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

Collapsed WorldMarkets scam and its payment facilitators
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The WorldMarkets broker scam (www.worldmarkets.com) has been active since 2019 and has probably harmed tens of thousands of customers since then. For customer deposits, the scam cooperates with illegal payment processors in a wide range of jurisdictions. The German regulator BaFin most recently issued a Cease-and-Desist Order against the illegal German payment processor FAD Berlin Consult UG. Crypto payment partner SwiftXChange already closed down in October 2020. The LinkedIn account of the scheme’s alleged VP, Tim Armstrong, has also been deleted. It was apparently a fake profile.

Still, the website of WorldMarkets is working. Still, SwiftXChange, which has been shut down since October 2020, is listed as a partner on the scam’s payment page. Otherwise, only deposits in cryptocurrencies are currently possible. To do this, you have to make deposits to crypto addresses and then notify WorldMarkets about the deposit via email. The whole system already looks dead.

All these illegal payment processors and the licensed ones involved, like the Lithuanian Simplex Payment Services UAB, know the names of the companies and people in the WorldMarkets scam. Therefore, these companies should be subjected to intensive questioning. The scammers can be found through the money trail.


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