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Tag: Trade360

Finally! Notorious Trade360 Pays €230,000 For Possible Regulatory Violations!

CySEC Charlene Lensburg -
The CySEC-regulated Crowd Tech Ltd d/b/a Trade360 has acquired a reputation for its aggressive approach to acquiring clients. In 2020 and 2021, FinTelegram exposed that Trade360 deployed fraudulent crypto campaigns such as Bitcoin Revolution to chase new clients. Last week CySEC informed that it had reached a settlement with Crowd Tech Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017. Crowd Tech has agreed to pay the amount of €230.000.

Fighting cybercrime – Next trial in the ‘Wolf of Sofia’ Case starts!

Court Cases tamir -
Israeli Gal Barak is a nice and funny guy in private. But yet his business is scams and online investment fraud. He was one of the cybercrime organization E&G Bulgaria principals and was sentenced to four years in prison by a court in September 2020. He was the Wolf of Sofia! Remarkably friendly sentencing given the alleged €200 million his victims' losses amounts to. His Israeli lieutenants Tal-Jacki "Jacki" Fitelzon and Kfir Levy, are currently in pre-trial detainment in Germany. The trial against "Jacki" will start on November 22, 2021, in Munich. Others will follow suit. Another update!

Investor warning against Online-Trading broker scam and its network!

FCA tamir -
Not a day goes by that the various financial regulators publish warnings against broker and investment scams. This week, the Spanish CNMV alone has already issued warnings against around 50 websites with illegal financial offers. The UK Financial Conduct Authority (FCA) warns against scams and schemes every day. Most recently, FCA issued a warning against the Online-Trading broker scam. The boiler rooms behind Online-Trading operate many more scams.

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

Illegal Broker Activities tamir -
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.

CySEC Attention – Regulated Trade360 fishing for clients with fraudulent affiliate services

Affiliate Scams tamir -
Once registered with one of the many fraudulent affiliate schemes, our research team is served with literally dozens of new scams every day via email, phone, or social media. Currently, cryptocurrencies are used to lure client-victims. These emails introduce crypto investment opportunities. In fact, you are redirected to scams via websites like Bitcoin Billionaire, Bitcoin Revolution, or Bitcoin Era. But also CySEC-registered CIFs use this fraud service. Yesterday and today, we found Trade360, which use it to get customers to deposit without KYC/AML and false promises.

FCA warning against Bitcoin Revolution acting as Introducing Broker for CySEC regulated CIFs and Scam Brokers

Compliance Ben -
UK regulator FCA issued a warning against Bitcoin Revolution (www.bitcoinrevolution.org) on December 9, 2020. This website is allegedly operated by Profitoro Ltd and apparently acts as an Introducing Broker (IB) for a number of regulated and unregulated brokers. In our reviews, we were redirected to ForexTB, Horizon Invest, and Trade360 upon registration with Bitcoin Revolution. The registration process with the respective brokers is automatically handled by Bitcoin Revolution.

Request for Information – Connection between FSM Smart, Lexbond, and regulated Crowd Tech

Cybercrime tamir -
During the last weeks, our FinTelegram Research Team has been working intensively on the broker schemes around FSM Smart,...

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