Role of PSPs in Broker Fraud Ecosystems
Fraudulent online trading platforms would not have been able to flourish without the collaboration of certain payment service providers (PSPs) willing to process funds on their behalf. Scam-Or Project has repeatedly drawn attention to this overlooked issue. Particular scrutiny falls on unauthorized PSPs operating in Germany and the Czech Republic, such as B2G GmbH, StronIT GmbH, Germanika GmbH, and TrustSecure GmbH. Recent investigative work also profiled Czech-based Xtrabit s.r.o., adding further clarity to the network of involved entities.
Patterns of Falsified Transactions and Financial Misconduct
These non-compliant PSPs play a critical role in enabling financial misconduct. Despite being fully aware of regulatory warnings and the illegal nature of the trading platforms they support, these intermediaries continue to accept payments on their behalf.
Customers are often instructed to send bank transfers using misleading references like “Marketing Services.” However, they never receive legitimate invoices to support these transactions. These falsified references and fictitious services are typically created solely for the benefit of bookkeeping and tax reporting—pointing to widespread use of false documentation, improper accounting practices, and potential tax evasion.
Since marketing services are generally subject to value-added tax (VAT), these misrepresentations not only violate licensing requirements but may also constitute tax fraud. Moreover, by handling proceeds from unlicensed brokers, these PSPs and their staff may be participating in money laundering activities.
Regulatory Measures and Compliance Failures
Germany’s financial regulator BaFin has responded by issuing cease-and-desist orders to several of these unauthorized PSPs. Companies such as StronIT GmbH and Germanika GmbH have already been ordered to stop conducting payment services without a license. These enforcement actions mark a growing trend of regulatory intervention aimed at curbing the facilitation of illegal trading operations.
Legal Exposure and Accountability
Legal teams are preparing targeted actions against the PSPs known to have assisted fraudulent brokers. In addition to potential criminal charges, these companies may face civil liability for enabling the loss of client funds. Because they serve as intermediaries, they have access to critical data regarding the identities and banking details of the fraudulent brokers.
Entities such as B2G GmbH and its directors—Oleg Shvartsman and Rainer Treuer—are reportedly aware of the operators behind illicit platforms like Blue Trading, Markets-Trading, Option888, and XtraderFX. Their involvement not only connects them to the fraudulent transactions but also positions them as key sources of intelligence in future legal proceedings.
Next Phase: Strategic Legal Campaigns
In the coming days, legal representatives involved in fund recovery efforts are expected to initiate new proceedings directly targeting these unlicensed PSPs. These efforts represent a continued push to dismantle the infrastructure supporting illegal brokers and to secure restitution for affected investors across the European Union.