Originally Syndicated on May 10, 2024 @ 3:38 am
On September 9, 2020, the UK regulator FCA warned investors about Capital Way (also known as Capital Way Group), a scam broker that uses the websites http://www.capitalway.com and http://www.capitalway-group.com. The broker is run by Eastridge Capital Ltd in the Marshall Islands and Usein Power Ltd, which is purportedly incorporated in Bulgaria, according to the material on the website. Again, Praxis Cashier from Amit Klatchko is the payment processor for this scam.
Capital Way and/or Capital Way Group are a common forex and cryptocurrency scam that seems to have its roots in Russia. With its emphasis on Russian-speaking regions, we estimate it started operations in early 2019. In January 2019, the website http://www.capitalway-group.com was registered. In March 2019, the Twitter account was created. The scam runs a Facebook page that was active until recently and is liked by over 2,000 people.
Should FCA Look into Amit Klatchko’s Activities?
The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.
It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee.
To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around ÂŁ65.6 billion in annual tax revenue to the economy in the United Kingdom.
Amit Klatchko’s Company: Praxis Cashier
Praxis as claimed was established to help all internet businesses reach worldwide scalability and sustainable growth. Praxis claims that they give clients the ability to oversee and improve their international payment procedures with advanced payment orchestration.
Praxis Cashier claims that they support the majority of card issuers and integrate with nearly all PSPs. Praxis Cashier claims to handle payment processing without the need for a third-party processor, unlike other alternatives. As claimed, with the help of this program, one may take payments from any major credit card company and accept a wide range of payment options.
Cryptocurrency
A digital currency that operates as a means of exchange via a computer network and is not dependent on a central authority—such as a bank or government—is known as a cryptocurrency, crypto-currency, or crypto. It is a decentralised system that removes the need for conventional middlemen, like banks, when transferring money between two entities by confirming that the parties to a transaction actually own the money they say they do.
When Bitcoin was first made available as open-source software in 2009, it was the first cryptocurrency. More than 25,000 other cryptocurrencies were available in the market as of June 2023, with over 40 of them having a market capitalization of $1 billion or more.
Unlike paper money, which exists in tangible form, cryptocurrency is not issued by a central body. Unlike digital currencies issued by central banks, most cryptocurrencies operate under decentralised control (CBDC). Cryptocurrencies are typically regarded as centralised when they are created, minted, or issued by a single issuer. Every cryptocurrency functions via distributed ledger technology, usually a blockchain, which acts as a public record of financial transactions when used in a decentralised manner.
A digital ledger, a computerised database that uses robust cryptography to secure transaction records, regulate the production of new coins, and confirm the transfer of currency ownership, houses individual coin ownership records. Despite their name, cryptocurrencies are not thought of as traditional currencies. Although they have been treated differently, being classified as securities, commodities, and currencies, in reality, they are usually seen as a separate asset class. Validators are used by certain cryptocurrency systems to keep the currency stable. Under a proof-of-stake approach, token owners pledge their holdings as security. They receive control over the token in exchange, proportionate to the amount they stake.Â
What is Bitcoin?
Bitcoin, which was created in 2009 by the enigmatic Satoshi Nakamoto, is recognized as the original cryptocurrency. Bitcoin is a decentralised digital money that can be traded, purchased, and sold without the need for a middleman like a bank. It serves as a medium of trade, a store of value, and a substitute for traditional investments.
Whether you purchase Bitcoin (BTC) in India or any other country, the transaction is verified by a computationally intensive process known as “mining.” In contrast to conventional stock markets, investing in Bitcoin in India offers you the freedom to do so whenever you want. One of the first and best-known cryptocurrencies is Bitcoin, which has become incredibly popular all over the world. It has, nevertheless, also seen notable price swings, which have produced an engrossing tale of ups and downs. Other valuable cryptocurrencies, such Ethereum, Cardano, Solana, Dogecoin, and others, have emerged as a result of Bitcoin’s popularity and are currently leading the market in terms of market capitalization.
