Ukraine’s National Commission on Securities and Stock Market issued an investor warning after renewed media and social media reports of problems in international forex projects, highlighting Blackthorn Finance and NSFX, which it said now operate under the names Alchemy Markets and Xoala. The Commission reiterated that it had previously flagged NSFX (May 2024) and NSBroker (April 2025) as dubious and that both projects are managed by Alchemy Markets Ltd and are included on its list of SCAM projects. It said the list now covers 460 investment initiatives with signs of fraud or legal violations, and noted that these projects also appear on the International Organization of Securities Commissions (IOSCO) lists of dubious entities; it encouraged investors in cross-border offerings to check both national and international regulator information. The warning also restated key red flags including lack of licensing and owner transparency, no official confirmation of activity, absence of regulatory oversight, aggressive or manipulative advertising, and promises of unusually high returns without discussion of risks.
Ukraine National Commission on Securities and Stock Market 2026-02-03
Ukraine National Commission on Securities and Stock Market warns investors on Alchemy Markets and Xoala and reports 460 projects on its scam list
Ukraine's National Commission on Securities and Stock Market warned about international forex projects, specifically Blackthorn Finance and NSFX, now Alchemy Markets and Xoala, citing them as scams. The Commission emphasized checking national and International Organization of Securities Commissions (IOSCO) lists for dubious entities and highlighted red flags like lack of licensing, transparency, and regulatory oversight.