Tag: Lipan Services

Estonian crypto payment processors and the money-laundering issueT
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January 4, 2021

The Estonian Money-laundering Issue – Crypto Payment Processors BlueData, Pradexx, and Lipan Services

The Estonian regulatory regime had been a severe issue for the EU since the inception of its crypto license program some three years ago. Even though the Estonian Ministry of Finance recently announced that its FIU revoked more than 1,000 licenses, there are still about 400 regulated crypto payment companies active in the market billing themselves as "EU-regulated" payment processors. Companies like Pradexx OÜ, BlueData OÜ, or Lipan Services OÜ facilitate and/or operate scams. These companies are also customers of the Lithuanian GlobalNetInt which is part of the network.
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XChangePro and facilitated Estonien broker scamsI
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January 4, 2021

Investor Alert: Estonian Broker Scam MDX500 and XChangePro

MDX500 (www.mdx500.com) was just down for a while and displayed error message 522. It will not be a surprise if the scam goes offline. They all do after a few months. However, the boiler rooms and payment processors behind the scams are here to stay. In the case of MDX500, these are the boiler rooms that also run Blackstone500, for example. The Estonian BlueData OÜ operated the scam. Client-victims informed us that withdrawals and tradings had been stopped. Goodbye, money then! Another Estonian scam ripped off investors with Estonian regulators and law enforcement doing nothing.
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FCA warns against Plutus Broker ScamU
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December 22, 2020

UK FCA warns against broker scam Plutus with Estonian BitTheBank payment processor

FCA has issued an investor warning against the broker scam Plutus a/k/a Plutus Pro (www.plutus.pro) on December 21, 2020. An ITM Solutions LLC allegedly operates this from St. Vincent and the Grenadines. As a payment processor, we have discovered the Estonian BitTheBank (www.bitthebank.com) operated by Lipan Services OÜ. Plutus promotes its services on Instagram using the argument of 'financial freedom' via FX Trading and was active until a few minutes ago despite FCA's warning.
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