Tag: SFINS

Many scam brokers try to present themselves as regulated. For this purpose, they use fake regulators, which are a good business in themselves. Against the payment of a membership fee, the scam brokers are then allowed to call themselves regulated by this organization. Fake regulators are a good business model. Recently we have noticed two new fake regulators, International Regulatory Markets Association (IRMA) and European Regulatory and Supervisory Investment Commission (ERSIC). We have added them to our list.

The Spanish regulator CNMV has issued a warning against the broker scam IGC Trades (www.igctrades.com). The operator is allegedly International Markets Management Ltd which we already know from other scams like FXGbp Markets. We also found out during today's review that InvestArea (https://investarea.com) scam also belongs to this network. We have discovered Paypound, Kryptova, Neobanq, and others as payment processors. Stay far away from these scams.

Earlier this week, the Spanish CNMV and the Italian Consob have issued warnings against Invest Area (www.investarea.com) and blocked the website, respectively. The German BaFin followed suit and announced an investigation into the scam broker, which works with fake regulatory certificates and bogus regulators. The Estonian citizen Urmas Lemsalu is registered as this entity's director and beneficial owner. Potential victims can deposit via credit and debit cards through the Estonian crypto platform LAX Exchange and Praxis Cashier.