Investor Warning – FinmaxFX scam and its global payment facilitators

Investor warning against FinmaxFX and its payment processors
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The Spanish Financial Markets Authority CNMV had already warned against the FinmaxFX scam in October 2020. The scam is operated under the domain http://www.finmaxfx.com by Max Capital Limited in Vanuatu and Gatelinas UAB in Lithuania. The offshore entity Max Capital is licensed by the Vanuatu Securities and Exchange Commission (VFSC). However, this offshore license does not authorize the broker to operate in other regulatory regimes. Based on our review, we qualify FinmaxFX as a scam designed to defraud. As payment facilitators for the scam, we have discovered Webmoney, VLoad, advcash, and Aveia. The illegal active broker is still active, as are the payment facilitators.

The payment processors are connected to the FinmaxFX broker through Pay360‘s SECPAy payment gateway (www.pay360.com). Pay360 is the trading name of capita plc (www.capita.com) registered in the United Kingdom.

It is amazing that three regulated financial institutions are acting as payment facilitators for the illegal activities of FinmaxFX:

Payment processors (unregulated and regulated) who knowingly and willingly support illegal business or scams with their services are guilty of aiding and abetting fraud and money laundering. Unfortunately, many payment processors in the cyberfinance segment – FinTechs or PayTechs – make a lot of money by supporting cybercrime activities.

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