NAGA Markets Europe Ltd d/b/a NAGA is a Cyprus Investment Firm (CIF) regulated by CySEC with license number 204/13. It is certainly not a scam but applies offshore approaches that are not compliant with ESMA and CySEC rules. We have already exposed that NAGA is chasing European clients with fraud marketing campaigns and offshore onboarding via its entity NAGA Global LLC, St. Vincent & The Grenadines. German lawyers representing NAGA clients have already filed complaints against NAGA for their aggressive Margin Booster Bonus Scheme offered via its offshore entity (FinTelegram report here).
Key data
| Trading name | NAGA NAGA Pay |
| Domains | https://naga.com https://pay.naga.com https://naga-global.com https://nagamarkets.com |
| Legal entities | The Naga Group AG, Germany Naga Technology GmbH, Germany Naga Pay GmbH, Germany (with Contis Financial Services Ltd) Naga Global LLC, SVG Naga Markets Europe Ltd, Cyprus Naga Development Association Ltd, Belize |
| Regulator | CySEC für Naga Markets Europe Ltd (license number 204/13) BaFin for Naga stocks |
| Related individuals | Benjamin Bilski, CEO |
The NAGA numbers 2021
The public-listed German The NAGA Group AG (N4G.DE), subject to BaFin supervision, currently has a market capitalization of around €30M. According to its unaudited preliminary figures for 2021, the company generated a revenue of €55.3M with an EBITDA of €12.8M. The traded volume in 2021 reached €250B with more than 10 million trades. In 2021 NAGA saw over 4.8 million trades copied via its unique Auto Copy tool, almost tripling the 2020 numbers.
Naga Pay
Just a few weeks ago, NAGA launched NAGA Pay together with Contis. The NAGA Pay app, available on Google Play and in the Apple Store, promises that it can be used to make global payments via an IBAN bank account and invest and trade. Also included is a NAGA branded Visa debit card.
The NAGA Pay account and card are issued by Contis Financial Services Ltd, authorized as an e-Money Institution by the UK Financial Conduct Authority (FCA) and the Bank of Lithuania. Contis will safeguard the clients’ funds.
Legal troubles in Germany
Attorneys for German NAGA clients have contacted NAGA to complain about the onboarding of German clients through the offshore entity NAGA Global LLC in connection with the Margin Booster Bonus System. The lawyers state that the offshore entity is not authorized to acquire clients in Germany and the EU (read this FinTelegram report here). Furthermore, the bonus system offered by the offshore entity would be illegal and contrary to CySEC guidelines. FinTelegram has already concluded that a few months ago.
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