The UK regulator FCA issued an investor warning against the broker scam MigoTrade (www.migotrade.com) this week. According to the website, the broker is operated by Smart iSolution LLC, which is allegedly registered in St. Vincent & the Grenadines. The scam is once again facilitated by the Cypriot Praxis Cashier of Amit Klatchko which our Team identified in some other warned of scams this week.
The domain www.migotrade.com was registered in March 2020 and the associated IP address refers to the hosting of the German Hetzner Online GmbH.
It can only be repeated at this point that payment processors such as Praxis Cashier facilitate scams with their services. In addition, these payment processors have knowledge of the beneficial owners behind the scams. Therefore, payment processors must be given high priority in law enforcement investigations.