Tag: Leverate Financial Services

The Cyprus Securities and Exchange Commission (CySEC) has formally accepted the withdrawal of the Cyprus Investment Firm (CIF) authorization previously held by Leverate Financial Services Ltd. This development, announced after CySEC's meeting on December 4, 2023, marks the end of Leverate as a financial services provider. The Israeli fintech already returned to its roots as a fintech offering financial solutions.

In the last weeks, we have received hints from customers that crypto trading platforms MarketsPilot and CMarkets Group may be scams. Our checks confirmed this assumption. Both crypto scams are operated by Click World Ltd in the Commonwealth of Dominica is in our opinion a scam. The involvement of Praxis Cashier as payment processors also underlines this. Red Flags everywhere!

The German regulator BaFin has issued two cease-and-desist orders against two well-known scam operators - GreenRiver OÜ, the Estonian operator of the broker scams MorganTrust (www.morgantrust.eu), and the 10CryptoMarket (www.10cryptomarket.com) scam of the Joshua Group. The latter is a Ukrainian operated scam on the notorious PumaTS (Leverate) whitelabel provider against which several other regulators have already issued investor warnings.

It's no secret that the CySEC-regulated forex retail industry loves football and is promoting its brands and acquiring customers by sponsoring well-known European football clubs. This was the case in the age of the largely fraudulent binary options industry when Banc de Binary sponsored English FC Liverpool. Currently, EverFX sponsors Spanish top club FC Sevilla and now Leverate is sponsoring German Hertha BSC to create awareness for its brand FXPN.

The FinTelegram Research Team supported by whistleblowers, has been investigating the PumaTS Scam Broker Network. Shortly after the first report, the PumaTS website went offline. Recently it has been available again. The close connection to CySEC-regulated Leverate Financial Services and its products is still visible. Our R4I to Leverate on the nature of the partnership has remained unanswered so far but nevertheless we have done the profiling of the first scams.

In the last weeks, we have invested considerable time and resources in the Scams RoyalsFX and LincolnFX. These scams have been facilitated by different payment processors to defraud clients in crypto and FIAT. These scams and many more are part of the scam network of the Joshua Group.

We have received extensive information about the Bulgarian Puma Trading Solutions (aka PumaTS). Like Maor Lahav's Israeli PandaTS, its competitor PumaTS offers a turn-key solution to operators of online brokerage platforms. This includes the provision and setup of the trading software as well as the integration of payment processors and boiler rooms.