In April 2022, we published an initial report on the CySEC-regulated Alvexo Group and its offshore activities. In our review, we found that Alvexo used fraudulent crypto campaigns such as 1k Daily Profit or BitIQ to promote its website. Those who registered with these fraud campaigns were directed to the payment page of the offshore broker Alvexo. The CySEC broker has threatened the FinTelegram hosting partner to have the review removed. However, our hoster did not see any violation. Here is the story of the Alvexo defamation campaign against FinTelegram!
The Complaint & Diffamation
The Company is a respected and well established CFDs provider and has invested considerable efforts and resources in maintaining its excellent reputation associated with the “Alvexo” name … It has come to our attention that the registered domain https://fincrimeobserver.com/ (“Infringing Website”) has been maliciously posting inaccurate, unfounded and defamatory information and has been making false and misleading claims against the Company and its services.conducted such practices and actions
i…. conducted such practices and actionsll faith and with the goal to cause serious and irreversible damage to the Company’s reputation and constitute, inter alia, passing off misleading conduct, unjust enrichment, impersonating and cybersquatting.
Alvexo Complaint
The problem with this complaint is that the FinTelegram is correct. At least at the time of our review in April 2022, Alvexo acquired customers via fraudulent crypto campaigns and fake news sites. We assume that these campaigns were probably not conducted by Alvexo but by their IBs and/or marketing agencies. We are unable to determine that. However, the effect is the same. Customers were acquired via fraudulent campaigns.
To claim that we would intentionally publish false reports in bad faith is defamation per se. We have now taken legal action against Alvexo for this.
Key data
| Trading name | Alvexo |
| Domain | www.alvexo.eu (approved) www.alvexo.fr (approved) www.alvexo.de (approved) www.alvexo.it (approved) www.alvexo.com (offshore) |
| Legal entity | VPR Safe Financial Group Limited (CySEC) VPR Safe Financial Group UK Limited HSN Capital Group Ltd (FSA) |
| Jurisdictions | Cyprus, United Kingdom, Seychelles |
| Regulation | CySEC with license no 236/14 FSA Seychelles with license no SD030 |
| Related individuals | Yael Kleinman (LinkedIn) Kostas Leonida Andreas Kolonas George Skordis Agamemnon Ioannides Dina Qumsieh |
| Payment options | Credit card, Skrill, Google Pay, Bank wire |
| Payment providers | nuvei |
| Facilitators | 1k Daily Profit (crypto fraud campaign) BitIQ (crypto fraud campaign) |
The narrative
The offshore broker Alvexo claims to have more than 372,000 members generating more than $54 billion in trading volume. That’s impressive, isn’t it?
Dutch citizen Yael Kleinman is registered as a director with the CySEC-regulated Entity and the UK Entity. She is, therefore, one of the key people in the Alvexo Group. According to her LinkedIn profile, she is an Israeli lawyer, admitted to the Israel Bar Association in 2011.
The CySEC-regulated broker has already had issues with compliance. In March 2021, VPR Safe Financial Group settled a CySEC investigation for possible violations of the Investment Services and Activities and Regulated Markets Law with a €100,000 payment.
In our review on April 12, 2022, we were taken directly to Alvexo‘s payment page via the 1K Daily Profit scam campaign. Our registration data for 1K Daily Profit was automatically transferred to Alvexo, it’s deep integration.
Without verifying our email or ID, we could have made deposits via credit cards, Skrill, or Google Pay. Bank transfers would have been possible only with prior verification.
Preliminary conclusion
First things first: Alvexo deploys fraudulent crypto campaigns such as 1k Daily Profit to solicit consumers with false promises and misrepresentations. In June 2021, the UK FCA banned CySEC-regulated BDSwiss Group because it did not comply with the regulatory framework, used offshore onboarding, and deployed misleading marketing practices (read FinTelegram report here).
The Alvexo Group, as well as other CySEC CIFs, systematically use offshore onboarding to circumvent and violate ESMA and CySEC regulatory requirements. Neither the onboarding procedure (without proper KYC/AML) nor the offered leverage levels typically comply with regulatory requirements in UK and EU. This offshore onboarding is done willfully and knowingly.
Clients of offshore entities are not entitled to investor compensation schemes or other regulatory intervention measures. They are also not entitled to assistance from Financial Ombudsman institutions.
Share information
If you have information about Alvexo and its activities, please share it with us through our whistleblower system, Whistle42.
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