Today the German regulator BaFin announced an investigation against the broker scam HandelXP (www.handelxp.de) and its operator. On the website, we did not find any information about the legal entity behind the scam and, of course, no information about persons. The scam is available in English and German and is apparently operated through boiler rooms in Belgrade. Deposits of victims are processed via the website Special Gift Cards (www.specialgiftcards.co.uk) and Trustly.
The content of the website www.handelxp.de and information and documents available to BaFin justify the assumption that the platform operator is offering unauthorized banking transactions or financial services in Germany. Moreover, the German regulator found that when requesting a payout, victims receive information that capital gains tax must first be paid to an account designated by HandelXP. In some cases, a fake BaFin document is used that purports to inform about the taxation of cryptocurrency trading.
The scam apparently works closely with Elite Trading Academy (www.elitetrading.academy), another scam run by Bulgarian GRINGOTTS WIZZ LTD selling trader education. The same company also operated the website BTCXe (www.btcxe.de and www.btcxe.io) which has since disappeared. Stay far, far away.