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August 22, 2024

Report on Cazimbo Casino: The Role of Payment Processors in Facilitating Illegal Online Casinos!

Another day, another exposed illegal online casino facilitated via Cyprus. Payment processors play a crucial role in sustaining this underground economy. FinTelegram's research repeatedly reveals that without these facilitating payment processors, many illegal online schemes, particularly in the gambling sector, would not thrive. Currently, we are focusing on the brands of the collapsed Rabidi Group that continue to operate anonymously and unauthorized. Here is our report on Cazimbo.

February 1, 2023

Urgent Warning Against Bet Swagger And Cyprus Payment Processor Pulsion Processing!

It is currently common for online casino, sports betting and gambling operators equipped with an e-gaming license in Curacao to have a payment subsidiary in Cyprus. This also has the advantage of having a location in the EU. The operator of Bet Swagger, Usoftgaming N.V., has also chosen this structure and processes the payments of its customers via the Cyprus-registered Pulsion Processing Ltd. We have heard massive complaints from several customers of this scheme. Therefore, we issue a warning.

January 16, 2023

Online Casino Mostbet: Russian Client Deposits Processed By Corefy et al!

In our systematic screenings of payment processors, we have recently discovered that the payment processor Corefy (formerly PayCore), operated by Ukrainians around Denys Kyrychenko, facilitates, among others, the online casino, sports betting, and gambling scheme Mostbet. It processes deposits from Russian visitors via obscure domains. In addition to Corefy, we have discovered ChangeCoins for crypto and the Russian Perfect Money. Cyprus-based Venson Ltd operates Mostbet under a Curacao license.

May 4, 2022

Urgent warning! Cyprus-controlled offshore broker NewFX still solicits European consumers

the Spanish CNMV and other EU regulators issued investor warnings against the unauthorized offshore broker NewFX. Upon our report, NewFX changed its operating entity and domain. Currently, the operator allegedly is New Finance LLC, registered in Delaware; the active domain is www.newfx.us. NewFX is connected to other offshore brokers such as DBFX or OnspotBNK and to the FCA-regulated One Financial Markets. In our new review on 3 May 2022, we found Praxis Cashier as one of the facilitating payment processors.

May 2, 2022

Introducing CySEC-regulated Alvexo and its offshore onboarding activities!

A few weeks ago, we published our initial review about the offshore broker Alvexo is operated by HSN Capital Group Ltd, regulated by the Financial Services Authority (FSA) Seychelles. It is part of the CySEC-regulated Alvexo operated by VPR Safe Financial Group Ltd. The offshore broker accepts pre-KYC deposits with credit and debit cards, bank transfers, or e-wallets. In our follow-up review on May 2, 2022, we could have easily deposited €50,000 via bank transfer through the Nuvei cashier and optionally received a First Deposit Bonus of 30%.

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.