Marked as
Last updated - January 28, 2026
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Black Banx Group, formerly WB21, faces serious scrutiny over its alleged ties to major crypto frauds like OneCoin and QuadrigaCX. Founder Michael Gastauer’s $17 million SEC fraud penalty and multiple regulatory warnings raise major compliance concerns. Despite bold claims of billions in revenue and millions of users, the firm lacks independent audits and is flagged for weak KYC/AML practices.
CEO
High Risk
Based on the available data, we advise consumers to avoid this Company altogether.
This advisory is based on an aggregate risk score derived from OSINT, Adverse Media, Reviews, and Risk Factors identified in our research.
You are likely to be at great risk by engaging in any sort of consumer-related activity with this entity.
Medium Risk
Based on the available data, we advise employees to be mindful when considering or continuing work with this Company.
This advisory stems from a medium-risk score compiled from OSINT, Adverse Media, Reviews, and Risk Factors uncovered in our analysis.
Employment with this entity may involve moderate risks.
Based on the available data, we urge investors and bankers to avoid financial involvement with this Company.
This advisory is informed by an aggregate risk score based on OSINT, Adverse Media, Reviews, and Risk Factors identified through our investigation.
Engaging in investment or lending activities with this entity poses a substantial risk to your financial interests.
Safe to Onboard
Enhanced Due Diligence required
Do Not Onboard
Monitor adverse media every 6 months
File SAR (Suspicious Activity Report) is warranted
Escalation to compliance committee
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Crypto Services
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Limited transparency regarding regulatory compliance and operational details raises concerns about legitimacy.
Doubts have been raised about the accuracy of Black Banx’s claims, such as inflated customer numbers and website traffic, which contradict visitation statistics.
Black Banx has been associated with scams like OneCoin and QuadrigaCX, indicating potential involvement in fraudulent activities.
Adverse media exists linking Black Banx to high-risk payment processing and questionable cryptocurrency dealings, though coverage is not extensive.
Black Banx’s heavy involvement in cryptocurrency services is considered high-risk due to market volatility and past links to fraudulent schemes.
Michael Gastauer, Black Banx’s founder, faced a $17 million fine from the SEC in June 2022 for a securities manipulation scheme, though no ongoing lawsuits against the company itself are noted.
Regulatory and Compliance Screening
Litigation and Legal Proceedings
Reputational and Adverse Media Risks
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What you see here scratches the surface
We offer reward for actionable intel
Black Banx's role in laundering proceeds from Roger Knox's $164M securities fraud scheme and withholding $9M from collapsed QuadrigaCX exchange.
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Black Banx (WB21), accused of facilitating securities fraud via Roger Knox ,OneCoin ,QuadrigaCX scheme collapse as unauthorized payment processor.
Other Red-Flags and Adverse News
Based on user engagement on this review profile, ProConsumer will decide to publish its Risk Audit report for public if a threshold engagement, traffic and user input is achieved.
Known Assets: [Real estate, investments, companies]
Suspicious Transactions
Liabilities: [Bankruptcies, defaults, debts]
Wealth Sources: [Legitimate / Unclear / High-risk]
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Business Model Assessment
All comments are user-generated content and may not be verified. They represent the personal opinions of the public and should not be relied upon. These comments do not influence or determine our overall rating.
1.5
1.8
3
Highly experienced
Well-recognized name
Faced allegations of scamming others
Allegedly sold fake silver
Sued multiple times
Unregulated industry
Alarming number of complaints online
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Historical adverse media reports from financial watchdogs allege that Black Banx (as WB21) was used as a payment processor in controversial situations connected to large crypto fraud schemes, including portions of the OneCoin and QuadrigaCX collapses, which can signal serious operational and compliance vulnerabilities.
1/5
2/5
3/5
I signed up for Black Banx thinking it was some next‑gen fintech app—but what a mistake. Turns out the UK FCA issued a warning, and the company is built around unregulated shell setups in places like Cyprus and Curaçao. Founder Michael Gastauer has a criminal record—including a $17 million fine for helping launder fraud proceeds—and is tied to processing funds from shady crypto schemes like OneCoin and QuadrigaCX. They claim to have 20 million customers and operate in 180 countries, but web traffic stats and independent analysis seriously doubt those numbers. Plus tons of user complaints about frozen accounts, opaque fees and no real support—classic smoke and mirrors fintech operation. If anyone values their money or peace of mind, they should steer clear of these too-good-to-be-true promises.
4/5
Founder Michael Gastauer was hit with a $17 million SEC enforcement action in 2022 for allegedly aiding a $165 million microcap stock fraud via shell entities and bank account obfuscation. While not criminal, the penalty and formal judgement are serious markers of wrongdoing at an executive level.
Despite bold claims of serving “78 million clients” with $4.3 billion in revenue and 8,700 employees, publicly available web traffic metrics and brand analytics suggest much lower engagement—raising questions about inflated reporting. Without independent audits to substantiate these figures, reliance on internal numbers lacks credibility.
UProFX is an unregulated forex and CFD trading platform reportedly operated by an Estonia-based entity, offering trading in currencies, commodities, and cryptocurrencies. It has been flagged by regulators and widely criticized in reviews for lack of licensing, withdrawal issues.
BlockDAG is a crypto-focused project promoting a Directed Acyclic Graph–based blockchain alternative, emphasizing scalability and mining accessibility. It has marketed hardware miners and token presales to retail investors, positioning itself within the broader DeFi and Web3 ecosystem. Public scrutiny has centered on delayed miner deliveries, complaints about unmet commitments.
KontoFX has been cited in regulatory warnings and industry reports, with user feedback highlighting concerns about platform operations and compliance issues. Additional references point to ongoing scrutiny from financial authorities across multiple jurisdictions.
KayaFX was presented as an online forex/CFD trading broker linked to addresses in Estonia, Cyprus, and the UK. Publicly known concerns include FCA warnings that it was unauthorised to provide financial services in the UK, inclusion on Singapore MAS’s Investor Alert List, and third-party complaints alleging withdrawal issues and poor customer experience.
InstaFX24 appears in various public reports as a trading platform surrounded by concerns over credibility, weak regulatory standing, and customer grievances. Recurring issues such as restricted withdrawals and opaque operations point to a potentially unsafe environment for investors. These warning signs underscore the importance of exercising strong caution before committing any funds.
Coinbase is a U.S.-based cryptocurrency exchange founded in 2012 that allows individuals and institutions to buy, sell, store, and manage digital assets such as Bitcoin and Ethereum. Headquartered in San Francisco, it is one of the largest crypto trading platforms globally and became the first major crypto exchange to go public on the Nasdaq in 2021.
Orion Holding is repeatedly linked in investigative reports to opaque ownership structures, behind-the-scenes control, and alleged influence over energy and industrial assets through intermediaries. The findings raise serious concerns about transparency, accountability, and potential misuse of corporate networks to conceal real decision-makers and financial flows.
Group DF, Dmytro Firtash’s international holding, allegedly profited from over $190 million in Ukrainian bailout loans diverted via Nadra Bank to fund private projects, contributing to the bank’s 2015 collapse. Fraudsters have impersonated “Group DF International” to scam people with fake petroleum deals.
Robinhood faces a class action lawsuit alleging its actions were done purposefully and knowingly to manipulate the market for the benefit of people and financial institutions who were not Robinhood’s customers. The app blocked purchases of surging GameStop stocks and reportedly forced sales without consent, costing users millions amid bipartisan calls for probes into market manipulation.
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