Tag: International Fintech

It is a cold case now but still not resolved! Between 2018 and 2020, FinTelegram exposed that a group of Israeli payment processors controlled by Eyal Nachum and his partner Tamir Zoltovsky facilitated binary options and broker scams big style. They worked with entities in Montenegro or the Marshall Islands and with the regulated e-Money Institutions Bruc Bond (previously Moneta International) and International FinTech. In April 2020, the Bank of Lithuania revoked Bruc Bond's EMI license; consequently, the group vanished from Europe, but their scam-facilitating activities remain to be investigated.

FinTelegram has issued several warnings against the notorious scam and cybercrime facilitator Epayblock, an e-Money Institution regulated by the Bank of Lithuania (BoL). Finally, the regulator announced that it revoked the license of Epayblock due to money laundering issues. The regulator said that it received complaints and information about Epayblock customers potentially using its services for fraud. It initiated the investigation and obtained court permission to apply temporary restrictions on the provision of services to its customers.

We have been cooperating with law enforcement agencies in various countries since the launch of FinTelegram. As insiders and friends know, the establishment of FinTelegram came about as a means of fighting cybercriminals who were taking action against the founders and operators of FinTelegram. These cybercriminals at the time were German Uwe Lenhoff and Israeli Gal Barak. Both were arrested in early 2019, also thanks to the cooperation between FinTelegram and law enforcement.

The spot is on Lithuania! The Financial Times reported that German prosecutors suspect that more than €100M was stolen from Wirecard via the licensed Lithuanian Finolita Unio. Via this fintech, at least €35M was said to have flowed to fugitive ex-Wirecard executive Jan Marsalek and another €65M to the now insolvent company oCap (previously Senjo Trading) in Singapore. Both Finolita Unio and oCap are part of the Senjo Group, one of Wirecard's most important partners in Asia, and received a loan of €350M from the latter. Finolita Unio CEO Danas Oliskevicius rejects the accusations and blames the German BaFin.

Amid the hype of binary options, CFDs, and crypto trading, many FinTech entrepreneurs have picked up e-Money Institution licenses in Lithuania. Like Eyal Nachum with his Bruc Bond and International Fintech. Well, they lost the license and went to Singapore. However, MoneyNetint Group and its GlobalNetInt are still there; regulated! Most recently, Epayblock caught our attention because it is repeatedly involved in broker scams as a payment processor. We would like to know more about Epayblock.

The Bank of Lithuania revoked the company's EMI license in April 2020. FinTelegram has previously alerted its readers in numerous reports. For this, FinTelegram has been sued for alleged defamation in Israel. The Bank of Lithuania actually fully confirmed the reports and turned the alleged defamation into a proven fact. In the meantime, Bruc Bond has disappeared from the EU and operates on the Asian markets with a MAS license in Singapore. They have gone to conquered Asia.

Whistleblowers provided documents proving that Lithuanian registered e-money institution (EMI) GlobalNetint UAB is involved in numerous scams as a payment processor. This is for example extensively documented in the "Maxigrid Case" with the associated scams RoyalsFX and LincolnFX. The CySEC-regulated Maxigrid itself has processed payments from victims of scams via its bank accounts with GlobalNetint.

The two Israeli FinTech entrepreneurs Eyal Nachum and Tamir Zolovsky are not having a good time right now. Amidst the COVID-19 pandemic, their two licensed EU e-Money Institutions Bruc Bond and International Fintech saw their licenses terminated. In the case of Bruc Bond because of systematic compliance violations and problems with money laundering. Nachum, Zoltovsky. and their various payment processors have a long track record in the scam area.

The International FinTech UAB of the Israelis Eyal Nachum and Tamir Zoltovsky has no more license in Lithuania. Thus, within a few months, the two Israeli payment pundits have lost both regulated companies in Lithuania. Already in April 2020, the Bank of Lithuania withdrew the license of Bruc Bond (formerly Moneta International) due to systematic violations of the compliance guidelines and problems with money laundering. At present, it is not clear why International Fintech has also lost its license.

The network around binary options and illegal broker schemes around the GreyMountain Management Ltd (GMM) of the Israelis David...

International Fintech is a registered company in Lithuania equipped with a license by the Bank of Lithuania to provide payment and electronic money services. The company is associated with the group of payment companies of Eyal Nachum and Tamir Zoltovski.