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Tag: Simplex Payment Services

March 14, 2022

Dear victims! Please let us know more about the vanished investment scam WorldMarkets!

The WorldMarkets investment scam (www.worldmarkets.com) has been active since 2019 and has probably harmed tens of thousands of customers since then. The scam has been facilitated by illegal payment processors in a wide range of jurisdictions. In March 2021, the German regulator BaFin issued a Cease-and-Desist Order against FAD Berlin Consult UG, one of the illegal payment processors of WorldMarkets. However, the scam was online until a few weeks ago. Let us do some forensic work together.

September 1, 2021

Attention!WorldMarkets scam still active with an illegal Polish payment processor

WorldMarkets is a huge investment scam that has been active for years. We have reported about it several times. Financial market regulators like the UK FCA have issued warnings against the WorldMarkets scheme. However, the fact is that WorldMarkets is still active. In doing so, the scam works with a wide variety of ever-changing payment processors. Most recently, victims have reported to us that they have transferred payments to the bank account of the Polish public relations company Wolfs Trading Blockchain Technology S.A.

March 20, 2021

WorldMarkets Scam – BaFin’s Cease and Desist Order against illegal payment processor is final

The truth is, the WorldMarkets broker scam already collapsed into a Zombie. It has been active since 2019, harming tens of thousands of customers. The scam cooperated with illegal payment processors in a wide range of jurisdictions. A Cease-and-Desist Order issued by the German BaFin against the illegal payment processor FAD Berlin Consult UG just became final. Crypto partner SwiftXChange already closed down in October 2020.

February 19, 2021

StormGain Review – A crypto trading platform with an interesting ecosphere

StormGain (www.stormgain.com) is an unregulated crypto trading platform operated by the offshore entity Stormgain LLC in St. Vincent and the Grenadines. Currently, StormGain does not hold a license in any regulatory regime as a broker, investment firm, or financial services provider. Like Kraken, BitStamp, or other crypto brokers, StormGain lets you trade a range of crypto pairs. Partners of StormGain include Israel's Bits of Gold, Koinal, or Simplex. In December 2019, the Spanish regulator CNMV issued a warning against StormGain.

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.