CySEC Compliance Issue – Regulated FXORO illegally chases EU clients via its offshore entity

CySEC FXORO and its offshore operations
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We first registered with an EU address on the offshore entity of the CySEC-regulated FXORO, which is marketed through the subdomain https://global.fxoro.com. There we could choose between two account types, each offering leverage of 1:400. Only 1:30 is allowed in the EU in the first place. After that, we wanted to register on the CySEC-regulated FXORO on its approved website www.fxoro.com with the same credentials. This was not possible because our data from the offshore registration was already there. Thus it’s evident that FXORO uses only one client database for the two mutations.

We have received the confirmation of registration from both FXORO mutations from the same email address [email protected]. This also proves that both mutations – CySEC and Offshore – work with the same customer database and the same customer support structure.

FXORO offshore mutation offers leverage up to 1:400

With FXORO‘s offshore mutation, immediate deposit of funds up to €25,000 using credit and debit card, Jeton, Trustly, and the Indian GlobePay was possible without providing documents to prove our ID; no proper onboarding was required before the deposit. At CySEC-regulated FXORO, on the other hand, no deposit was possible without proper onboarding.

On the Offshore mutation’s website connected to the subdomain https://global.fxoro.com, the references to the two different regulation of the FXORO brand are given:

  • MCA INTELIFUNDS LTD, authorized and regulated by Cyprus Securities and Exchange Commission (CySEC) as a Cyprus Investment Firm (CIF) with Licence No. 126/10
  • ORO FINTECH LTD, authorized and regulated by the Financial Services Authority Seychelles (FSA) as a Securities Dealer with Licence No. SD046
FXORO offshore mutation accepts deposits before proper onboarding

The offshore mutation is neither compliant with the CySEC regulations nor with the EU compliance framework. For both entities and brands, Or Ohayon is indicated as the responsible person. At CySEC-regulated MCA Intilifunds Ltd, Gil Muram, Dejan Nikolic, and Sara Nisanov are still registered as directors.

Or Ohayon and his fellow directors, together with Cristina Dana Ohayon, are also directors at Cites Dor Financial Holdings Ltd in Cyprus.

The broker’s boiler room is located in Bucharest, Romania, at MCA Intelifunds Limassol Limited. Given the LinkedIn connections and employees, FXORO (LinkedIn profile) seems to be an Israeli-Romanian venture with its registered headquarters in Limassol, Cyprus.

It’s illegal and non-compliant

The FXORO offshore mutation’s offer is illegal for the EU and also the United Kingdom. But this does not bother the people there. Neither does it CySEC, as we learned over the many cases we already exposed.

Offering super-risky high leverage of 1:400 and non-compliant onboarding are two important reasons for CySEC-regulated investment firms to establish offshore mutations. With the offshore mutations, the CySEC investment firms are really making money and producing many victims in the process. Victims in the EU!

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