FCA Issues Warning Against PrimeQX Broker Scam Using CySEC Clone
Introduction
The UK Financial Conduct Authority (FCA) has published an investor warning regarding the fraudulent broker PrimeQX. According to Scam-Or Project, this scam is operated by PRIME BUSINESS FINANCE LTD and MAGNETITS CAPITAL LTD, falsely claiming regulation under CySEC license number 129/22.
Fake CySEC Website
The scammers run a counterfeit CySEC site at www.cysecgov.com, where PrimeQX is wrongly listed as a CySEC-authorized broker. This deceptive tactic is designed to mislead investors into believing they are dealing with a legitimate, regulated entity.
Payment Processors Linked to PrimeQX
Investigations have identified several payment processors facilitating transactions for PrimeQX:
|
Payment Facilitator |
Website |
Operator |
|
WE4BTC |
KeyPay Global OÜ (licensed Estonian crypto payment processor) |
|
|
Itez |
www.itez.com |
DataBridge OÜ (licensed Estonian crypto payment processor) |
|
PaymentsPro |
www.paymentspro.de |
Unknown (no owner/operator details listed) |
|
iPayTotal |
N/A |
Previously operated under iPayTotal Ltd, wound up by UK court under Insolvency Act |
Notably, these same processors were previously involved in transactions for the GlobalCFD scam.
Clone of FCA-Regulated Entity
PrimeQX has also been posing as a clone of Prime Business Finance Ltd, an FCA-regulated company (reference number 477785). The legitimate firm has issued a statement on its website (www.primebusinessfinance.co.uk) distancing itself from any association with PrimeQX.
Concerns About High-Risk Processors
-
iPayTotal: Known for enabling high-risk transactions; its UK entity was closed by court order.
-
PaymentsPro: Frequently used in scams; lacks transparency on ownership or operational details.
Call for Information
If you possess any details about PrimeQX or its associated payment processors, Scam-Or Project encourages you to report them to help prevent further investor losses.
