Tradorax – Binary Options Scheme Exposed and Targets Prepared for Damage Claims
The legacy of binary options fraud continues to unfold across numerous jurisdictions, involving actions by regulators, law enforcement agencies, investor attorneys, and investigative platforms such as FinTelegram. Tradorax was one of the major global binary options scams, defrauding thousands of retail investors and causing millions in financial damage. Below is an overview of the key […]
Evil Corp: An In-Depth Look at Russia’s Family-Run Cybercrime Syndicate
The U.S. Department of Justice and the U.S. Treasury have launched major coordinated actions against Evil Corp, a Russia-based cybercrime organization long known for creating and deploying malware that has siphoned off more than $100 million from financial institutions in at least 40 countries. Evidence shows the group functions much like a family business, with […]
SEC Shake-Up: Gurbir S. Grewal Steps Down After Aggressive Crypto Enforcement Tenure
The U.S. Securities and Exchange Commission (SEC) is set for a major leadership shift as Enforcement Director Gurbir S. Grewal announces his departure. Grewal’s tenure was marked by heightened regulatory scrutiny, particularly targeting the cryptocurrency industry. Under his watch, the SEC filed high-profile lawsuits against major exchanges, including Binance and Coinbase, signaling a new era […]
Quo Vadis IC Markets? Broker Faces Fines and Considers Leaving Cyprus
The CFD broker IC Markets is currently challenging a €200,000 fine imposed by CySEC in July 2024. CEO Andrew Budzinski has hinted at a possible exit from Cyprus, exploring expansion options in jurisdictions like Dubai. As regulatory pressures mount, Cyprus’ status as a hub for forex and CFD brokers is under scrutiny. Key Developments Regulatory […]
Italy’s FIU Cracks Down on Gambling Firms Amid Money Laundering Concerns
Italy’s top anti-money laundering (AML) authority, UIF (Unità di Informazione Finanziaria), has launched a targeted initiative aimed at gambling companies following a worrying decline in suspicious activity reports (SARs) filed by the sector. The move comes after data revealed a 25% drop in SAR submissions from gaming services during the first half of 2024 compared […]
Cazimbo Casino Exposed: How Payment Processors Fuel Illegal Online Gambling Operations
Another day, another illegal online casino exposed—this time Cazimbo, operating through Cyprus-based entities. Payment processors play a critical role in sustaining this underground economy. FinTelegram’s research, following the “follow-the-money” approach, repeatedly demonstrates that without facilitating payment processors, many illegal online schemes—particularly in the gambling sector—would collapse. Cazimbo Casino: An Unauthorized Operator Cazimbo casino is a […]
Starscream Casinos: Offshore Casino Takeover, Regulatory Evasion, and Payment Processor Connections
The transfer of Gammix Ltd’s online casinos to Starscream Ltd highlights the growing trend of offshore operators circumventing European regulatory oversight. Despite facing significant fines from the Dutch Gaming Authority (KSA), Gammix appears to have shifted operations offshore, continuing to offer services in jurisdictions where it lacks proper authorization, facilitated by regulated payment processors. Key […]
The Origins: LOTTOTECH and White-Label Lottery Platforms
The underlying lottery betting technology traces back to Tradologic, a Sofia-based software developer known for binary options platforms. In 2014, individuals associated with Tradologic launched the LOTTOTECH project (www.lottotech.com), aiming to create a “White Label Lottery Platform” supported by a strong affiliate ecosystem branded as “LottoPartners.” The project was reportedly structured through Dreams Partner Solutions […]