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Maltese Koala Crypto asks MFSA for its license to be suspended

The Malta Financial Services Authority (MFSA) suspended the crypto license of Chinese Koala Crypto Ltd, which is part of the Chinese Koala Group. It is understood that the Maltese companies involved are Koala Crypto Limited, Koala Malta Limited, and Koala Money Ltd. The UK-registered Koala Capital Limited is the holding company for these Maltese ventures. The Maltese Kari Pisani, one of the key directors of Koala Crypto, resigned late in 2021.

Latest Updates

FSA SVG

The Financial Commission member Opoforex continues it illegal activities in Europe!

Two weeks ago, we issued a warning against the offshore broker scheme Opoforex, registered in St. Vincent & The Grenadines (SVG) in Feb 2021 by corporate builder Wilfred Services Ltd. The Financial Services Authority (FSA) VSG has clarified in Feb 2022 that it does not regulate or authorize forex or CFD brokers. Opoforex has no authorization to offer its services in Europe or other regulatory regimes but continues to solicit consumers. Stay away from Opoforex and other offshore brokers.

FinTelegram

Urgent warning! Broker scam TrustPac is still attacking European consumers!

A year ago, in April 2021, the UK Financial Conduct Authority (FCA) issued an investor warning against the TrustPac broker scam operated by TrustPac Ltd. The fraud is still attacking European consumers. We have found MidPay and RogerPay for credit and debit card payments as payment processors. While MidPay has already vanished into the dark of the internet, RogerPay is still facilitating the TrustPac scam! Please do not fall for this scam. Do not let your greed control your mind!

Illegal Broker Activities

Attention! German consumers attacked by AktienAG broker scam!

This morning we received another email from Local Trader announcing that we had made high profits and that the money would be ready for collection. We would only have to take care of it quickly via the link sent along. The link then leads to the website BigTopChannel where the scam campaign The Swiss Methode is running. If you register there, you will be redirected to the payment page of AktienAG investment scam. The AktienAG scam mainly attacks German-speaking investors! Be super cautious when you are informed about alleged profits.

Illegal Broker Activities

Update on the CySEC-regulated FXORO broker scheme and its offshore activities!

In June 2021, we reported that the offshore entity of the CySEC-regulated FXORO offers onboarding for European clients via its offshore entity in the Seychelles. We found that FXORO uses only one client database for the regulated and the offshore mutation. The latter accepts unlimited pre-KYC deposits via SEPA bank transfer to its account with the FCA-authorized payment institution SENTENIAL and Nuvei. We received some more information about the involved individuals and entities. Here is another update!

Payment Processors

Illegal Broker Activities

Please! Stay far away from the CryptBull broker scam!

The Spanish regulator CNMV has issued a warning against the CryptBull broker scam. Therefore, we took a closer look at the broker. In our review on April 5, 2022, we found that there is no indication about the operators or the competent jurisdiction on the website. Instead, we found the payment processors NeoBanq, Gateway, and SecurePaymentGateway. Customers can lose their money via credit and debit cards. Stay away and save yourself financial losses!

Illegal Broker Activities

Attention! The broker scam BrownFinance attacks European consumers!

Currently, a wave of fraudulent crypto campaigns is washing over us again. Most recently, we reported on several BitIQ campaigns. In addition, several other fraudulent crypto campaigns such as Bitcoin Buyer, Bitcoin Era, or Bitcoin Code are being run via a Google Sites platform with a fake article promoting a getting-rich-quick scheme. They chase new victims of the never-ending stream of broker scams. Such as for BrownFinance, which poses as a CySEC-regulated investment firm. Stay Far Away.

Illegal Broker Activities

Another regulatory warning against EUFM broker scam using fake regulatory documents!

The German BaFin today announced investigations of the EUFM broker scam. Only recently, the Italian Consob and the Spanish CNMV issued a warning against the broker scam European Financial Markets a/k/a EUFM. The website does not provide any information about the operators or the jurisdiction responsible. As payment processors behind BoxiPay cashier, we have once again discovered Paypound as well as PayCent. Deposits are only possible via credit and debit cards. Stay far away and save yourself from losing your money and misusing your data.

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Watch out! Fraudulent BitIQ campaign promotes Europe Capital broker scam!

The fraudulent BitIQ campaign is currently being promoted by various websites and emails. This morning, we noticed in our review that the broker scam Europa Trade Capital is hunting for new victims via BitIQ. After registering with BitIQ, victims are directly redirected to the scam's payment page. There they can lose their money via deposit with Bitcoins. As a crypto payment processor, we have discovered Zcoinpay a/k/a Coinsxo. Stay far away.

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Next indictment! Former boiler room agent Benjamin Goldblueth has to stand trial!

Germany: Bamberg's public prosecutor has filed charges against former boiler room agent Benjamin Goldblueth. He is accused of having defrauded and damaged numerous investors from 2016 to July 2021 for various broker scams in conscious and deliberate cooperation with various accomplices in German-speaking countries. He has approached victims under different stage names such as Johan Roberts, Lennhard Herrhausen, Michael Mentzer, or Thomas Braun.

Regulatory Updates

Fraud ads

Be aware of broker scam Trade Union promoted by crypto fraud campaigns

This morning we received another email from Investors Education (www.investors.education) announcing that money would be available for collection. We would only have to quickly take care of it via the link sent along. The link then leads to Bitcoin Buyer, of course, one of the numerous fraudulent crypto campaigns that are currently active. After registering, we were redirected directly to the payment page of the trade union scam. Stay far, far away from these fraud campaigns and scams!

Crypto Schemes

Interesting! Spanish regulator warns against crypto exchange OKX!

OKX, part of the OK Group, is one of the most prominent crypto trading exchanges operated by Seychelles-based Aux Cayer FinTech Co. Ltd and Malta-based OKEX Malta Ltd. The Chinese Xu Mingxing founded the OK Group, which also owns the crypto exchange Okcoin, in 2017. The Spanish regulator CNMV has issued a warning against OKX, stating that the Group has no authorization to offer its regulated services in Spain. Most recently, the UK FCA has made several critical statements about the world's largest crypto exchange Binance.

Illegal Broker Activities

Attention! Do not fall for the Fintegral broker scam!

Fintegral is a consultancy specializing in risk management in the financial services industry with offices in London, Frankfurt, and Zurich. They provide advice to financial institutions and operate a website with the domain www.fintegral.com. The Fintegral broker scam with the domain www.fintegral.world is unrelated to them. The operator of this scam is the offshore company Ethereal Group LLC, registered in St. Vincent & The Grenadines. Stay away from this scam!