KNF warns against Fintegral, The Crystal Corp and 5 other scams [25 warnings]
Table of Warnings
7 unlicensed forex brokers blacklisted by the KNF
KNF warns against:
COMPANY: Market Star Limited
Bull&Bear Trading Group
COMPANY: Amvikta Limited
Amvikta LTD has previously appeared twice on ForexRev and KNF’s warning lists as the entity responsible for offering investment intermediation products without the required license. The platform managed by the company was: fwisolutions.com (FeatureWiseInvest).
WEBSITE: www.fintegral.fund / www.fintegral.world / www.fintegral.cloud
COMPANY: Ethereal Group LLC
We have so far warned our readers about this scam twice. The platform conducted suspicious practices and aroused suspicions among investors. Later reports showed that the broker does not withdraw funds despite a correctly submitted withdrawal request. Moreover, it is not licensed to offer investment intermediation products. Today, our suspicions, and those of those injured by this scam, who reported to our editorial office, have been confirmed by adding this entity to the KNF’s list of public warnings.
The Crystal Corp
WEBSITE: www.thecrystalcorp.link / www.thecrystalcorp.com / www.thecrystalcorp.trade / www.thecrystalcorp.co
COMPANY: Crystal Invest Corporation LLC / Crystal Invest Group Limited
COMPANY: Units Capital Limited
2 platforms blacklisted by the BCSC
BCSC warns against:
The Uptrend Center
FINMA warns against the “Swiss29” broker
FINMA warns against:
The Maltese regulator added P240 LTD to its list of warnings
MFSA warns against:
COMPANY: P240 Limited
The company previously appeared on the MFSA’s list of warnings as the operator of the “sprintoptiontrade.com” platform. Check out the previous warning about this company, published by the MFSA in May 2022.
2 warnings issued by the BaFin
BaFin warns against:
The French regulator warns against 3 brokers
AMF warns against:
Club de Valeur
The HaHuan Global LTD company in the SFC’s warning list
SFC warns against:
HeHuan Fx / HeHuan Global Limited
COMPANY: HeHuan Global Limited
FCA issued 5 warnings against unlicensed brokers
FCA warns against:
Crypto Finacle Trade
Crypto Pop Investment
Crypto Defi Management
Crypto X Options
Watch out for these 3 pseudo-investment platforms
ForexRev warns against:
Fin Art Media
WEBSITE: www.finartmedia.com / www.fin-art-media.com
COMPANY: Cycle Core Inc.
The broker is not licensed to offer investment services in the territory of the European Union. The company is registered in the Marshall Islands.
The scammed investor who shared his story with our editorial office points to problems with the withdrawal of funds and constant persuasion by consultants to make further payments to the commercial account.
The dishonest broker in the content of the website did not include basic information to inspire the investor’s trust, there are no data available about the company that manages investors’ funds, the address of the company’s registered office and the license number – probably due to the lack of it.
WEBSITE: www.msp-limited.com / www.msp-lmtd.net
On the web, you can find a lot of unfavourable opinions about this broker, which indicate fraud and intent to extort funds from investors.
According to investors’ reports, the broker asks for the creation of an electronic wallet on the Binance platform, through which funds will be paid to the investor. When trying to withdraw funds from the MSP Limited platform, the client receives an e-mail with information about the need to verify the credibility, which is to be done by paying a certain amount of money to the fraudulent broker. After the payment of the required fee, the investor receives another message informing him about the need to make another payment as the “second stage of verification”. “Then the money will be returned to the Binance and of course, they will help get it into my account.” – the investor said.
In subsequent comments found on the web, we learn that the fake broker informs that he has a license from the Swiss financial supervision – FINMA. The investor decided to confirm these reports and contacted the regulator, which denied that it would grant a license to offer investment intermediation products to this entity.
The platform is also advertised on news portals and on social media, where the interested person can create an account and start trading. After registration, the investor is contacted by a representative of the platform and “assigns” an individual advisor who continues contact with the client, persuading him to make further payments. The trading platform that is downloaded from the website of the MSP Limited broker is manually controlled by fraudsters, which aims to reassure the investor that the cooperation actually brings the expected high profits. Unfortunately, the profits seen on the platform are fictitious.
The Meta Trader 5 platform offered by MSP Limited was configured to show high profits from investment decisions and thus encourage unaware victims to transfer more funds to the fraudsters’ accounts. – we read in the comment of one of the scammed people.
The first payment to the account on the platform is made through a legal exchange office, which protects fraudsters from possible recovery attempts by proving fraud at this stage. Due to the transfer of funds through a legal broker, recovery becomes virtually impossible.
At the beginning, he suggested that we invest in CFDs on commodities, so that I could see how, with low risk, you can generate large profits from the invested money.
Indeed, after a few days of such investments, the potential profits already reached approx. 70%. Everything looked very credible.
Subsequent payments to the pseudo-broker account were to be made via the Binance.com portal, to which the investor was to grant access to fraudsters. Thanks to access to the wallet, fraudsters could transfer funds available on the investor’s account to their own electronic wallets. Due to the voluntary provision of login details to fraudsters, the Binance platform was unable to react and after the fraudsters transferred funds from the investor’s account to their own wallets, the transactions were impossible to withdraw.
There, I deposit the amount I want to invest, buy the equivalent in bitcoins with it and transfer it from binance.com to MSP Limited, and they convert it to USD and make it available to me for investing.
Another manipulation that is often used by fraudsters is the granting of “bonuses” on an investment. By granting additional funds for the investment, they increase the budget, which is to increase the generated profits.
if I transfer the equivalent of EUR 3800, as a new client I will get an additional USD 1250 to their MSP Limited account, which of course will not be mine, but will increase the pool of my funds available for investing in the above-mentioned futures contracts, and as you know, futures contracts are subject to leverage, hence an appropriate deposit is needed because it makes the investment much safer. Everything he said seemed logical and plausible to me
The investor generated a substantial profit on the platform and then attempted to withdraw funds from the platform.
Then he offered me to transfer the earned money back via binance.com to my bank. That I would get acquainted with what the withdrawal of funds looks like with them and possibly further decide how much I want to invest through them. Of course, he carefully and kindly instructed me what to do and where to click, and he guided me through the whole process.
Ultimately, the funds did not go to the investor’s account.