Abstract:The German financial market regulator BaFin announced on Sept. 7, 2021, that it is investigating the illegally operating broker BrokerXP (www.brokerxp.com).
The German financial market regulator BaFin announced on Sept. 7, 2021, that it is investigating the illegally operating broker BrokerXP (www.brokerxp.com). The Edinburgh-based and now dissolved M&A Mergers and Acquisitions Consultancy LP is alleged to have been the operator. The General Partners of this Scottish entity were Aviant Marketing Limited in the Marshall Islands and Maytech Innovations Limited. We discovered Praxis Cashier as the payment processor. BrokerXP does not seem to work anymore and is about to close down.
BaFin is rather late with its investigation. Already in July 2019, the UK Financial Conduct Authority (FCA) issued an investor warning against BrokerXP. In doing so, the FCA has given addresses of the broker in London, Budapest, and Vilnius. BaFin has also given an address in Berlin.
During our test today, no more deposits were possible at BrokerXP. We assume that the scam is already shut down. The boiler rooms behind it will have long since taken care of other scams.
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