Our initial review of the TopFX broker scheme was published in October 2022. At that time, CySEC-regulated TopFX Ltd operated both TopFX.com and Fondex.com. However, since then, Fondex has transitioned to an exclusively offshore model. Similar to TopFX’s offshore shift, Fondex is now operated by TopFX Global Limited, a Seychelles-based entity registered as a securities dealer with the FSA Seychelles. These offshore platforms continue to accept EEA clients and offer high-leverage trading of up to 1:500. Here’s our latest update. Latest Developments In our October 2022 review, the Fondex website identified Fondex as a trading name under CySEC-regulated TopFX Ltd.…
Author: Tom
In Munich, former Wirecard CEO Markus Braun is fighting to clear his name in court. On Thursday, he presented a PowerPoint analysis attempting to demonstrate that Wirecard’s controversial third-party acquiring business in Asia was real. However, prosecutors’ key witness, Oliver Bellenhaus, dismissed this claim, insisting that no such business ever existed. The presiding judge remained unconvinced, as Braun failed to provide definitive answers to crucial questions. Here’s the latest update from Scam-Or Project. Wirecard’s Financial Trail: Braun vs. Bellenhaus Braun outlined a detailed financial report, claiming that Bellenhaus—who is also a co-defendant and state witness—embezzled large sums of company funds.…
Our ongoing investigation into high-risk payment processors has led us to uncover several new domains facilitating transactions for high-risk merchants. These payment processors are crucial to the cyber economy, particularly in sectors such as gambling, adult content, and online trading. Our latest findings suggest a potential connection to Payabl (formerly PowerCash21), and we are seeking more information on this matter. Newly Discovered Domains We have identified three new domains that appear to be used for processing payments in high-risk industries. All three domains operate on the same IP address and have been active since February 2023: Possible Links to Payabl…
The Trading Point Group, encompassing the CySEC-regulated broker XM and its offshore counterparts XMTrading and XMGlobal, has been assigned an Orange Compliance rating due to concerns regarding its offshore operations and regulatory adherence. Company Overview AspectDetailsTrading NamesXM, XMTrading, XMFX, XMBroker, Trading PointDomains- www.xm.com – www.xmtrading.com – www.xmbroker-fx.com – www.xmglobal.com – www.xmfx.market – www.xmfxglobal.org – www.trading.com – www.trading-point.comLegal Entities- Tradexfin Limited (Seychelles) – FinTrade Limited (Mauritius) – Trading Point Holdings Ltd (Cyprus) – Trading Point of Financial Instruments UK Limited (UK) – Trading Point of Financial Instruments Pty Ltd (Australia) – TPS Management Limited (Cyprus) – Trading Point Asset Management Ltd…
RoboForex Ltd, an offshore brokerage firm registered in Belize and regulated by the Financial Services Commission (FSC) Belize, has been added to the Red Compliance List due to several regulatory concerns. Operating under the brand name RoboForex, the company offers financial services in the European Economic Area (EEA) without the necessary authorization. Additionally, the firm provides leverage up to 1:1000, exceeding the limits set by EEA regulators. Company Overview AspectDetailsTrading NamesRoboForex, RoboMarketsBusiness ActivityForex and CFD brokerage servicesDomains- roboforex.com – roboforex.org – roboforex.ua – robomarkets.comLegal Entities- RoboForex Ltd (Belize) – RoboMarkets Ltd (Cyprus) – Guru Gateway Ltd (formerly GuruHosting Ltd, Cyprus)…
Klarpay AG, a Swiss-based fintech company, has officially rebranded as Bivial AG, signaling a strategic shift to enhance its position as a global leader in financial solutions for digital enterprises. This rebranding reflects the company’s transition from focusing solely on corporate payments to offering comprehensive treasury services, aiming to redefine business finance in the digital era. Key Developments Strategic Vision The transformation into Bivial AG represents a significant milestone, reflecting not just a name change but also a strategic expansion into treasury services and regulatory development. Positioned as the first Swiss-licensed fintech exclusively serving e-commerce and digital entrepreneurs, Bivial AG…
Rabidi N.V., an offshore online casino and sportsbook operator, manages a diverse portfolio of brands, including GREATwin, Casinoly, and Boomerang Casino. Operating under a Curaçao license, Rabidi primarily targets European Union (EU) markets, processing payments through Cyprus-based Tilaros Limited. Key payment facilitators for these operations include PaymentIQ (Worldline), Payabl, and Noda. Company Overview AspectDetailsTrading NameRabidiBrands- GREATwin – Casinoly – Boomerang Casino – FEZbet – FunID – Wazamba – SlotsPalace – PlayZilla – Sportaza – ExciteWin – OhMySpins – 5Gringos – 7Signs – PowBet – House of Spades – LuckyElektra – Neon54 – Dolly Casino – ZetCasino – NominiActivityOffshore online casinos…
Swedish fintech giant Klarna, through its subsidiary Sofort, has been implicated in facilitating payments for unauthorized online gambling platforms. Investigations have revealed that Sofort’s services are being utilized by unlicensed online casinos, raising significant compliance and regulatory concerns. Klarna and Sofort’s Involvement in Unauthorized Gambling Recent reports have identified Sofort as a payment processor for several online casinos operating without proper licenses. These platforms have been accepting player deposits via Sofort’s bank transfer services, thereby enabling unlicensed gambling activities. Case Studies: Atlantis Slots and PlayRegal Two notable examples are the online casinos Atlantis Slots and PlayRegal. Both platforms have been…
Rabidi N.V., a company registered in Curaçao, has been identified as the operator of multiple online casinos and gambling platforms. Until recently, Rabidi held a Curaçao license, which now appears to be invalid. The company processed payments through various agents, notably Tilaros Limited in Cyprus. Bankruptcy proceedings have commenced against Rabidi in Curaçao. We are seeking further information from whistleblowers to shed light on these developments. Background on Rabidi Rabidi operated its online gaming platforms under a Curaçao license. However, this offshore license did not authorize them to offer services in several jurisdictions, including: Denys Butko has been identified as…
Tilaros Limited, a company registered in Cyprus, has emerged as a notable yet enigmatic entity in the realm of online gambling payment processing. Its associations with Rabidi N.V.’s casino platforms and the absence of an online presence raise significant questions regarding its operational practices and adherence to regulatory standards. Company Overview Established in January 2020 under registration number HE406322, Tilaros Limited lists Natalia Tsiourkina as its director. Despite managing substantial financial transactions for Rabidi’s online casinos, Tilaros operates without an official website—a rarity for firms handling high-volume payments. This lack of digital footprint prompts inquiries into how Tilaros conducts Know…