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Tag: MoonPay

August 13, 2024

The Role of Cryptocurrencies in Facilitating Illegal Online Gambling Operations!

With the rapid adoption of cryptocurrencies, the global landscape of illicit businesses, particularly in the online gambling sector, has seen a significant expansion. Despite heightened regulatory scrutiny, cryptocurrencies continue to operate beyond national borders, enabling illegal online casinos and gambling platforms to thrive. This phenomenon has created substantial challenges for authorities.

June 6, 2024

MoonPay Lays Off 10% of Staff Amid Crypto Bull Run Due to Past Over-Investments!

Crypto payments processor MoonPay has laid off 10% of its workforce, citing high-cost structures and lower-than-expected operating margins. This decision comes despite the company’s claim of being financially sound with “years of runway” ahead. However, the cyber rating agency PayRate42 confirmed MoonPay's Orange Risk and Orange Compliance ratings, stating that layoffs in a bull cycle suggest a forward-looking management team.

May 28, 2024

Whistleblower Request: Investigating the Red-Listed Crypto Exchange MEXC and Its Ties to Lithuanian EMI Paytend

FinTelegram has consistently flagged the crypto exchange MEXC, placing it on the Red Compliance List due to multiple regulatory warnings and poor customer feedback. We revealed that MEXC processes its FIAT transactions for cryptocurrency purchases via MEXC Estonia OÜ, which holds a crypto license in Estonia. This Estonian entity, in turn, uses Paytend Europe UAB, d/b/a s Paytend, a Lithuanian-regulated e-money institution, to handle FIAT payments through bank transfers.

April 15, 2024

“Binance Style” Crypto Exchange MEXC Secures Another Regulatory Warning Issued by Spanish CNMV!

FinTelegram has already issued several warnings against the crypto exchange MEXC, which is apparently operated by Asians, and has shown how this "Binance-style" crypto exchange operates globally without regulatory permission with millions of customers. Recently, the Spanish CNMV also issued a warning after the German BaFin, the Austrian FMA, the UK FCA and other regulators had already issued warnings. FinTelegram has placed MEXC on the Red Compliance List.

March 28, 2024

Caution Urged: Another Regulatory Warnings Against Crypto Exchange MEXC!

Recent months have witnessed a concerted effort by U.S. authorities, including the Department of Justice, the FinCEN, and regulatory bodies such as the SEC and the CFTC, to clamp down on crypto exchanges flouting financial laws and regulatory norms. However, the landscape in Europe presents a contrasting scenario where exchanges like MEXC continue their operations amidst allegations of illegal activities and regulatory infractions. Recently, the Hong Kong SFC warned against MEXC.

March 18, 2024

Another Regulatory Warning Against Crypto Exchange Gate.io and ClavisChain!

A few weeks ago, we put the crypto exchange Gate.io on our Orange Compliance List due to obvious regulatory problems, and recently, the Austrian Financial Market Authority FMA issued a warning against ClavisChain and in this context also against Gate.io. The FMA failed to provide further explanations in its investor warning. ClavisChain looks like a clone of Gate.io. We advise all traders to exercise extreme caution with ClavisChain and Gate.

March 10, 2024

FinTelegram Research: The Alarming Ascension of Crypto-Powered Cybercrime and the Dire Forecast for the Future!

The evolution of cybercrime, supercharged by the anonymity and versatility of cryptocurrency, presents a harrowing vista for the future of global financial security. An exhaustive analysis of warnings from top financial regulators—such as the UK's FCA, Spain's CNMV, Germany's BaFin, and Italy's Consob—reveals a chilling trend. Scammers are increasingly leveraging crypto to orchestrate their fraudulent schemes, exploiting its potential to sidestep traditional financial safeguards with unnerving efficiency.

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February 19, 2024

Canadian BCSC Issued Warning Against Red Listed Crypto Exchange P2B!

The crypto exchange P2B, which is operated by a company in Lithuania, was placed on the Red Compliance List by FinTelegram a few weeks ago due to identified compliance violations. Among other things, P2B allows the listing and trading of crypto tokens that clearly qualify as security tokens according to the applicable criteria. Recently, the Canadian regulator BCSC in British Columbia issued a warning against P2B.

February 2, 2024

Crypto Exchange MEXC: Secures Scam Level Rating On TrustPilot; Issues Crypto Debit Card With Paytend!

FinTelegram has already issued several warnings against the crypto exchange MEXC. The points we criticized have still not been resolved. The website does not provide any information on the operators or regulations. These are essential details whose absence automatically results in a red flag. We found the Lithuanian EMI Paytend to be the payment processor for bank transfers. On Trustpilot, MEXC secured a 1.9-star rating with a poor trust level. Here is our update.

January 31, 2024

Uncovering the Shadow: How Payment Processors Unwittingly Fuel Illegal Online Gambling Operations

We've uncovered a concerning trend in our recent analysis of the online casinos and gambling sector, particularly focusing on the high-risk aspects of these activities and their associated payment processors. Many payment processors, including those regulated by financial authorities, seem to be unknowingly engaging in unauthorized and, consequently, illegal online gambling operations. FinCrime Observer published an interesting report about this scene and its payment processors.

January 28, 2024

Attention: Offshore Casino Operator BitStarza Facilitated by Crypto Payment Processors MoonPay and Changelly!

FinTelegram has pointed out several times that offshore operators of online gambling, casino, and sports betting sites, such as the Dama Group, are increasingly relying on crypto to accept deposits from their clients without having a regulatory permit. In doing so, they use companies they set up in Cyprus as payment agents. The most popular payment facilitators for crypto payments include MoonPay and Changelly. Both facilitate Dama Group's BitStarz.

January 28, 2024

Attention: Please Let Us Learn More About MoonPay And Its Compliance Issues!

The crypto payment scheme MoonPay was established in 2019 by Victor Faramond and Ivan Soto-Wright. The company offers a comprehensive solution for converting fiat currencies to cryptocurrencies and vice versa, supporting various payment methods, including debit/credit cards, local bank transfers, and mobile payment options. MoonPay operates in over 160 countries and seems to have compliance issues.

Cash Cow Crypto: U.S. CFTC Enforcement Sets Records in FY 2024 with $17.1 Billion in Monetary Relief!

The U.S. Commodity Futures Trading Commission (CFTC) achieved a landmark year in FY 2024, securing over $17.1 billion in monetary relief, including $2.6 billion in civil penalties and $14.5 billion in restitution. The agency’s groundbreaking actions spanned digital asset (crypto) markets, voluntary carbon credits, and major compliance cases, highlighting its leadership in safeguarding market integrity.

U.S. DOJ’s Whistleblower Pilot Program: 250+ Tips in Just Months!

Whistleblowers are the only effective way to fight financial crime. The U.S. DOJ whistleblower pilot program has already proven effective, generating over 250 tips of potential misconduct since its launch in August, according to Principal Associate Deputy Attorney General Marshall Miller. According to a Reuters report, the initiative targets corporate malfeasance and encourages internal self-disclosure by companies.

Online Gambling: Lokinvestigation in Curaçao, its Maltese Connections, and How to Shut Down!

For many years, the far-far-away Curacao was the regulatory mecca of global online gambling. But that is over. The Lokinvestigation, spearheaded by opposition politician and forensic investigator Dr. Luigi Faneyte, reveals systemic failures and alleged corruption in Curaçao’s online gambling sector. With ties to Maltese investors and global financial networks, the report demands transparency but also carries political implications.

KTM’s Collapse: How Pierer and Blazicek Possibly Misled Investors and Profited Amid a €2.9 Billion Crisis!

The recent insolvency filing by KTM AG, Europe's largest motorcycle manufacturer, has unveiled significant managerial failures under CEO Stefan Pierer and Chairman of the Supervisory Board Josef Blasicek of Pierer Mobility AG. Despite clear indicators of financial distress, the company continued to distribute substantial dividends, misleading investors about its fiscal health. Here is an investor update on the KTM case.

Investor Briefing

Investor Briefing: Why Elon Musk’s SpaceX is valued at $350 Billion!

SpaceX, Elon Musk's private aerospace company, is reportedly in discussions to sell insider shares at a valuation of approximately $350 billion. This would be double what the company was reportedly selling shares at one year ago. In December 2023, Bloomberg reported SpaceX shares were being sold at a $175 billion valuation. Musk's closeness to Trump is apparently paying off.