EU Retail Deposits Routed via Cyprus-Supervised Card Infrastructure Despite Ongoing Regulatory Warnings Against Offshore Brokers

Executive Summary

A compliance examination conducted in February 2026 demonstrates that the offshore brokers PU Prime, Vantage Markets, and RoboForex continue to onboard retail clients residing in the European Union and facilitate card-based deposits, despite multiple active warnings issued by EU regulators.

A technical review of payment flows indicates that Cyprus-supervised payment infrastructure plays a role in enabling these transactions. This factual pattern raises supervisory considerations under the PSD2 framework and applicable AML legislation.

Principal Findings

The structured onboarding review established the following:

• PU Prime, Vantage Markets, and the offshore entity of RoboForex accepted:
• EU-issued passports
• EU residential documentation
• Completed KYC declarations explicitly confirming EU residency
• Residents of Austria, Germany, and Italy were successfully onboarded.
• Funding methods made available to EU residents included:
• Credit and debit cards
• Apple Pay
• Google Pay
• Bank transfers
• Crypto wallets
• No effective geo-restrictions or jurisdictional access controls were detected.
• Payment gateway structures appeared technically aligned across several brokers that are subject to EU warnings.
• Cyprus-related PSP indicators were embedded in payment page source code.
• Regulatory warnings across multiple EU jurisdictions remain publicly accessible and in force.
• All onboarding and payment interactions were documented through screenshots and full HTML source captures.

Structured Onboarding Review (18–19 February 2026)

Scam-Or Project has observed regulatory concerns surrounding PU Prime, Vantage Markets, and RoboForex for an extended period.

In mid-February 2026, EU-based individuals conducted structured onboarding tests. The process involved:

1. Submission of valid EU passports.
2. Provision of EU residential proof-of-address documentation.
3. Completion of KYC forms affirming EU residency.

All three brokers approved the accounts. No technical or procedural barriers prevented EU registration.

Traffic Indicators Suggest Ongoing EU Exposure

According to Similarweb analytics for January 2026:

• Approximately 13.4% of traffic to Puprime.com originated from Germany.
• More than 5% of visitors to Roboforex.com were German users.
• Close to 10% of traffic to VantageMarkets.com originated from Spain.

Italian residents were able to register and deposit with Vantage Markets notwithstanding a blackout order issued by CONSOB.

These traffic and onboarding indicators suggest that EU residents represent a meaningful user segment across the platforms.

Deposits were reportedly routed through Cypriot payment institutions.

Regulatory Position of the Brokers

Public warnings currently include:

Each broker operates through non-EU licensed entities while enabling EU retail deposits. Under MiFID II, cross-border services into the EU without passporting authorization may raise regulatory concerns.

Identification of Cyprus-Linked Payment Infrastructure

Technical inspection of deposit flows revealed the following elements:

• Active card gateway domains such as trade1.payments.shop.
• Apple Pay routing mechanisms linked to Cyprus-controlled subdomains.
• Merchant identifiers referencing Limassol-based PSP infrastructure.
• “Powered by” disclosures referencing a Cyprus-licensed payment institution.
• Live payment endpoints visible within HTML source code.

The technical configuration observed across brokers displayed structural similarities.

All findings were obtained via lawful interaction with broker platforms and documented contemporaneously. The technical evidence remains preserved.

Supervisory Framework: Central Bank of Cyprus

Payment institutions licensed in Cyprus operate under the supervision of the Central Bank of Cyprus (CBC) pursuant to:

• The Payment Services Law (transposing PSD2),
• The Prevention and Suppression of Money Laundering and Terrorist Financing Law,
• CBC directives governing risk management, internal controls, and AML compliance.

Within this framework, supervised institutions are expected to:

• Implement risk-based merchant onboarding procedures.
• Apply enhanced due diligence for higher-risk business models.
• Conduct ongoing monitoring of merchant activity.
• Manage operational, legal, and reputational risk appropriately.

Where offshore brokers subject to repeated EU regulatory warnings continue processing EU retail deposits through Cyprus-supervised card infrastructure, supervisory assessment may reasonably arise.

This report does not assert specific compliance violations. However, the documented configuration raises supervisory questions that fall within the oversight mandate of the CBC.

Recurring Structural Pattern

Across multiple broker brands, the following operational sequence was observed:

Non-EU licensed offshore broker
↓
EU resident onboarding approved
↓
Full EU KYC documentation accepted
↓
Card deposit processed via Cyprus-supervised payment rails

This structural model appears consistently across the examined platforms.

Evidence Archive

The evidentiary archive includes:

• Registration confirmation communications
• KYC approval records
• Payment interface screenshots
• Complete HTML source code extracts
• Gateway domain references
• Copies of regulatory warning notices

All materials have been retained in documented form.

Analytical Considerations

The issue presented is structural in nature.

When brokers publicly warned by EU authorities continue accepting EU retail deposits and route card transactions through EU-supervised payment institutions, the matter shifts beyond marketing conduct into the realm of supervisory risk governance.

A central regulatory consideration arises:

How should merchant onboarding, risk classification, and transaction monitoring be calibrated when repeated cross-border regulatory warnings exist?

Request for Information

Scam-Or Project invites regulators, compliance professionals, and industry sources who possess additional documentation relating to Cyprus-supervised payment facilitation within offshore broker structures to submit information confidentially via the Scam-Or Project whistleblower section.