Spanish regulator CNMV has issued a warning against Iconic Capital broker scam on March 28, 2022. The operator is allegedly Effervescent Group Ltd in St. Vincent & The Grenadines. Potential victims may lose their money via deposits using credit and debit cards and cryptocurrencies. As payment processors, we have discovered the US-African fintech unicorn Flutterwave behind the African payment integrator AvalanchePay. Stay far away from Iconic Capital, save your money and your mental health!
|Trading name||Iconic Capital|
|Legal entity||Effervescent Group LTD (est Aug 2021)|
|Corporate advisor||Euro-Caribbean Trustees Ltd|
|Jurisdiction||St. Vincent & The Grenadines|
|Payment processors||ABCBP (cashier)|
There is actually no narrative around the Iconic Capital broker scam that makes sense. However, it is worth noting that we have already discovered AvalanchePay as a payment gateway operator again. Kenya-based AvalanchePay is likely to be popular among scammers at the moment. At Iconic Capital, Flutterwave was found behind the AvalanchePay gateway as a payment processor for credit and debit card payments.
If you have any information about scammers and their facilitators, please let us know via our whistleblower system, Whistle42.