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And again! The next regulatory warning against IGC Markets

urgent warning against IGC Markets facilitated by Coinsxo
Spread financial intelligence

IGC Markets is a very aggressive scam broker deploying fraudulent marketing campaigns such as Elite Trader or Bitcoin Loophole to chase victims. The offshore entity MaxxMedia LLC, registered in St. Vincent & The Grenadines, is the alleged operator. Several European regulators have already issued warnings against the scam. In December 2021, the UK FCA issued a warning and on 7 Jan 2022, the German BaFin announced investigations. Below is another update.

Key data

BrandIGC Markets
Domainwww.igcmarkets.com
Legal entityMaxxMedia LLC
JurisdictionSt. Vincent & The Grenadines
Regulatory warningsBaFin, FCA, Austrian FMA
Payment processorCoinsxo (report here)

Scam narrative

The IGC Markets scam has been active for a few months now. Currently, there are no reviews on Trustpilot. However, we have found some bought (sponsored) positive reviews like on CryptoCurrency Regulations (here) or CryptocyNews (here) have been published as late as mid-August 2021. MaxxMedia LLC was not registered in St. Vincent & The Grenadines until June 2021 with registration number 1162, according to the Financial Services Authority (FSA).

In our first review, we discovered Coinsxo as a facilitating payment processor. In our re-check on 8 Jan 2022, no deposit was possible without consulting the account manager a/k/a boiler room agent.

Share information

If you have any information about the operators and facilitators of IGC Markets, please let us know through our whistleblower system, Whistle42.

CategoriesBaFin FMA

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