The XFinances broker scam was operated with the domain http://www.xfinances.com until a few weeks ago and received some negative reviews. After that, it was switched to the currently active domain, http://www.exfinances.com. Quite a telling name, isn’t it? The scam is allegedly operated by FINEX GROUP LTD, which claims to be regulated by Swiss Financial Securities (SFINS) and Markets Financial Authority (MFA). Bullshit it is; these are no regulators! As payment processors, we have again discovered Praxis Cashier and the Estonian crypto payment processor MisterBit.
We discovered the duo of Praxis Cashier and MisterBit this week in the Zurich Invests broker scam. Please read our report here. The Italian Consob has ordered the blackout of the scam’s website. Estonia-licensed crypto payment processor MisterBit (http://www.misterbit.net) evidently registered as a merchant with Praxis Cashier and received credit and debit card payments on behalf of the scammers. MisterBit (http://www.misterbit.net) is the trading style of the licensed Estonian crypto payment company Futurus X OÜ.
The XFinances scam operator Finex Group Ltd was registered in the UK in August 2020. According to UK Companies House, Latvian Aleksejs Kohanovs, born in July 1986, is the director and beneficial owner. There is also a Latvian behind the Zurich Invests scam – Sergejs Iljins, born in April 1984. It doesn’t take a rocket scientist to realize that the two scams are connected, right?
There is a licensed crypto payment processor XFinances OÜ d/b/a Isunext (www.isunext.com) in Estonia. According to the information we have, this Estonian XFinances seems to be related to MisterBit. But that is another story we will tell soon.
If you have any information or experience with XFinances, Praxis Cashier, MisterBit, and related companies and individuals we would be grateful if you could share it with us.