Pacific Union Group | FinTelegram News

Tag: Pacific Union Group

November 11, 2023

Attention: UK FCA Updated Warning Against Offshore Broker PU Prime. Red Compliance Rating Confirmed!

FinTelegram published an initial review of offshore broker PU Prime in April 2022. This offshore broker offers its financial products to clients in the UK and EEA without the required regulatory authorizations. In addition to the UK FCA, which updated its warning on November 10, 2023, the Danish FSA has also issued a warning against PU Prime, mentioning that the offshore broker is advertised via financial influencers.

May 16, 2023

Correction: CySEC-Regulated Pacific Union Group Ltd Is Not Part Of the PU Prime Scheme!

In April 2022, FinTelegram recently updated its review of PU Prime, an offshore broker regulated by the FSA Seychelles. We included the broker in our Red Compliance list. Despite lacking the necessary regulatory authorizations, this broker offers financial products to clients in the UK and EEA. On May 10, 2023, the UK regulator FCA issued a warning regarding PU Prime. The CySEC-regulated Pacific Union Group Ltd informed that it would not be part of the offshore broker scheme.

May 11, 2023

UK FCA Follows FinTelegram And Warns Against Offshore Broker PU Prime!

FinTelegram published an initial review of offshore broker PU Prime in April 2022. This offshore broker, regulated by the FSA Seychelles, offers its financial products to clients in the UK and EEA without the required regulatory authorizations. We have placed the broker on our Red Compliance List. The UK FCA also shares this assessment. On May 10, 2023, the UK regulator warned against PU Prime. You should avoid the broker.

April 15, 2022

New on the offshore radar: Seychelles-base PU Prime!

For regular readers of FinTelegram, it is no secret that we put a special focus on offshore broker activities in our market monitoring. An efficient way to detect unauthorized offshore brokers is to follow fraudulent marketing campaigns and fake review sites. A fake review site led us to Pacific Union Group a/k/a PU PRIME which acquires clients worldwide. While we do not deem PU Prime as a scam, we established that they offer their regulated financial services unauthorized in Europe and most other regulatory regim

Revolut Founder and CEO Offloads Shares Worth Between $300 to $300 Million!

Revolut founder and CEO Nik Storonsky offloaded a significant portion of his shares in the fintech giant during a secondary offering in August, raising between $200 million and $300 million. This sale still leaves him with a majority stake valued at $8 billion. As Revolut continues to post strong financial results and expand its services, all eyes are on the company’s next move, with an IPO potentially on the horizon.

Jeton Group Analysis: Facilitating Online Casinos Beyond Compliance!

FCA-regulated Jeton Group, a high-risk payment processor, has been deeply involved in facilitating transactions for illegal online casinos, including those operated by the Starscream Group. Jetonbank, a digital offshore bank regulated by the FSU in Dominica, has furthered these operations by enabling fiat deposits for players in unlicensed jurisdictions. This report calls for insiders to provide critical whistleblower information.

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Operation Niflheim: Brazilian Law Enforcement Targets $9.7 Billion Crypto Money Laundering Scheme!

Brazilian Federal Police have dismantled a major crypto-based money laundering operation, dubbed Operation Niflheim, targeting groups involved in laundering over $9 billion since 2021. The operation led to the issuance of eight arrest warrants and 19 search and seizure orders. The scheme used cryptocurrencies to funnel illicit funds from activities like drug trafficking abroad.

eToro Settles with SEC, Restricts Crypto Trading

Under its chair, Gary Gensler, the SEC is taking massive action against crypto companies in the U.S. The regulator believes that most coins and tokens qualify as securities, and therefore, the issuers and exchanges need appropriate registration. The U.S. subsidiary of the Israeli eToro broker scheme has also been sued for this reason. eToro settled with the SEC with a $1.5 million payment.

Crypto Crime Case FTX: Caroline Ellison Seeks No Jail Time for Role in FTX Fraud

Caroline Ellison, a former top executive in the collapsed crypto exchange FTX and former girlfriend of FTX CEO Sam Bankman-Fried, is seeking no prison time at her sentencing later this month. The lawyers cited her immediate and extensive cooperation with U.S. authorities when FTX collapsed in November 2022 and noted that the court's Probation Department recommended that she serve no prison time.