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TSSB Commissioner Announces Series of Enforcement Actions Against Fifteen Online Crypto, Forex and Binary Options Investment Scammers

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Travis J. Iles, Commissioner of the Texas State Securities Board (TSSB), has announced a series of enforcement actions against fifteen fraudulent online investment scammers.

The first emergency cease and desist order names ten online investment platforms and links one individual – James Blundell – to the scheme to broadly promote fraudulent investments. Blundell, purportedly a resident of Seabrook, Texas, is accused of using numerous social media accounts to recruit victims.

According to the first order, Blundell is using his broad social media presence to tout his expertise in the cryptocurrency markets, as well as his dealings in binary options and forex trading. Blundell is allegedly bolstering his expertise by publishing an image of a trading certificate that purports to be a binary options trading license issued by Texas City, Texas. Although this image may add credibility, unbeknownst to investors, the order finds the license is actually a forgery.

The ten online investment promoters named in the first order include Proactive Expert Trading, Reliable Miners, BitcoinFX Options, Sure Trade Earnings, CryptoTradeFXWay, Proactive ExpertTrade, ReliableFX Internal Trade, MaxFX Internal Trade, AntPoolTop Mining, and ExpertTrades247.

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The second emergency action names three online platforms – Binary Trade Forex, FX Trades, and IQTrade – and accuses them of falsely purporting to operate from Valentine, Texas. These three online platforms are allegedly recruiting investors by illegally promoting investments in forex, binary options and cryptocurrency pay lucrative rates of return. The order alleges they are fraudulently claiming these investments are guaranteed and using fake testimonials add credibility to their schemes.

The third order names GenuisPlanFxPro, a cryptocurrency, binary option, and forex investment platform falsely claiming it operates from Austin, Texas – just several miles from the agency’s offices. It alleges GenuisPlanFxPro is also falsely claiming its investment is regulated as e-gaming and licensed and regulated by the Isle of Man Gambling Supervision Commission.

“This series of actions clearly demonstrates the risk of dealing with trendy online investment platforms. Investors can’t afford to take everything at face value when transacting over the internet. They need to thoroughly investigate before they invest– because on the internet, anyone can fake a trading license, publish phony testimonials or falsely claim to be regulated by an offshore agency,” Commissioner Iles said.

The series of enforcement actions also highlights a key tactic of fraudulent investment platforms – using the internet and social media to broadly recruit new victims into the schemes.

“Bad actors know how to use social media and internet websites to create the pretense of legitimate operations. They can also use this technology to quickly reach large numbers of potential victims,” Enforcement Director Joe Rotunda said.

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“Their websites often go dark, social media often goes dormant and fraudsters often disappear. In many cases, the money is gone,” he added.

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Canada

ComeOn Group adds sportsbook to its offering in Ontario

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ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.

ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.

ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.

Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”

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*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)

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BCLC

INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform

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INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.

The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.

INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.

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Canada

Relax Gaming joins forces with PointsBet to strengthen footprint in Ontario

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Relax Gaming, the iGaming aggregator and supplier of unique content, has significantly enhanced its presence in the Ontario market through an agreement with leading Canadian operator, PointsBet.

This partnership reinforces Relax Gaming’s aim to become a standout provider across North America, having already gained early success in Ontario. Relax became one of the first suppliers to deliver content to the region’s players in March 2022, debuting with over 120 games across multiple operators.

PointsBet pride themselves as one of Canada’s leading operators offering unmatched speed, ease of use, and a comprehensive array of pre-game and in-play sports betting options. This is complemented by a top-tier online casino which will now be boosted with the integration of Relax’s portfolio of slots and live dealer options.

With its authentic Canadian approach, PointsBet prioritises technology that minimises external dependencies to maintain control over its platform and has a commitment to responsible gambling best practices, ensuring a safe and secure environment for all players.

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Martin Stålros, CEO at Relax Gaming, said: “Since we launched in Ontario we have enjoyed tremendous success, with our content hitting the sweet spot for the broad range of players in the Canadian province. This partnership with PointsBet will strengthen our presence in the market as the region’s leading operator integrates our rich content portfolio which will engage its player base.”

Scott Vanderwel, Chief Executive Officer at PointsBet, added: “Relax Gaming has established a strong reputation across North America and in Ontario in particular. The impressive range of content that will be integrated into our platform will increase engagement within our online platform and we are delighted to be able to provide more immersive experiences to our audiences.”

Established as one of the industry’s leading B2B suppliers, Relax Gaming was awarded GGA’s Product Launch of the Year in February 2023 for Dream Drop Jackpots. Money Train 3 names the 2023 CasinoBeats Game Developer Awards amongst its 6 Slot of the Year titles, while the brand also won the award for Skill Games Supplier at the 2023 EGR B2B Awards along with the Innovation in Mobile award at the 2023 SBC Awards.

Relax Gaming provides more than 4,000 online casino games, from its high-performing proprietary slots to a significant, varied library of content from hand-picked third-party studios via its partnership programmes.

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