OnspotBNK is an offshore broker and a scam. OnspotBNK Limited, allegedly regulated by the Vanuatu Financial Services Commission (VFSC) with license number 40133/17, would be the operator. However, we have found neither the license number nor the company in the register of the VFSC. Instead, we found that the DubaiFXM and DBFX brokers are connected. The same perpetrators are behind these schemes and many more. We found Jubiter, a/k/a CoinDeck, as the facilitating payment processor. Stay very far away and protect your money.
Key data
| Trading name | OnspotBNK |
| Domain | https://onspotb.com |
| Legal entity | OnspotBNK Limited (fake) |
| Related brands | NewFX, Dubai FXM, DubaiFXM Trade (offline), DBinvesting, DBFX, DBFX Trades, |
| Related domains | https://newfx.trading, https://newfx.co www.dbinvesting.com, https://dbfx.trade www.dubaifx.com (offline) |
| Related boiler rooms | Capital Solutions Ltd, Malta |
| Connected individuals | Gennaro Lanza (LinkedIn), Massimiliano Moroni, Italo Mainolfi |
| Connected entities | Big Horizons Ltd (Seychelles) Big Horizons Ltd (Commonwealth of Dominica), New Forex Limited (Commonwealth of Dominica) Invest Group Global Ltd (Seychelles), Dupay LP (previously Dubai FXM LP in the UK), Dubai FXM Limited (Vanuatu), previously DBFX Limited DBInvesting Limited (Vanuatu), DB Invest Limited (Seychelles) Belight Capital Group Ltd (Cyprus) |
| Regulatory actions | warnings of CNMV and Consob, Belight Capital Group (license revoked by CySEC) |
| Jurisdictions | Malta, Cyprus, United Kingdom, Commonwealth of Dominica, Vanuatu, Seychelles, |
| Payment processors | CoinDeck |
The narrative
In our last review in May 2022, we exposed BridgerPay and CoinDeck as the facilitating payment processors (screenshot left). Evidently, BridgerPay is no longer processing OnspotBNK. In our 13 October 2022 review, the only available payment option was CoinDeck.
The OnspotBNK broker scheme apparently belongs to a network that also operated DubaiFXM or DBFX, among others. DBFX Limited (previously Dubai FXM Limited was registered in Vanuatu in 2017 with the company number 40133/17. Thus, it does not need a rocket scientist to conclude that OnspotBNK is related to this Vanuatu company (screenshot right).
The boiler room connections
We have already elaborated on this in our report in November 2021 that, at least for a certain period, the boiler rooms were operated by Gennaro Lanza‘s Maltese Capital Solutions Ltd. Through this boiler room operator, other offshore brokers such as NewFX, DBFX, or DB Investing were also operated. We know that scams always come in a swarm. The perpetrators operate with significant fixed costs for their boiler rooms and need corresponding economies of scale.
Connections to FCA-regulated broker?
Another interesting thing we found in our OnspotBNK and DBFX reviews on May 2, 2022, was that there is a link to the FCA-regulated broker OneFinancialMarkets. Honestly, we don’t know the details. Still, on the deposit pages of OnspotBNK and DBFX, after making the deposit request, the browser establishes a connection to the website www.onefinancialmarkets.com to present the payment options. Maybe the FCA broker is used as a payment processor? Our guess may or may not be correct! Stay tuned for our respective report.
Share information
If you have any information about OnspotBNK, its operators, the network, the individuals and partners involved, please share it with us through our whistleblower system, Whistle42.
