The European edition of FinTelegram News has revealed a troubling pattern: a significant number of the investor warnings recently issued by the UK’s Financial Conduct Authority (FCA) are linked to scams that have been facilitated by the unregulated Cypriot payment processor, Praxis Cashier System Ltd. This company, founded and led by Israeli national Amit Klatchko, has been repeatedly associated with fraudulent online trading schemes.
While the FCA has focused on flagging individual scam websites, FinTelegram’s Research Team has gone a step further, identifying Praxis Cashier as a central player in the infrastructure that supports these scams. Operating under the domain Praxis offers payment processing solutions that are easy to integrate — a key reason it has become the go-to processor for many high-risk, often illegal, operations.
Despite being unlicensed, Praxis Cashier has operated freely across Europe, Asia, and Latin America, giving it global reach with minimal oversight. Its lack of proper Know-Your-Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorist Financing (CTF) procedures makes it an attractive partner for scam brokers looking to move funds under the radar.
Founded in 2016 (with the brand active since 2014), Praxis Cashier System Ltd claims to be the “fastest integrator” in the FX industry, boasting about onboarding new payment service providers (PSPs) weekly. In a 2019 press release, co-founder Amit Klatchko stated:
“We have earned the right to say that we are the fastest integrator in the FX industry with multiple PSP integrations weekly. And to top this off, we have earned an extensive roster of clients which includes quite a number of leading brands.”
Unfortunately, many of those “leading brands” have turned out to be fraudulent brokers and illicit trading platforms. If the recent flood of FCA investor alerts is any indication, then Praxis and its payment infrastructure are at the core of a widespread scam network responsible for defrauding large numbers of investors across multiple regions.
Investor Warning:
Anyone considering an investment through a broker that uses Praxis Cashier as its payment gateway should proceed with extreme caution. In many cases, these brokers are unregulated, operate illegally, and use platforms like Praxis to avoid scrutiny.
The exposure of Praxis as a recurring enabler of scams underscores the urgent need for tighter regulation of third-party payment processors involved in high-risk financial activities.
Have you been impacted by a broker that used Praxis Cashier?
Report it to your financial regulator and share your experience to help prevent further fraud.