Update! Axi Group & Its Offshore Broker Activities With NewFX, DBFX, And Others!

Axi Group with One Financial Markets NewFX and DBFX
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Attention: We keep getting DMCA complaints from brokers backdating fake articles on weird websites claiming to be the originator of the report. Also in the case of NewFX and DBFX. In this respect, we have taken this as an opportunity to make an update.

FinTelegram already issued some reports on Maltese boiler room operator Capital Solutions Ltd, controlled by the Italian Gennaro Lanza, and its related offshore brokers such as NewFX, Dubai FXM, and DBFX a/k/a DBFX Trades a/k/a DBinvesting. Recently, we exposed a relationship between these schemes and Axi Group and One Financial Markets. Upon our reports, the access to these offshore for EU residents has been blocked but UK residents can still register and trade with them. In our new review, we found new payment processors and other interesting connections. Here is the update!

Key data

Dubai FXM, DubaiFXM Trade (offline),
DBFX, DBFX Trades,
Boiler RoomCapital Solutions Ltd, Malta
Domainswww.capitalsolutions.mt (boiler room)
https://newfx.trading, https://newfx.co
www.dubaifx.com (offline)
Connected individualsGennaro Lanza (LinkedIn),
Massimiliano Moroni,
Italo Mainolfi
Connected entitiesCapital Solutions Ltd (Malta),
Big Horizons Ltd (Seychelles)
Big Horizons Ltd (Commonwealth of Dominica),
New Forex Limited (Commonwealth of Dominica)
Invest Group Global Ltd (Seychelles),
Dupay LP (previously Dubai FXM LP in the UK),
Dubai FXM Limited (Vanuatu),
DBInvesting Limited (Vanuatu),
DB Invest Limited (Seychelles)
DBFX Limited (Vanuatu)
Belight Capital Group Ltd (Cyprus)
Regulatory actionswarnings of CNMV and Consob,
Belight Capital Group (license revoked by CySEC)
JurisdictionsMalta, Cyprus, United Kingdom,
Commonwealth of Dominica, Vanuatu, Seychelles,
Payment optionsCredit and debit cards, e-wallets, crypto
Payment processorJeton, PayRetailers, FasaPay,
PaySafe Card
Related schemataAxi Group, One Financial Markets
Warnings CNMV

The Axi Group Connection

We have already reported several times that NewFX, DBFX, and other offshore schemes are affiliated with FCA-regulated Axi Financial Services (UK) Ltd d/b/a One Financial Markets. In fact, the offshore schemes are only likely to operate as Introducing Brokers (IB) for the One Financial Markets scheme. It will download all data from NewFX, DBFX et al from the One Financial Markets servers.

Read our reports on the Axi Group here.

When visiting the NewFX, DBinvesting, and DBFX websites, clients from the UK and EU are presented with a pop-up informing them that ESMA intention measures are not applied. It would be their responsibility to find a suitable broker.

Payment methods offered are credit and debit cards, bank transfers, Jeton, FasaPay, Paysafe Card, and crypto.

No Authorization

These offshore brokers have no authorization to offer regulated financial services in the EU and acquire clients. On top of that, the onboarding of new clients is done without proper KYC/AML. Clients can make their first-time deposits can without confirmation of identity. Thus, the three offshore brokers violate the regulatory requirements of the FCA and ESMA.

Offshore brokers DBinvesting, NewFX and DBFX attacke Europe

The Boiler Rooms

Although the brokers use offshore entities, their operations are done through offices in EU countries. A Cyprus phone number for support is provided in the emails from NewFX, for example. The boiler room behind the brokers is Gennaro Lanza‘s Cyprus-based Capital Solutions Ltd.

At the end of 2020, Italo Mainofli and Massimiliano Moroni resigned as directors of Capital Solutions and sold their shares to Invest Group Global Ltd, also registered in Seychelles. This offshore entity is controlled by Gennaro Lanza, who is also the only director of Capital Solutions. The Maltese companies register shows that Invest Group Global Ltd holds 99.5% of the company shares. The remaining 0.05% are held by the Indian Alpin Sha, who is also the company secretary.

Share information

If you have any information about Capital Solutions, NewFX, DBFX, DBinvesting, or the individuals and partners involved in them, please share it with us through our whistleblower system, Whistle42.

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