Tag: Praxis

Online casinos are easily transferable digital assets. The transfer of Gammix Ltd's casinos to offshore operator Starscream Ltd raises serious questions about the continued illegal gambling activities in Europe. Despite massive penalties from the Dutch regulator KSA, Gammix appears to have simply shifted its operations offshore, where it continues to flout regulatory oversight facilitated by regulated payment processors.

Praxis Tech is a paytech founded by an Israeli team around Amit Klatchko in Cyprus. They operate a payments orchestration platform for merchants with 540+ PSPs. Praxis formed a strategic partnership with fintech Modulus. a provider of advanced financial technology products and services to financial institutions.

FXPrimus is multi-asset broker scheme which is already active since 2014. In the EEA, the scheme is registered with CySEC through Primus Global Ltd. Besides, an offshore mutation is also operated through Primus Markets Intl Ltd registered on Vanuato. In our review, we found some regulatory violations in the process and therefore placed FXPrimus on our Orange Compliance List. Here is our review and compliance check.

The Cyprus-based paytech Praxis Tech Ltd d/b/a Praxis, founded by the Israeli Amit Klatchko, announced the opening of their new representative office, Praxis Technology LLC, in the heart of Dubai's Business Bay. According to their press release, Praxis has grown exponentially over the past few years. Thus, their new office with experienced professionals would be the next step to catering to a growing global base of clients.

The Cyprus-based PayTech Praxis Tech Ltd of Amit Klatchko announced new and improved features to its product offering with enhanced verification and bulk action features. The new features include a bulk action feature, an improved verification feature, multiple selections of customer profiles, and new currencies and countries added to the Praxis dashboard. Praxis also added new currencies and countries to the dashboard.

FinTelegram has looked at both investment and trading providers and facilitating payment processors over the past few years. The latter are the most important element for the operation of B2C services. Customers need to be able to deposit and withdraw. Very often we have found violations of regulatory requirements and AML/CFT specifications. Going forward, we also want to take a look at gambling schemes from a payment perspective, starting with MGA-regulated Shark77 Limited.

Currently, the online gambling and casino site Rich King a/k/a Rich King Casino acquires customers in Germany and other countries in the EEA region. The website does not list any legal entity as its operator and does not have any license in Germany or any other EEA country that we know of. The activities of Rich King, therefore, qualify as illegal. We have discovered PayOp, PayDo, CoinsPaid, and PunRun Limited as payment facilitators. They are integrated into the Praxis payment gateway.

The Cyprus-based paytech Praxis Tech announced a partnership with the igaming software giant, Softswiss, which provides its clients a full-service infrastructure, including payment processing. As an omnichannel gateway provider, Praxis Tech offers Softswiss and its more than 300 clients a vast portfolio of PSPs and cashier opportunities. The partnership enables Softswiss to expand globally as the Praxis payment solutions allow it to address the requirements of different jurisdictions.

The Vantage Group is a global, multi-asset broker headquartered in Sydney, Australia, d/b/a Vantage, VTMarkets, or Moneta Markets. The group runs several offshore entities to circumvent regulations in the UK, Europe, and other regulatory regimes. According to its latest press release, Vantage works with a global team with over 1,000 staff, spread over 30 offices located. In February 2022, Vantage signed a multi-year sponsorship deal with McLaren Racing and has become an Official Partner of the McLaren (MX) Extreme E team. Here is another update.

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.

FinTelegram has been following the offshore activities of the FCA-regulated TIO Markets for some time. The Spanish CNMV and the Italian Consob have already issued warnings against the offshore broker TIOmarkets, operated by TIO Markets Ltd in St. Vincent & The Grenadines. This offshore broker is evidently related to the FCA-regulated investment firm. TIOmarkets is chasing after new European clients via Google ad campaigns. Praxis Pay and Monsas are the payment processors.

According to Eurojust, law enforcement agents in Albania and Germany have taken down a scam broker network that defrauded victims, including many Germans, of at least several million euros. During an action day, 15 suspects were arrested and eight places were searched in Tirana, Albania. The arrested perpetrators operated boiler rooms in Albania that ran the scam broker brands BrokerZ and Globalix, which lured victims in Germany into investing in non-existent financial products that promised large benefits.