FinTelegram Warns Against Fake Crypto Review Platforms Chasing Consumers for Broker Schemes!

As a cyber financial intelligence and whistleblower platform, FinTelegram targets online fraud schemes and their facilitator. Digital marketing agencies are among essential fraud-facilitators. Scheme operators task them with chasing after victims deploying fraudulent marketing campaigns on Google and social media. Over the last couple of months, the number of warnings from financial market regulators such as the UK FCA or the Spanish CNMV against illegal crypto platforms has literally been exploding.

FinTelegram research has exposed that trading scheme operators create fake crypto trading robots (bots) such as Bitcoin Prime, BitQT, or Bitcoin Evolution. Consequently, these fake robots are promoted via press releases, marketing campaigns on Google and social media platforms to lure victims. For this purpose, fake review sites promote fraudulent crypto trading robots with the best ratings and reviews. The sole purpose of these fake robots and the promoting campaigns is to hunt for victims for illegally operating online brokers by addressing their FOMO and greed.

FinTelegram has compiled lists of fraudulent crypto trading bots and fake review sites.

It is worth noting that many of these fake review sites run massive financial ads on the European Google search platforms. While Google UK & Ireland already introduced strict rules in August 2021, allowing only regulated companies to run financial ads after successful KYC. In the EU, Google does not have these regulations yet and still earns millions by selling fraudulent financial ads. However, these Google millions have been stolen from victims of these fraudulent crypto and broker schemes in the first place.

For the UK market, these schemes chose a different road in the Google Game. As they are not allowed to buy financial ads, schemes such as the Green Finance Initiative or Economy Watch are disguised as legitimate website operators and hide their fake reviews inside their web presence.

Green Finance Initiative, for example, is disguised as a green initiative supported by the City of London. On the front page of the Green Finance Initiative, visitors find some articles on green topics. However, the truth is that the site's only reason for existence is to publish positive fake reviews for the fraudulent crypto trading bots, which then appear on the first page of Google search.

Please read the warning and find the lists on www.fintelegram.com or join our community at https://www.facebook.com/FinTelegram.

132-134 Great Ancoats Street
Advantage Business Center
Manchester, M4 6DE
Ben Givon
reporter@fintelegram.com

Active since 2018, FinTelegram (www.fintelegram.com) is a cyber financial intelligence and whistleblower platform with the mission of protecting and educating investors. FinTelegram regularly produces reports on financial service providers and issues warnings about schemes and fraudulent activities.

This release was published on openPR.