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Tag: FT Invest

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.

March 13, 2022

FCA warns against the Russian-Cyprus Trillion-Dollar broker network Alpari!

Alpari is a Russian broker, or at least it has its roots there. It was founded in 1998 by Russian-born Andrey Dashin in Kazan, Russia. Allegedly, it has more than 2 million customers. According to the UK Companies House information, Dashin lives in Cyprus. He also operates the CySEC and FCA regulated broker ForexTime there. Both ForexTime and Alpari are operated through offshore brokers with a network of various legal entities. Also, in close cooperation with the CySEC and FCA regulated Fortrade. The UK FCA has now issued a warning against Alpari.

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.

December 29, 2021

R4I – Connections between Alpari, Forex Time, and ForTrade!

The Spanish regulator CNMV has recently issued an investor warning against the broker Alpari, operating illegally in Europe via the offshore entity Alpari Limited, registered in St. Vincent & The Grenadines. We uncovered Praxis Cashier as a facilitating payment processor. From the information available to FinTelegram, it seems that die Alpari Group is related to the Forex Time Group and the ForTrade Group. Both are brokers regulated by the UK FCA and the Cyprus CySEC.

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.