G

German BaFin issued cease and desist order against FXTime

Spread financial intelligence

We recently reported that the Austrian FMA issued an investor warning against the FXTime broker scam (http://www.fxtime.io). The German BaFin ordered the scam to cease its unauthorized proprietary trading activities immediately. While no operator is provided on the website, we found in the Terms & Conditions that Estonian law applies. As payment processors behind the BoxiPay cashier, we have once again discovered PayNetEasy and PayCent. Deposits from victims are currently only possible via credit and debit cards. Do not fall for the scam.

The FXTime scam is not difficult to spot. It is a typical white-label scam. Therefore, victims should not fall for it. However, we know that fraudulent marketing campaigns and aggressive boiler room agents often cause victims to deposit. Stay far away from FXTime and other scams, and you will save yourself money and frustration.

If you have any information about scams, operators, and facilitators, please share it with our research team. You can use our whistleblower system for this purpose.

CategoriesBaFin FMA

Leave a Reply

Your email address will not be published. Required fields are marked *