During the next law enforcement action day in Cyprus, agents should also visit the offices of the Israeli-Cypriot payment processor BridgerPay in Limassol. This would be a very efficient way to follow the trail of money stolen by scammers. For very many of the big scams, BridgerPay processed the payments through its cashier. So also for CoinsTrades (www.coinstrades.com) against which FinTelegram has warned several times. Today, the German BaFin announced investigations.
|Operator||an offshore entity in St. Vincent & The Grenadines|
|Jurisdiction||St. Vincent & The Grenadines|
|Payment Processors||BridgerPay, EC Technology and Media Ltd|
The Scam Narrative
CoinsTrades (www.coinstrades.com) is an unregulated CFD broker that operates outside the regulatory framework and offers different account types with leverage levels prohibited in the EEA. In their Pro Account, CoinsTrades offers a 1:400 leverage. In the EU, according to the specifications of ESMA, maximum leverage of 1:30 is allowed, or only 1:2 for cryptocurrencies. In this respect, the CoinsTrades offer is light-years outside the regulatory framework. The scam is operated through an offshore entity in St. Vincent & The Grenadines.
It is hard to understand that a VISA partner like BridgerPay is still processing payments despite warnings. Anyone who facilitates operators of illegal businesses to process their illicit proceeds is participating in money laundering. It’s as simple as that.
- We first warned about CoinsTrades in March 2021 and pointed out BridgerPay‘s involvement.
- Another warning was issued in April 2021 when CoinsTrades tried to trap victims via the fraudulent marketing campaign Cryptoengine.
- In today’s review on October 15, 2021, CoinsTrades was still active and BridgerPay was also still active as a payment facilitator.
On Trustpilot, one CoinsTrades victim informed that he deposited funds to the bank account of the illegal payment processor EC TECHNOLOGY AND MEDIA LTD (IBAN IE86PFSR99107007990628) at PFS Card Services Ireland Limited in Ireland.
Stay far away from CoinsTrades and BridgerPay. You will save yourself financial losses, frustration, and the theft and misuse of your data.