FCA | FinTelegram News

Category: FCA

April 3, 2022

FCA warns against fund recovery scheme Financial Indemnity Committe

Financial Indemnity Committe claims to be an international investigative firm that specialized in monetary recovery and would work in close cooperation with international financial regulators such as FCA, CySEC, or ESMA. They would have an intelligence-gathering team that hunts down fraudsters and recover money for their victims. The UK FCA issued a warning against this fund recovery scheme that does not provide any information about its operators. Stay far away!

March 31, 2022

An FCA warning & an update on Equals Group with its network of payment processors!

The UK FCA issued a warning against WorldWiseFX a few hours ago, stating that this company would act as a clone of the FCA-authorized CurrencyWave Ltd. Indeed, the websites of CurrencyWave and WorldWiseFX are almost entirely the same. Both claim to act as agents for FCA-regulated firms. However, CurrencyWave is a registered agent of Equals Connect Limited, an FCA-authorized payment processor of the Equals Group, along with 64 other agents. Here's an update on the Equals Group.

March 24, 2022

German regulator issues warning against GoldenCoinCrypt

The UK FCA is currently publishing several dozen warnings against crypto ventures operating illegally. Most of them do not disclose any operator or jurisdiction on their website and must look like scams to any visitor. The German BaFin, on the other hand, only issues a warning against crypto scams every now and then. This is a bit strange considering the crypto scam tsunami. Recently, however, the German regulator issued a warning against CryptoCoinCrypto.

March 18, 2022

Investor warning against PrimerFX and SureMarketsFX

Despite the Ukraine war, numerous Russian and Ukrainian scammers are currently hunting for new victims. The PrimerFX and SureMarketsFX broker scams operated by the same boiler rooms are among them. In these super-badly made scams, the future victims can only deposit via cryptocurrencies. The websites state SureMarketFX Ltd as the operator with an address in England. This company does not exist. Stay far away from these scams and save yourself from financial losses and data theft.

March 17, 2022

Bravo! UK regulator warns against Michael Gastauer’s scam-facilitating Black Banx scheme!

German Michael Gastauer is a hustler on the gray and black side of the financial market. Not coincidentally, his latest company is called Black Banx (previously WB21) and promises to get bank accounts for individuals and merchants accounts in over 180 countries in minutes. On LinkedIn and its website, Black Banx claims to have 8 million customers and $10 billion in monthly transaction volume. We doubt the figures of this high-risk and dark side payment processor. The UK FCA has issued a warning against Black Banx.

March 16, 2022

Urgent warning against SOFX broker scam!

SOFX's website (https://so-fx.net) claims that SO FX Limited would be the operator and regulated by the Cypriot CySEC. This is, of course, complete bullshit. SO FX Limited, registered in the UK, has been liquidating since November 2021. Potential victims can make deposits only in cryptocurrencies. SOFX uses Coinbase, where it is registered as a merchant with the name SOFX Investment. Stay far away and save yourself from losing your money. The UK FCA has issued a warning against SOFX.

March 16, 2022

Attention! Financial Services Monitoring Authority is just another fake regulator!

The UK FCA has issued a warning against the Financial Services Monitoring Authority (FSMA) which presents itself as a regulator on its website www.fsma.org.uk and in emails. The fake FSMA offers various licenses for financial services and claims that it would also monitor these licensees as a regulator. The website is so ridiculous that no one should fall for it. Many scammers use such fake regulators to give themselves the appearance of respectability. Some companies and names are also registered as licensed in the FSMA registry.

March 13, 2022

FCA warns against the Russian-Cyprus Trillion-Dollar broker network Alpari!

Alpari is a Russian broker, or at least it has its roots there. It was founded in 1998 by Russian-born Andrey Dashin in Kazan, Russia. Allegedly, it has more than 2 million customers. According to the UK Companies House information, Dashin lives in Cyprus. He also operates the CySEC and FCA regulated broker ForexTime there. Both ForexTime and Alpari are operated through offshore brokers with a network of various legal entities. Also, in close cooperation with the CySEC and FCA regulated Fortrade. The UK FCA has now issued a warning against Alpari.

March 11, 2022

Regulatory concerns! The UK FCA really does not like crypto giant Binance!

Early this week, the UK Financial Conduct Authority (FCA) said that it would be aware of the announcement made by the Eqonex Group and the Binance Group confirming that an entity called Bifinity UAB will advance a US$36 million convertible loan to Nasdaq-listed crypto exchange Eqonex. Bifinity has acquired some specific contractual rights over Eqonex Limited through this loan. The Lithuanian Bifinity is the official fiat-to-crypto payments provider for the Binance Group launched on 7 March 2022.

March 4, 2022

Financial Crime – Former UK CFO Sentenced to 66 months prison time!

Timothy Coleman was the CFO of Redcentric, a UK-based IT service provider and AIM-listed company. He issued false and misleading unaudited interim results in 2015 and 2016, materially overstating the company’s cash position – by £13.1m and £12.2m, respectively. Investors were misled into paying an “artificially inflated” share price. When the true position was revealed, shareholders suffered immediate losses in the value of their shares. A court sentenced him to five and a half years imprisonment.

March 2, 2022

Ukraine War – Fortrade transfers Belarus offshore activities to Mauritius!

LLC Fort Securities BLR is one of the offshore brokers of the Fortrade Group. It is licensed by the National Bank of Belarus (NBRB) and used to the now-vanished FX Trade Premium. The UK FCA issued a warning against this illegal broker (report here). Recently, the German BaFin has announced an investigation against this Belarusian entity, and its now-vanished Invest365. Amid the Russian invasion in the Ukraine ForTrade transfers its Belarus activities to Fortrade Mauritius Ltd, the group informed.

February 28, 2022

See! Banks and Payment processors are responsible for their client’s activities, the FCA says!

The UK FCA has fined Barclays Bank £783,800 for oversight failings in its relationship with collapsed FCA-regulated payments institution Premier FX. Barclays was Premier FX's sole bank in the UK. In February 2021, the FCA publicly censured Premier FX (in liquidation) for breaching PSR. The FCA found that Premier FX had seriously misled customers by misrepresenting the services it was authorized to provide and how it held customers' money. Moreover, it allegedly facilitated fraud and scam ventures.