!

May 8, 2022

Finally! The Russian GloryFT associated with Alpari and Fortrade vanished!

FinTelegram has reported the apparent cooperation between the two broker schemes, Alpari and Fortrade. In particular, we have drawn attention several times to the Russian site GloryFT which, according to the website, was operated by the CySEC-regulated Fortrade and the Russian-licensed Alpari. In our reviews, after registering with GloryFT, we were immediately redirected to the website of CySEC-regulated ForTrade Cyprus Ltd to complete the registration. We were greeted by an email from ForTrade. The website has now disappeared with a 404 error message.

March 2, 2022

Ukraine War – Fortrade transfers Belarus offshore activities to Mauritius!

LLC Fort Securities BLR is one of the offshore brokers of the Fortrade Group. It is licensed by the National Bank of Belarus (NBRB) and used to the now-vanished FX Trade Premium. The UK FCA issued a warning against this illegal broker (report here). Recently, the German BaFin has announced an investigation against this Belarusian entity, and its now-vanished Invest365. Amid the Russian invasion in the Ukraine ForTrade transfers its Belarus activities to Fortrade Mauritius Ltd, the group informed.

February 6, 2022

Finally! German regulator investigates Fortrade Group and offshore broker!

LLC "Fort Securities BLR" is the offshore broker operator of the Fortrade Group. It is registered and licensed in Belarus. It used to be the operating entity behind the now-vanished FX Trade Premium, against which the UK FCA issued a warning. BaFin has announced an investigation against this Belarusian entity and its Invest365. We have already exposed Fortrade's non-compliant offshore broker activities and their connections to the Russian Alpari Group and the FCA- and CySEC-regulated ForexTime Group.

July 23, 2021

R4I – Regulated brokers ForTrade and Alpari have joint interests

Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.

July 22, 2021

Incorrect FCA warning against alleged clones of regulated ForTrade broker

The UK FCA issued an interesting and incorrect investor warning today. The UK regulator warns against the TorexFX, an allegedly unauthorized clone of the FCA and CySEC regulated broker ForTrade. The domains mentioned in the warning are https://torexfx.com, https://gloryft.com, and https://fxen.gloryft.com. The GloryFT domains are operated by the Russian Alpari Broker LLC and the FCA-regulated ForTrade Limited. Thus, the FCA has not recognized that an FCA-regulated entity conducts allegedly "unauthorized" activities.

August 21, 2020

UK watchdog FCA warns against Fortrade clone FXTradePremium

The FCA issued an investor warning against the scam broker FXTradePremium on 20 August 2020. According to the information on the website, the scam is operated in Minsk via the Fort Securities LLC registered in Belarus with registration number 193075810. This is actually one of the companies of the CySEC regulated investment company ForTrade Cyprus Ltd (CIF No 385/20).

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.