FCA warning against PrimeQX broker scam operating with CySEC clone site

FCA warns against PrimeQX broker scam
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The UK Financial Conduct Authority (FCA) has issued an investor warning against the broker scam PrimeQX. The scam is operated by PRIME BUSINESS FINANCE LTD and MAGNETITS CAPITAL LTD. The scam claims to be regulated by CySEC with license number 129/22. The scammers operate the fake CySEC site www.cysecgov.com where PrimeQX is falsely presented as a CySEC-approved domain. As the scams payment facilitators, we have discovered iPayTotal, Itez, WE4BTC, and PaymentsPro.

PrimeQX clones FCA-regulated Prime Business Finance Ltd

Until recently, PrimeQX also appeared as a clone of the FCA-regulated Prime Business Finance Ltd (reference number 477785). The FCA-regulated company distances itself from this scam on its own website www.primebusinessfinance.co.uk.

The mentioned high-risk payment processors iPayTotal, Itez, WE4BTC, and PaymentsPro we also found in the very same configuration at the GlobalCFD scam (read the report here):

Payment Facilitators

  • WE4BTC (www.we4btc.com) is provided by the licensed Estonian crypto payment processor KeyPay Global OÜ.
  • Itez (www.itze.com) is operated by the licensed Estonian crypto payment processor DataBridge OÜ.
  • Over the last couple of weeks, we have frequently found PaymentsPro (www.paymentspro.de) as a scam-facilitating payment processor. On its website, no information is provided about the owners or operators. It’s one of those illegally operating high-risk payment processors.
  • iPayTotal is one of the worst high-risk payment processors; its UK entity iPayTotal Ltd was wound up by the court under the UK Insolvency Act (read this report here).

If you have any information about PrimeQX or the participating payment processors, we would love to hear from you.

CategoriesCySEC FCA

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