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Tag: Laino Group

Attention: Black-Listed Offshore Broker PaxForex Continues To Solicit Clients Despite U.S. Ban!

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PaxForex has been operating as an offshore broker for many years. In 2020, the U.S. regulator CFTC brought a lawsuit against St. Vincent & Tthe Grenadines registered operator, Laino Group Ltd. The FBI seized the domain www.paxforex.com. Since then, the offshore broker has been operating with the domain www.paxforex.org. The offshore entity has disappeared, but the website lists it as the operator. Stay far away.

Offshore Challenge – CFTC complaint was served on Wilfred Services.

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It is often a challenge for law and regulatory enforcement agencies to identify the scammers and serve the complaint on them. Scammers, like other cybercriminals, like to hide behind offshore companies and trustees. Specialized companies like Wilfred Services Ltd on St. Vincent & the Grenadines facilitate scammers with their services. Most recently, CFTC served Wilfred Services with the PaxForex compliant in its capacity as the operator's Company Secretary.

CFTC complaint against broker PaxForex asking for full restitution and disgorgement

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On Sept 24, 2020, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against PaxForex (www.paxforex.com), an offshore CFD broker operated by Laino Group Limited which is a company registered on St. Vincent and the Grenadines. The Commission alleges that PaxForex is offering services without having the legally required FCM registration. PaxForex is accepting cryptocurrencies as a means of settlement.

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