Today, we have brought an update on the offshore activities of the CySEC-regulated IC Markets group. The broker onboarded clients from Europe through its offshore entity Raw Trading Ltd in Seychelles, which operates at least the websites with the domains www.icmarkets.com and www.icmarkets.sc. Through these, European customers are accepted without proper KYC/AML and can make bank transfers to the FCA-regulated Spectrum Payment Services Limited d/b/a CardOneMoney. That’s part of the listed fintech Equals Group PLC. We’d like to know more about it.
Key data
| Trading names | CardOneMoney FairFX Equals Money |
| Domain | https://www.cardonemoney.com/ |
| Legal entity | Spectrum Payment Services Limited |
| Regulatory regime | United Kingdom FCA reference number 505547 |
| Business | Authorized Payment Institution focused on forex |
| Related entities | Equals Group Plc (shareholder) FairFX PLC (FCA-regulated payment institution with reference number 488396) |
| Related individuals | Ian Strafford-Taylor, CEO Richard Cooper, CFO. |
The narrative
Equals Group Plc is a holding company in the UK fintech and forex space. It owns the FCA-regulated payment institution Spectrum Payment Services Limited d/b/a CardOneMoney and FairFX PLC d/b/a FairFX. The company’s shares are listed in the AIM segment of the London Stock Exchange.
By the end of Feb 2022, the company had a market capitalization of GBP 130M. Equals Group revenue in 2021 was £40.4 million compared to £26.8 million for the same period in 2020, an impressive increase of 51%. About 75% of the turnover (transaction volume) comes from forex transactions. Ian Strafford-Tayler is the CEO and Richard Cooper the CFO.
Share information
If you have any information about CardOneMoney and Equals Group, please share it with us through our whistleblower system, Whistle42.
Come on guys! Why do you think that IC Markets acted illegally and why is it important to point out that clients can make bank wires to the Spectrum Payment Services? This is a regulated payment institution as you pointed out!!! Where is the problem there? I think you are making up a story where there is none!