The Spanish regulator CNMV has recently issued an investor warning against the unauthorized broker NewFX, which actually a scam. The broker’s website www.newfx.co provides different companies as the operators. There is NEWFX Limited and then BIG HORIZONS Limited. The CNMV has also identified DBFX Limited as one of the operators. This very legal entity also operated the DBFX Trades scam, which the Italian Consob blocked in October 2020. This group of scams have been and still are facilitated by Praxis Cashier.
As a payment processor, we found the Praxis Cashier of Amit Klatchko, through which payments can be made via credit and debit cards, PayPal and Jeton. Along with Ran Cohen‘s BridgerPay, Praxis Cashier is one of the leading scam facilitators among PayTechs. Both BridgerPay and Praxis Cashier are based in Limassol, Cyprus, directly with mostly Israeli investment firms.
The NewFX scam uses the same payment templates as DBinvesting (www.dbinvesting.com), an unauthorized broker operated by DB Invest Ltd and licensed by the Financial Services Authority Seychelles (FSAS). However, this offshore license does not entitle the company to offer regulated financial products in the UK, Europe, or other regulatory regimes. Until late 2020 DBinvesting used to be operated by DBinvesting Limited, the offshore subsidiary of (suspended) CySEC-regulated Belight Capital Group Ltd. This old offshore entity was regulated by the Vanuatu Financial Services Commission (VFSC). Read our report here.
Obviously, NewFX, DBinvesting, and DBFXtrades are closely connected. They are almost identical clones and are apparently operated by the same boiler rooms. The three scams have also been facilitated by Praxis Cashier.
Moreover, all three brokers are implemented on Leverate‘s Sirix platform.
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