Tag: Sara Nisanov

CySEC regulated FXORO and its offshore activitiesC
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October 17, 2022

CySEC-Regulated FXORO Stopped New Client Registration For Its Offshore Brokerage!

Over the last few months, we covered the CySEC-regulated investment firm MCA INTELIFUNDS LTD, which offers broker services under the trading name FXORO. Besides the CySEC-regulated mutation, we have also found an offshore mutation licensed by the FSA Seychelles that has also offered its services to EEA residents. Upon our reports, the offshore domain has been changed, and no new registrations are currently possible. However, existing EEA clients can continue to work with the offshore broker. And we have received a threat of legal action.
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CySEC-regulated FXORO with Zvika BarenboimU
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April 6, 2022

Update on the CySEC-regulated FXORO broker scheme and its offshore activities!

In June 2021, we reported that the offshore entity of the CySEC-regulated FXORO offers onboarding for European clients via its offshore entity in the Seychelles. We found that FXORO uses only one client database for the regulated and the offshore mutation. The latter accepts unlimited pre-KYC deposits via SEPA bank transfer to its account with the FCA-authorized payment institution SENTENIAL and Nuvei. We received some more information about the involved individuals and entities. Here is another update!
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CySEC FXORO and its offshore operationsW
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March 8, 2022

Watch out! CySEC-regulated FXORO continues offshore activities!

CySEC-regulated FXORO offers onboarding for European clients via its offshore entity in the Seychelles. While ESMA allows leverage of 1:30 the offshore FXORO offered 1:400. We found that FXORO uses only one client database for the regulated and the offshore mutation. The latter accepts unlimited pre-KYC deposits via SEPA bank transfer to its account with the FCA-authorized payment institution SENTENIAL and Nuvei. You are not protected when working with offshore brokers!
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CySEC FXORO and its offshore operationsC
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June 12, 2021

CySEC Compliance Issue – Regulated FXORO illegally chases EU clients via its offshore entity

We first registered with an EU address on the offshore entity of the CySEC-regulated FXORO, which is marketed through the subdomain https://global.fxoro.com. There we could choose between two account types, each offering leverage of 1:400. Only 1:30 is allowed in the EU in the first place. After that, we wanted to register on the CySEC-regulated FXORO on its approved website www.fxoro.com with the same credentials. This was not possible because our data from the offshore registration was already there. Thus it's evident that FXORO uses only one client database for the two mutations.
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