FMA warns against Triton Capital Markets facilitated by Praxis Cashier

FMA warns against Triton Capital Markets
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A few days ago, we published an investor alert related to the Bitcoin Formula affiliate marketing scheme. This scheme has been promoting scams like Lucrum.Pro, FXCM Group, or Triton Capital Markets via social media and acquiring customer victims. Now, the Austrian Financial Market Authority (FMA) has issued an investor warning against Triton Capital Markets (http://www.tritoncapitalmarkets.com). Karello D Buro LLC operates the scam in St. Vincent and the Grenadines. As a payment processor, we have once again discovered Praxis Cashier.

Triton Capital Markets scam with Praxis Cashier

The Triton Capital Markets scam accepts credit and debit cards and Bitcoin deposits through Praxis Cashier. It is not surprising that Praxis Cashier is involved, again. In an estimated 7 out of 10 broker scams, the Cyprus PayTech acts as a payment facilitator.

Israeli Amit Klatchko‘s company Praxis Cashier System Ltd is registered in Cyprus but, however, does not have a license from the Central Bank of Cyprus, which is the regulator. According to the lawyers we interviewed, payment services provided by PayTechs such as Praxis Cashier or BridgerPay would in any case be subject to regulation.

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If you have any information about the Triton Capital Markets scam and the people and companies involved in it, or about Praxis Cashier we would appreciate it if you could share it with us.

  1. Ben Givon says:

    In this post you mention the following: paytechs “would in any case be subject to regulation”

    Please provide proof of this, otherwise your credibility is in question.

    Also can you please define “payment facilitator” for the audience?

    1. tamir says:

      Hi there, thx for your comment. First things first. We are not in a position to provide legal or regulatory advice. However, in our opinion, the EU payment directives (PSD2) are obvious in what needs to be regulated to protect customers and the financial market stability. API/Payment Gateway providers perform payment initiation, payment routing, and payment information services as intermediaries between merchants and PSPs. They typically are doing the onboarding of clients (of not referring clients) for the connected PSPs and control the data flow between merchants and PSPs. In any case, API/Gateway providers are an integral element of the payment process and enabler/facilitator. As such, they need to comply with AML/KYC regulations (i.e., AML Directives).

      The payment sector is full of definitions, which is often quite confusing for customers, merchants, and law enforcement. A payment facilitator or payment processor is a general term to label all payment institutions directly enabling payments of clients to merchants. Thus, a API/Gateway provider and/or PSP offering its services to scam-operating entities are called out as “scam-facilitating payment processors”

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