There have been numerous warnings from official supervisory agencies against the illegal broker websites operated by Israeli fraud artist Gal BARAK. Recently, the UK Financial Market Authority FCA renewed its warnings against SafeMarkets, Golden Markets and XTraderFX. At the heart of these illegal brokers are their payment systems. SafeMarkets uses Entropay among others. Their license was revoked by FCA but nevertheless the company offers its unauthorized payment services to the SafeMarkets clients.
SafeMarkets customers can deposit their money via partly dubious and/or unauthorized payment service providers (PSPs) such as Jubiter Technologies, Pay Retailers or Entropay. In the course of depositing money on SafeMarkets, you are informed that Entropay is allegedly a FCA-licensed provider. A look at the FCA website shows that this license to provide regulated financial services was already revoked. As a result, Entropay is not authorized to process payments for SafeMarkets.
The critical question is why honestly operating payment service providers like Jubiter Technologies (purportedly regulated in Estonia by the Financial Intelligence Unit – FIU) accept illegal brokers and Gal BARAK as their clients. In the course of careful Know Your Customer (KYC) and Anti Money Launderin (AML) checks, it must become evident that the broker sites of SafeMarkets, Golden Markets and XTraderFX have received valid warnings about their illegal business operations. It will be a matter of time before these careless regulated payment service providers lose their licenses, as did Entropay recently.
Victims of SafeMarkets, Golden Markets or XTraderFX can submit their claim to the EFRI initiative supported by FinTelegram here: