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Tag: One Financial Markets

June 27, 2022

Update! Axi Group & Its Offshore Broker Activities With NewFX, DBFX, And Others!

FinTelegram already issued some reports on Maltese boiler room operator Capital Solutions Ltd, controlled by the Italian Gennaro Lanza, and its related offshore brokers such as NewFX, Dubai FXM, DBFX, or DBinvesting. Recently, we exposed a relationship between these schemes and Axi Group and One Financial Markets. Upon our reports, the access to these offshore for EU residents has been blocked but UK residents can still register and trade with them. In our new review, we found new payment processors and other interesting connections. Here is the update!

May 25, 2022

Warning Against ICorpSecurities Broker Scam Facilitated By Axi Group and BridgerPay!

Israeli-Cyprus BridgerPay of Ran Cohen recently announced the successful completion of $6 million in seed funding with Southern Israel Bridging Fund (SIBF), touting its smart payment gateway. Among other things, this would also detect fraud and ensure that credit card payment rejection rates would drop dramatically. Well, the BridgerPay intelligent software evidently failed to detect the ICorp Securities broker scam and thus facilitates it happily. The Spanish CNMV recently issued a warning against it.

May 3, 2022

Interesting! FCA-regulated One Financial Markets powering DBFX, NewFX, and OnspotBNK!

FinTelegram reviewers noticed that the websites of the offshore brokers DBFX, NewFX, or OnspotBNK load their content from www.onefinancialmarkets.com, which belongs to the FCA-regulated One Financial Markets broker. Financial regulators have warned against these offshore brokers. So we took a closed look at this FCA-regulated broker and found out that it also offers potential customers from the UK and the EU leverage of up to 1:500 via offshore onboarding. Here is our initial review on OneFinancialMarktes and the AXI Group.

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.

U.S. DOJ Charges 18 Individuals and Entities in Global Crypto Fraud Crackdown!

The U.S. DOJ has charged 18 individuals and entities in an international operation targeting market manipulation and fraud in the crypto industry. The defendants, including market makers and token promoters, are accused of using wash trading and false trading activity to deceive retail investors and artificially inflate crypto prices. This is the first major criminal case of its kind in the crypto market.