The German BaFin announced that it launched investigations into the etaltd a/k/a ETA Ltd broker scam. The contents of the etaltd.io website and other information available to BaFin justify the assumption that unauthorized banking transactions or financial services are offered in Germany via the platform. Neither an imprint nor information about the registered office of ETA Ltd can be found on the site. The scam seems connected to the Global Morgan and CommerceWealth broker scams. As facilitating payment processor, we found Payonera.
Key data
| Trading name | etaltd |
| Domain | https://etaltd.io |
| Legal entity | ETA Ltd (not found) CommerceWealth Ltd (SVG) |
| Jurisdictions | Estonia St. Vincent & The Grenadines |
| Payment processors | BoxiPay (cashier) Payonera (https://payonera.com) CoinsXO (https://coinsxo.com/) |
| Related scams | Global Morgan (www.globalmorgan.com) CommerceWealth (www.commercewealth.com) Tandem Markets (www.tandemmarkets.com) |
| Warnings | BaFin vs etaltd, BaFin vs. CommerceWealth FCA vs. etaltd, FCA vs. CommerceWealth FSMA |
The narrative
In January 2021, the UK regulator warned against CommerceWealth. In February 2022, the UK FCA warned against ETA Ltd acting as a clone of FCA-regulated ETA Services Ltd.
The terms and conditions refer to Estonian law and the law of St. Vincent and the Grenadines. In the data protection provisions (“Privacy Policy”), reference is made at one point to the trading platform globalmorgan.com. According to information available to BaFin, employees of ETA ltd contact former investors of the trading platform commercewealth.com, among others, to acquire customers. Thus, it is evident that the very same boiler rooms operate these scams.
Both Global Morgan and CommerceWealth are still online. BaFin already started investigations against the latter in August 2021. At our review on March 17, 2017, we have not found any active payment provider at Global Morgan. Therefore, we think that the scam will be gone soon.
Share information
If you have any information about etaltd, Global Morgan, CommerceWealth, Tandem Markets, or Payonera, please share it via our whistleblower system, Whistle42.
