After the Ukrainian brokerage MMCIS shattered the confidence of a number of Russian retail investors in the managed funds business, another duo of forex trading companies are being questioned by depositors.
Claiming that the firm will remain on its feet, Panteon Finance announced that it will be negotiating with some “solid partners” in the industry.
As it turns out, these “solid partners” are New Zealand incorporated brokerage Forex Trend, an associated company claiming that it deals with investments in contemporary art, Arts Trend, and information partner MMGP (Money Maker Group).
A couple of days ago, Panteon began accepting client withdrawal requests of clients whose accounts were already audited. In the meantime, all of the clients who passed the process had to resend their withdrawal requests.
The legal department of Forex Trend stated, “The company has not expected such an amount of withdrawal requests. Our employees are working between 18 and 20 hours per day.”
The statement issued by the company not only didn’t calm the panic down, but reinforced the desire of clients to get their funds out safe. Statements made by the company such as, “currently all of the departments of the company are doing everything possible for the normalization of the process", could lead to further panic.
The statement issued by the legal department of the company Forex Trend yesterday, closely resembles one issued last year by MMCIS. The firm explained, “Withdrawal requests are currently being processed and funds will be payed on a first in first out basis subject to the technical capabilities of the company.
The company has not expected such an increase in withdrawal requests within a short period of time. We should be done processing the requests by the end of February.”
Sounds familiar? - Let us show you an excerpt from the statement of the President of the MMCIS, “The anti-crisis management team of MMCIS decided to cancel all withdrawal requests in process, which haven’t been cleared for transfer yet by the relevant department. Clients will not be able to file more than one withdrawal request per week, while the management of the firm works on accelerating the verification process necessary to process withdrawals of out clients.”
Konstantin Kondakov about Forex Trend and Panteon Finance, “Consider Them Closed”
Remembering MMCIS, the former face of the firm commented on the current events on his social media page saying, "The story with Forex Trend and Pantheon Finance is clear - consider them closed. This is the law of harmony - whatever you send to others, you get yourself.”
“They openly discredited MMCIS and got a retaliation in response. This is a great example that people should spread between themselves love, kindness and build instead of destroying,” Kondakov passionately concluded.
The similarities between MMCIS and Panteon are numerous - both introduced a delay for the withdrawal process - one was called “verification” the other “audit”. At MMCIS the dialogue with clients was led by appointed anti-crisis director Roman Komysa, while at Panteon it was Ivan Rumyantsev, presented as Head of Customer Relations.
If the abovementioned Kondakov had withdrawn his support for MMCIS early on, the company Arts Trend would have immediately highlighted its independence from Panteon Finance. The firm stated in the announcement, “We are cooperating with since April 2014. The shares of our company have been offered through the platform of Panteon Finance. Currenlty our partner is experiencing some difficulties related to one of its employees tapping not client finds, Arts Trend is ready to buy back all of the shares from its shareholders at the issue price.”
The Name of the Fraudster Remains a Secret in a Familiar “He Said, She Said” Situation
As Forex Magnates reported, the Panteon Finance fraud was allegedly conducted by a single person. His identity still hasn’t been disclosed on the account that “competitors of the company could hire him to discredit the firm.”
Sounds quite familiar to the MMCIS case, when in September 2014, “badmouthing by competing companies has led to numerous withdrawal requests," at the time the Ukrainian brokerage claimed “Forex Trend” as one of the main perpetrators.
At the time, Forex Trend Business Development Manager, Alexandr Topchiy, said, “Regarding some claims about our company, I can say that in August 2014, an information attack against our firm has been started. We have identified that the source of these attacks has been MMCIS.”
Both companies have been major competitors on the Ukrainian market, suing aggressive advertising strategies and dedicating substantial budgets for active involvement of several popular figures in their commercials.
More Questions, Less Answers
As current experience shows, a crisis scenario is in place only after the payment systems of the brokerage stop handling the tasks at hand. After the companies shut them down, all withdrawals will be suspended. The same way MMCIS blamed the company “Dengi Online” for stealing client funds.
During the past couple of days, some forum postings are discussing the issues of withdrawing funds from Forex Trend. Clients of the company are demanding an explanation from management and contemplating to organize a conference about the current issues. One of the participants in the forum says that the payment system OnlyMoney had not been operating since December.
Again, a similar experience for clients of Panteon and MMCIS.
Claiming that the firm will remain on its feet, Panteon Finance announced that it will be negotiating with some “solid partners” in the industry.
As it turns out, these “solid partners” are New Zealand incorporated brokerage Forex Trend, an associated company claiming that it deals with investments in contemporary art, Arts Trend, and information partner MMGP (Money Maker Group).
A couple of days ago, Panteon began accepting client withdrawal requests of clients whose accounts were already audited. In the meantime, all of the clients who passed the process had to resend their withdrawal requests.
The legal department of Forex Trend stated, “The company has not expected such an amount of withdrawal requests. Our employees are working between 18 and 20 hours per day.”
The statement issued by the company not only didn’t calm the panic down, but reinforced the desire of clients to get their funds out safe. Statements made by the company such as, “currently all of the departments of the company are doing everything possible for the normalization of the process", could lead to further panic.
The statement issued by the legal department of the company Forex Trend yesterday, closely resembles one issued last year by MMCIS. The firm explained, “Withdrawal requests are currently being processed and funds will be payed on a first in first out basis subject to the technical capabilities of the company.
The company has not expected such an increase in withdrawal requests within a short period of time. We should be done processing the requests by the end of February.”
Sounds familiar? - Let us show you an excerpt from the statement of the President of the MMCIS, “The anti-crisis management team of MMCIS decided to cancel all withdrawal requests in process, which haven’t been cleared for transfer yet by the relevant department. Clients will not be able to file more than one withdrawal request per week, while the management of the firm works on accelerating the verification process necessary to process withdrawals of out clients.”
Konstantin Kondakov about Forex Trend and Panteon Finance, “Consider Them Closed”
Remembering MMCIS, the former face of the firm commented on the current events on his social media page saying, "The story with Forex Trend and Pantheon Finance is clear - consider them closed. This is the law of harmony - whatever you send to others, you get yourself.”
“They openly discredited MMCIS and got a retaliation in response. This is a great example that people should spread between themselves love, kindness and build instead of destroying,” Kondakov passionately concluded.
The similarities between MMCIS and Panteon are numerous - both introduced a delay for the withdrawal process - one was called “verification” the other “audit”. At MMCIS the dialogue with clients was led by appointed anti-crisis director Roman Komysa, while at Panteon it was Ivan Rumyantsev, presented as Head of Customer Relations.
If the abovementioned Kondakov had withdrawn his support for MMCIS early on, the company Arts Trend would have immediately highlighted its independence from Panteon Finance. The firm stated in the announcement, “We are cooperating with since April 2014. The shares of our company have been offered through the platform of Panteon Finance. Currenlty our partner is experiencing some difficulties related to one of its employees tapping not client finds, Arts Trend is ready to buy back all of the shares from its shareholders at the issue price.”
The Name of the Fraudster Remains a Secret in a Familiar “He Said, She Said” Situation
As Forex Magnates reported, the Panteon Finance fraud was allegedly conducted by a single person. His identity still hasn’t been disclosed on the account that “competitors of the company could hire him to discredit the firm.”
Sounds quite familiar to the MMCIS case, when in September 2014, “badmouthing by competing companies has led to numerous withdrawal requests," at the time the Ukrainian brokerage claimed “Forex Trend” as one of the main perpetrators.
At the time, Forex Trend Business Development Manager, Alexandr Topchiy, said, “Regarding some claims about our company, I can say that in August 2014, an information attack against our firm has been started. We have identified that the source of these attacks has been MMCIS.”
Both companies have been major competitors on the Ukrainian market, suing aggressive advertising strategies and dedicating substantial budgets for active involvement of several popular figures in their commercials.
More Questions, Less Answers
As current experience shows, a crisis scenario is in place only after the payment systems of the brokerage stop handling the tasks at hand. After the companies shut them down, all withdrawals will be suspended. The same way MMCIS blamed the company “Dengi Online” for stealing client funds.
During the past couple of days, some forum postings are discussing the issues of withdrawing funds from Forex Trend. Clients of the company are demanding an explanation from management and contemplating to organize a conference about the current issues. One of the participants in the forum says that the payment system OnlyMoney had not been operating since December.
Again, a similar experience for clients of Panteon and MMCIS.
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This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
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This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
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Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
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Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
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Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
