FinTelegram has had extensive communication with Maor Lahav, CEO and shareholder of the Israeli Panda Trading Systems (PandaTS) over the last few days. As a matter of fact, there are different perceptions about what to do as a platform operator to keep scammers out of the market, uncover and identify them, and prevent fraud and money laundering. Maor has explained in detail to FinTelegram that PandaTS has no interest in supporting scammers. Rather, the necessary measures would be taken to prevent fraud. FinTelegram, on the other hand, demands a more active role of PandaTS and the other platform operators when it comes to investor protection.
Most recently, Gal Barak, the Wolf of Sofia and the former operator of XTraderFX, SafeMarkets, GoldenMarkets, CryptoPoint, or OptionStarsGlobal and other illegal broker sites, claimed in a statement to the prosecutors that Panda coordinated and was responsible for the actual business, transaction processing (betting) and payments to investors.
Fighting scams and fraud
FinTelegram and Maor Lahav still have different views on the appropriate measures to prevent scammers and fraudsters. However, it was agreed that we would work together over the next few weeks in the best interests of investor protection and fraud prevention. In the course of this cooperation, FinTelegram would also be provided with the required data to check potential scams. This would be a great achievement in our fight against fraudulent schemes as PandaTS for sure has the respective data of all its clients, i.e. scheme operators.
No room for fraud
PandaTS has now removed unlicensed and/or illegal broker brands such as 10markets from its website as references. Also a big step for the improvement of the hygiene of the sick Forex, CFD and crypto industry. There should be no room (website or social media) for illegal and/or fraudulent broker schemes to present themselves.
FinTelegram will report on further development with PandaTS. It may be crucial for the reputation of the Forex and crypto retail industry and future funds recovery campaigns.