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Posts published in “Regulation”

Investor Warnings against Digital Exchange Limited

The Austrian watchdog FMA has issued an investor warning against the unauthorized Forex broker platform Digital Exchange Limited (www.dgxltd.com) and its Bulgarian operator Securex Plus…

Good News – UK Regulator FCA finally acts against Robert Courtneidge and ePayments Systems!

On February 11, the FCA-licensed e-money institution ePayments System has been ordered by the FCA to suspend all activity for “an indefinite period.” The regulator found “a number of weaknesses” in its anti-money-laundering (AML) controls. ePayments Systems is one of the big e-money institutions in the UK with over a million private accounts and more than 1,000 business accounts. Allegedly, the company has issued more than 75,000 prepaid cards as a principal issuer of Mastercard. It booked profits of more than £18m on revenues of almost £28m in the year up to the end of April 2019, with a whopping 66% gross profit margin according to Alphaville. Its director Robert Courtneidge resigned on February 17, 2020.

Answer to the request for information – Rodeler laywers asks for immediate removal and claim ‘unjustified request’

We have received several messages and warnings from Rodeler's lawyers regarding our reports on Rodeler, F1Markets, and Royal Forex. The Rodeler lawyers see the reputation of their clients damaged by any report about possible connections with the above-mentioned companies might be working together. They implicitly label insider and whistleblower information as irrelevant. Even the request for information about Royal Forex and existing rumors about connections between Royal Forex and Rodeler would not be justified. The lawyers insist that we would not be allowed to request further information regarding possible connections of Rodeler with other brokerage schemes.

Pradexx – Another dodgy payment processing platform for high-risk business

The number of Israeli FinTechs is obviously going towards infinity. By law, financial service providers are to be the guardians of the global financial system. They have the respective responsibility. Therefore, financial law stipulate that the beneficial owners and managers of financial service providers (a) must be identified and known and (b) must be fit for the financial business. Owners and managers of financial services providers are subject to more stringent requirements and scrutiny. For good reasons. Very few of the FinTech start-ups, however, even meet the minimum regulatory requirements. The Israeli payment processor Pradexx belongs to this category.

Investor Warning – Austrian regulator warns against FX Crypto Club

This week, the Austrian Financial Market Authority FMA issued an investor warning against the so-called FX Crypto Club (www.fxcryptoclub.cc). The illegal Forex Crypto Broker is operated through CapCorp Ltd, which is allegedly registered on Marshall Island. On its website, the company claims to be an IT software and services company.

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