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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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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

IAGR announces Toronto as host city for 2025 conference

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Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.

The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.

‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.

‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’

AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’

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Stay tuned for registration details early next year.

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