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Tag: RoyalsFX

September 30, 2021

EFRI, Paytah, and quite interesting Financial Ombudsman Hearings in Malta

Phoenix Payments Ltd d/b/a Paytah, registered in Malta and regulated by the MFSA, is currently at the center of regulatory and criminal investigations in several European jurisdictions. In addition, Paytah is facing claims from scam victims who made deposits to various scams through Paytah and its affiliates. The European Fund Recovery Initiative (EFRI) represented the interests of victims at an obscure Financial Ombudsman hearing in Malta. Franklin Cachia of CSB Group represented Paytah. Cachia is currently the company's contracted compliance officer.

July 16, 2021

Neglecting Eurojust Guidelines – Maltese Authorities refuse to investigate scam-facilitator Paytah

Malta is greylisted for good reasons, mostly for their failing regulators. Malta-licensed, Phoenix Payments Ltd d/b/a Paytah, refuses to assist the many victims who wired money to the company to top their accounts with broker scams like RoyalsFX, LincolnFX, or CodeFX. Victims reported these transactions to the MFSA. The regulator replied that they would not investigate and asked the victims to report Paytah to the Central Bank of Malta, which replied that it would not investigate such complaints. The victims also emailed Kenneth Farrugia, the Director of Malta Financial Intelligence Analysis Unit, who did not reply.

January 21, 2021

Wanted for funds – Maltese payment processor Paytah in legal troubles

Paytah is operated by Phoenix Payments Ltd, a company registered in Malta and regulated by MFSA. As reported by FinTelegram, PayTah has facilitated vast broker scams, including LincolnFX, RoyalsFX, CodexFX between 2019 and 2020. Victims of these scams have provided the European Fund Recovery Initiative (EFRI) with the Power of Attorney to recover their funds. Via its Maltese lawyer EFRI has taken actions to recover the victims' funds from Paytah. Currently, the Maltese connection is chasing after the Paytah people.

January 12, 2021

Scam-facilitating Maltese payment processor PayTah refused to recognize its legal responsibility

Payment processors must comply with the applicable KYC and AML regulations. Especially when onboarding new merchants and monitoring their transactions. Recently, we reported that the high-risk payment processor Phoenix Payments Ltd d/b/a Paytah (www.paytah.com). Paytah is to be held liable for this but has so far refused to accept its responsibility for intentionally or grossly negligently supporting the scams and refuses to provide any assistance to the victims.

January 3, 2021

EFRI takes action against scam-facilitating Maltese payment processor Paytah

Phoenix Payments Ltd provides payments services d/b/a as Paytah. Between 2019 and 2020, the payment processor has been processing hundreds of thousands of euros from victims of LincolnFX, RoyalsFX, CodexFX, and other scams. The legal entities behind these scams have been clients of Paytah. The company directors are the Italian Marco Lavanna, the Maltese Keith Farrugia, and Spaniard Francesc Xavier Alabart Lopez. The payment processor's beneficial owner is payment veteran Marco Lavanna through his Swiss-registered firm named Fenice Holding SA.

October 30, 2020

Request 4 Information – Lithuanian e-Money Institution GlobalNetint and MoneyNetint

Whistleblowers provided documents proving that Lithuanian registered e-money institution (EMI) GlobalNetint UAB is involved in numerous scams as a payment processor. This is for example extensively documented in the "Maxigrid Case" with the associated scams RoyalsFX and LincolnFX. The CySEC-regulated Maxigrid itself has processed payments from victims of scams via its bank accounts with GlobalNetint.

August 31, 2020

Broker scam Trade99, ClearTransfer, and another vanished crypto platform

Since we started our reports about the RoyalsFX Scam and described the background and processes, victims of other scams like LincolnFX or Trade99 have come forward. In addition, based on our reports and findings, victims identified similar processes in other scams. And as was the case with RoyalsFX, crypto payment processors suddenly vanished. Let's take Trade99 and BTCwithdraw as another example.

August 19, 2020

Scam broker RoyalsFX, LincolnFX, and CapitalFunds are part of the Joshua Group

In the last weeks, we have invested considerable time and resources in the Scams RoyalsFX and LincolnFX. These scams have been facilitated by different payment processors to defraud clients in crypto and FIAT. These scams and many more are part of the scam network of the Joshua Group.

August 7, 2020

The CySEC Scam Tourism – Launch of Investigative Series

CySEC is the financial supervisory authority of the Republic of Cyprus and a sort of gatekeeper for the EU financial markets. Cyprus has developed into the single most important gateway to EU financial markets for non-EU citizens and organizations. The Israeli financial scene in particular makes intensive use of this gateway. But also Russian individuals and companies enter the EU financial markets via Cyprus. The CySEC is controversial within the EU regulators because of its "relaxed" approach.

Mastercard Bets Big on Stablecoins: Pioneering the Next Wave of Digital Payments and Outpacing Rivals

Mastercard is positioning itself as a leader in bridging traditional finance with digital assets through a comprehensive stablecoin strategy. By developing end-to-end infrastructure and forging key partnerships, the company aims to make stablecoins as usable as fiat currency for consumers and merchants – a move with significant implications for global payments.

EXPLOSIVE REVELATIONS: 20Bet’s GERMAN GAMBLING EMPIRE – AND REVOLUT’S SHADOWY ROLE IN ILLEGAL PAYMENT PIPELINE

The cyberfinance rating agency RatEx42 just published an explosive report. A toxic web of regulatory violations, money laundering risks, and consumer exploitation has been exposed in Germany’s underground gambling scene – with 20Bet at its core and Revolut allegedly fueling its operations. Fresh evidence suggests a brazen disregard for EU gambling laws, AML protocols, and Germany’s strict GlüStV regulations45.

Exposed: The “New World Order” – and the Strange Role of WEC and René Benko!

The term "New World Order" (NWO) has long sent shivers down the spine of democracy's true believers. At its heart lies the fear that a global cabal of unelected billionaires, technocrats, and corporate overlords are quietly shaping a future ruled by control, surveillance, and centralized wealth. Today, this so-called NWO isn’t some fringe theory anymore.

Unmasking the Global Puppet Masters: Why X Influencers and Media Firebrands Are Raging Against the WHO and Bill Gates!

Hold onto your seats, because the internet is ablaze with fury, and the targets are none other than the WHO and billionaire philanthropist Bill Gates! Influential voices on X and across social media platforms are leading a digital revolt, accusing these global giants of sinister plots that threaten humanity itself. Around conspiracy kingpin Alex Jones.

World Health Organization’s Financial Situation Post-U.S. Withdrawal Under Trump Administration

The WHO, a specialized agency of the United Nations, has been a cornerstone of global health governance since its founding in 1948. The U.S. withdrawal from the WHO, initiated by President Donald Trump on January 20, 2025, has significantly disrupted the organization’s financial stability, given the U.S.’s historical role as its largest donor.