Exposed: The Crypto Money Laundering Cartel Hiding in Dubai

• Pernix • 3/10/2025

To Whom It May Concern,

A sophisticated network of unregulated cryptocurrency exchanges is actively targeting individuals from the UAE, operating outside the country’s legal framework and exposing users to severe financial risks. This network consists of multiple interconnected platforms, all utilizing the same backend infrastructure, and promoted by influencers who mislead the public with false assurances of legitimacy.

By disguising themselves as legitimate trading platforms, these entities are luring unsuspecting investors—many of whom are retail traders—with deceptive marketing tactics. Social Media Influencers, Telegram channels, and fabricated trading success stories are being used to build trust and encourage users to deposit funds, all while these platforms evade regulatory oversight and consumer protections.

The evidence we have gathered clearly links these platforms to a centralized infrastructure, proving they are not independent entities but rather different faces of the same illicit operation. Their activities not only violate UAE’s financial regulations but also pose significant threats to the country's reputation as a trusted global financial hub.

In this report, we will provide concrete evidence of how this network operates, detailing its structure, the individuals involved, and the tactics used to defraud the public. The scale of this operation poses a direct threat to financial stability and consumer safety in the UAE. Given the rising number of victims and the growing public concern, we strongly urge the UAE Virtual Assets Regulatory Authority (VARA), law enforcement agencies, and financial crime task forces to launch an immediate investigation into these unregulated platforms. Swift action is necessary to protect the public from further financial exploitation, uphold the UAE’s regulatory integrity, and prevent these bad actors from continuing their deceptive schemes. The people affected by these fraudulent exchanges demand justice, and it is imperative that authorities take decisive measures to shut down these illegal operations.

Prebit[.]io: The Core Infrastructure Enabling Unregulated Crypto Scams in the UAE

Prebit[.]io presents itself as a legitimate cryptocurrency trading infrastructure provider, claiming to operate from the UAE. However, extensive analysis of its API connections, platform structure, and affiliated exchanges has revealed that it serves as the backbone for multiple unregulated and fraudulent crypto platforms that actively exploit investors, within and outside the UAE.

Sources:
Website's URL: prebit[.]io

Website's URL Archive: https://archive.ph/0UPpx
Website's URL Archive 2: https://archive.ph/5lKxa
Website's URL Archive 3: https://web.archive.org/web/20250228204240/https://app.prebit.io/trading/BTCUSDT

LinkedIn Profile: https://www.linkedin.com/company/prebit/

X (former Twitter) account: https://x.com/prebit_io

Telegram channel: https://t.me/prebit | Telegram username: @prebit_io

Telegram community channel: https://t.me/prebit_official_community

Legal Violations and Regulatory Threats Posed by Prebit[.]io

Operating Without Regulatory Approval
- Prebit[.]io facilitates crypto trading activities without the necessary licensing from the UAE Virtual Assets Regulatory Authority (VARA) or the Securities and Commodities Authority (SCA).
- UAE law mandates that all crypto trading platforms comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, yet Prebit.io and its associated platforms bypass these measures, creating a haven for illicit financial activities.
Providing Infrastructure for Unlicensed Exchanges
- Several illegal exchanges—including TheTrueTrade[.]io, Trade2Rich[.]com, and 4Trade[.]vip—have been found using Prebit[.]io’s API for market data, order execution, and live trading functionalities.
- By supplying these fraudulent platforms with trading infrastructure, Prebit[.]io actively enables scams, money laundering, and the defrauding of investors.
Fraudulent Practices and Market Manipulation
- False Liquidity & Wash Trading: API logs indicate that Prebit[.]io allows platforms to fabricate fake trading volume, deceiving investors into believing assets are more actively traded than they actually are.
- Withdrawal Restrictions & Asset Freezing: Numerous reports indicate that users of Prebit[.]io-powered exchanges face difficulties withdrawing their funds, often with no response from platform operators.
Facilitating Money Laundering and Financial Crimes
- By offering API access without enforcing KYC/AML measures, Prebit[.]io enables anonymous financial transactions, a direct violation of UAE anti-money laundering laws.
- The platform’s structure allows for cross-border money laundering, with illicit funds being funneled from high-risk jurisdictions into the UAE’s financial system.
Misrepresentation of UAE Operations
- While Prebit.io claims to operate from the UAE, no valid business registration or licensing records exist under its name within UAE regulatory frameworks.
- Its servers and operational back-end suggest affiliations with known crypto fraud operators, including individuals with criminal histories in Iran and Turkey.

The longer Prebit.io and its network allowed to operate, the greater the financial risk posed to UAE residents and the nation’s regulatory integrity. We call upon UAE task forces and regulatory bodies to take decisive action now to protect the public from further harm.

Evidence of Prebit[.]io’s Central Role in Unlicensed Crypto Exchanges

A technical investigation has uncovered that multiple fraudulent cryptocurrency exchanges are operating under the same infrastructure, all relying on Prebit[.]io for trading services, market data, and transaction execution. These platforms falsely present themselves as independent exchanges while, in reality, they function as front-end disguises of Prebit, a company that claims to be based in the UAE but is facilitating illegal financial activities.

Shared API Infrastructure: The Prebit.io Connection

All investigated exchanges—TheTrueTrade[.]io, Trade2Rich[.]com, and 4Trade[.]vip—connect to the same set of API endpoints, exposing a coordinated network of fraudulent platforms.

The following APIs are shared across all three exchanges, confirming their direct link to Prebit[.]io:

📌 Market Data API:

https://api-trade.prebit.io/candle/history (Used for fetching historical price data)

📌 Trading Pairs API:

https://api.core.v2.prebit.io/api/v1/pairs (Retrieves the list of available trading pairs)

📌 Live WebSocket Trading Feed:

wss://api.socket.v2.prebit.io/socket.io/ (Handles real-time order execution and market data updates)

As we publish this report, Prebit and its affiliated fraudulent exchanges are actively attempting to block access from UAE IP addresses in an apparent effort to Evade Regulatory scrutiny. This sudden restriction follows our Previous Investigative Report exposing their illegal activities and their exploitation of Dubai’s reputation as a legitimate financial hub.

However, despite their attempts to appear compliant, Prebit[.]io remains accessible from UAE IP addresses at this moment, proving that their actions are merely superficial rather than a genuine effort to comply with local regulations. Instead of registering legally under VARA and UAE financial authorities, Prebit.io is manipulating access controls in a deceptive manner to mislead regulators while continuing its illegal operations.

This behavior further confirms their bad faith operations, as legitimate exchanges operating within UAE regulatory frameworks have no need to block local access. Instead, Prebit.io and its connected platforms are clearly engaging in deliberate Geo-Restriction Tactics to avoid enforcement actions while still targeting unsuspecting users.

Sources:
Archive 1 | Archive 2 | Archive 3 | Archive 4 |

False Claims of Decentralization: How These Platforms Control User Funds

The illegal exchanges connected to Prebit[.]io falsely advertise themselves as KYC-free, Decentralized Trading Platforms, claiming that users can trade without restrictions or centralized control. However, a deeper investigation into their wallet structures, withdrawal mechanisms, and smart contract interactions proves that these claims are deceptive.

Despite marketing themselves as decentralized, these platforms retain full custody over user funds once deposited, meaning users do not actually own their assets after transferring them into these exchanges. Unlike true decentralized exchanges (DEXs), where users interact directly with smart contracts and retain private key control, these platforms route deposits through centralized wallets controlled entirely by their operators

Expanding Network of Fraudulent Exchanges

The structure of these illegal exchanges allows them to rapidly replicate and expand, creating multiple layers of fraudulent platforms. Using white-label scripts and cloned front-ends, the operators can launch new exchanges within days, making detection and enforcement more difficult.

The three identified exchanges using Prebit[.]io's infrastructure are likely just the beginning. If left unchecked, this network can continuously generate new unregulated platforms, each designed to bypass regulatory scrutiny while funneling user funds into the same core system. Stopping Prebit.io and its operators is critical to preventing further proliferation of these fraudulent exchanges.

Analysis of DNS records showing synchronized activity across multiple cryptocurrency exchange domains, including identical subdomain structures and SSL certificate patterns, indicating a shared operational framework.

Sources:
Archive 1 | Archive 2 | Archive 3 | Archive 4 |

Key Individuals Behind the Operation

The fraudulent network of unregulated exchanges is backed by a group of known financial criminals with a history of scams in Iran and Turkey. These individuals operate under various aliases, using social media and Telegram channels to lure victims into their illegal platforms.

A common pattern among them is their coordinated efforts in content production, using the same media studios to create deceptive promotional material. Their marketing strategies include fake trading success stories, promises of high returns, and manipulated testimonials to gain public trust.

Once users engage with them, they are funneled into exclusive Telegram channels, where they receive misleading investment advice and are pressured into depositing funds. These channels also serve as a control mechanism, allowing the operators to manipulate sentiment, promote certain tokens, and ultimately direct funds toward their schemes.

Below, we will detail the key figures involved, their criminal backgrounds, and their connection to the illegal exchanges.

Founders and Early Promoters: Barbod and Rambod Masoumi

The Masoumi brothers, Barbod and Rambod, played a foundational role in launching and promoting Prebit.io, the core platform powering multiple fraudulent exchanges. Operating under the Instagram aliases @bitbod (Barbod Masoumi) and @kingbod (Rambod Masoumi), they began actively marketing Prebit in September 2023, using social media and Telegram channels to attract users.

Their strategy relied on a "free education" and "signal" channel on Telegram, where they presented themselves as expert traders offering market insights. However, their real intent was to guide users into Prebit.io and affiliated platforms, creating an illusion of legitimacy while controlling user funds.

As Prebit gained traction, they expanded their influence by collaborating with social media personalities, notably Saba Zahrayi (@CryptoSaba on Instagram), who helped push their exchanges to a wider audience. This partnership marked the beginning of a growing network of influencers promoting these platforms, leading to the creation of additional fraudulent exchanges following the same playbook.

The Masoumi brothers' involvement in funding, promoting, and directing users into Prebit[.]io and its associated exchanges establishes them as the key figures behind this unregulated and deceptive operation. Their history of misleading promotions and manipulation through social media underscores their role in the larger network of financial fraud targeting UAE residents and beyond.
Sources:
youtube.com/watch?v=lycuev7RpWs
Archive 1 | Archive 2 | Archive 3 |
youtube.com/watch?v=KtkNg22RgwI
Archive 1 | Archive 2 | Archive 3 |
youtube.com/watch?v=YHeFbRzutLY
Archive 1 | Archive 2 | Archive 3 |
youtube.com/watch?v=XD9EL6oLeLg
Archive 1 | Archive 2 | Archive 3 |

Connections to Notorious Scammer Ali Hasani

Rambod Masoumi has direct ties to Ali Hasani, one of Iran’s most notorious financial scammers, who is wanted by the Iranian court of justice for crimes including money laundering, financial fraud, pump-and-dump schemes, and honeypot token scams.

Hasani’s fraudulent operations left countless victims, many of whom continue to protest outside Iranian courts, demanding justice and the return of their stolen funds. His history of large-scale crypto fraud and market manipulation has made him a key figure in Iran’s financial crime landscape.

Rambod’s association with Hasani raises serious concerns about his role in similar fraudulent activities. Given their public friendship and shared networks, it is highly probable that Hasani’s tactics and connections have influenced the operational model of Prebit.io and its affiliated exchanges. This link further strengthens the case that the individuals behind these platforms are part of a larger, coordinated financial crime network extending beyond Iran and into the UAE.

Official court announcement confirming that Ali Hasani is a fugitive wanted in Iran for financial crimes, with evidence indicating his escape to Dubai to evade prosecution.
Sources:
webamooz.com/1400/07/17/کلاهبردار-علی-حسنی-2/
webamooz.com/1400/05/14/کلاهبردار-علی-حسنی/
Archive 1 | Archive 2 | Archive 3 | Archive 4 | Archive 5 | Archive 6 | Archive 7 |

Khashayar Moradverdi (aka Adam Moradi) – From Asylum Fraud to Crypto Scams

Khashayar Moradverdi, known online as Adam Moradi, was previously involved in a fraudulent asylum business in Turkey under platforms like Panahjooyan.com and Mohajeran TV. Operating between 2014 and 2020, he and his partner Parsa Amiri coached asylum seekers on fabricating cases for Western immigration authorities, charging large sums for false narratives, fake documents, and interview training.

After UNHCR exited Turkey in 2018, the asylum fraud market collapsed, leading Moradverdi to erase his digital footprint and rebrand himself as a cryptocurrency trader. Since 2021, he has been involved in unlicensed crypto exchanges in Dubai, targeting Iranian users. His platforms lack regulatory approval from UAE authorities (VARA) and violate AML and FATF guidelines.

His fraudulent history and quick transition from asylum scams to crypto fraud highlight a pattern of deception and financial exploitation. More details and evidence can be found in archived reports and investigative sources .

Sources:
webamooz.com/en/2025/02/19/adam-moradi-aka-khashayar-moradverdi-refugee-fraud-to-crypto-scams
Archive 1 | Archive 2 |

Khashayar Moradverdi’s Role in TheTrueTrade[.]io

Khashayar Moradverdi is a key leader behind TheTrueTrade[.]io, an unregulated crypto exchange currently promoted by various influencers. This platform operates under the same fraudulent structure as previous scam exchanges, falsely claiming to be decentralized while retaining full control over deposits and withdrawals.

After rebranding from asylum fraud to crypto schemes, Moradverdi leveraged his network to expand TheTrueTrade.io, enlisting influencers to push the platform under false legitimacy. These influencers will be introduced individually in the following sections, along with evidence of their involvement.

Radin Jahromi’s Role in the Fraudulent Network

Radin Jahromi, an alias with an undisclosed true identity, follows the same deceptive strategy as Khashayar Moradverdi and the Masoumi brothers. He has appeared in multiple co-videos with Barbod Masoumi and even uses the same locations for content creation, reinforcing his deep ties to the network.

Jahromi operates under the "free lessons" model, luring victims through Telegram bots that eventually guide them to his unregistered exchange, Trade2Rich[.]com. While Trade2Rich appears to be a separate entity, technical analysis shows it relies on the same white-labeled backend as TheTrueTrade[.]io, exposing a coordinated effort to expand fraudulent operations under different brand names.

By portraying himself as an educator and mentor, Jahromi fosters trust, only to redirect users into unlicensed platforms that circumvent UAE regulatory laws, continuing the cycle of deception.

Additional Individuals Promoting TheTrueTrade[.]io

Beyond the key figures already mentioned, several other influencers are actively promoting TheTrueTrade[.]io, luring users through Instagram and Telegram channels. These individuals follow the same pattern of offering free trading education, only to redirect victims toward unlicensed platforms operating under the same fraudulent infrastructure.

Instagram Profiles Linked to TheTrueTrade[.]io

Trade Sareh

Trade Sareh |
Archive 1 | Archive 2 |
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Trade Romina

Trade Romina |
Archive |
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Trade Rook

Trade Rook |
Archive |
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Trade MMD

Trade MMD |
Archive |
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60sHanif

60s Hanif |
Archive |
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Trade Misagh

Trade Misagh |
Archive |
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Telegram Channels Used for Recruitment

These accounts systematically funnel users from social media into Telegram channels and bots, where they are eventually introduced to TheTrueTrade[.]io. The coordinated nature of these promotions highlights how deeply interconnected this fraudulent network is.

Legal Violations and Regulatory Breaches of Prebit and Related Platforms

The fraudulent network operating under TheTrueTrade.io, Prebit.io, and other white-labeled exchanges represents a severe breach of international financial laws, UAE regulations, and FATF anti-money laundering (AML) standards. Their unlicensed activities, financial fraud, and deceptive business practices not only endanger investors but also tarnish the reputation of Dubai and the UAE by portraying it as a safe haven for financial criminals.

1. Violation of UAE Virtual Asset Laws and VARA Regulations

The Dubai Virtual Assets Regulatory Authority (VARA) strictly mandates that all crypto exchanges must be licensed and comply with UAE's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. However, the platforms promoted by this network:

Operate without a VARA license while falsely presenting themselves as UAE-based businesses.
Misuse Dubai’s reputation to attract investors by claiming regulatory legitimacy.
Control user funds centrally, violating the core principles of decentralized finance (DeFi).

Legal Consequences:

Under Cabinet Resolution No. 111 of 2022 on regulating virtual assets, unlicensed crypto exchanges face severe penalties, including fines and potential criminal prosecution.
UAE Penal Code (Federal Decree-Law No. 31 of 2021) criminalizes fraudulent financial activities with imprisonment and financial penalties.

2. FATF Money Laundering and Terror Financing Risks

The Financial Action Task Force (FATF) requires that all crypto-related businesses implement strict AML/CTF measures. These platforms violate:

FATF’s Travel Rule, which mandates exchanges to collect and share transaction data for financial monitoring.
AML and KYC (Know Your Customer) obligations, as they falsely claim to be decentralized while exercising full control over deposits and withdrawals.
Cross-border money laundering concerns, as they facilitate anonymous, high-risk transactions, bypassing financial oversight.

Legal Consequences:

FATF-designated penalties for non-compliant financial entities include heavy fines, asset seizures, and international sanctions.
UAE’s Anti-Money Laundering Law (Federal Decree-Law No. 20 of 2018) criminalizes transactions that aid in money laundering or terrorism financing, carrying up to 10 years in prison and substantial fines.

3. Fraud, Market Manipulation, and Investor Deception

The promoters of these platforms engage in pump-and-dump schemes, wash trading, and liquidity manipulation, defrauding retail investors. Their methods include:

Withdrawal restrictions and fund misappropriation, proving that users do not have real ownership of deposited assets.
Deceptive marketing using social media influencers to create the illusion of profitability.

Legal Consequences:

Article 399 of UAE Penal Code (Fraud and Deception) prescribes imprisonment and financial restitution for those who fraudulently obtain money through deception.
Dubai Financial Services Authority (DFSA) regulations classify false financial promotions as a criminal offense, punishable by fines and permanent bans from financial activities.

4. The Reputation Risk for UAE as a Global Financial Hub

Dubai has positioned itself as a leader in financial innovation and blockchain regulation, but unregulated operations like TheTrueTrade.io and its affiliated platforms pose a serious reputation risk. The UAE is already under FATF’s increased monitoring list (Grey List) due to global AML concerns, and such fraudulent schemes:

Misrepresent Dubai’s regulatory stance, leading to potential global scrutiny.
Encourage illicit financial flows, undermining the UAE’s strict financial compliance efforts.
Damage investor confidence, deterring legitimate businesses from entering the UAE market.

Urgent Action Required
Given the serious nature of these violations, UAE authorities—including VARA, the Central Bank of the UAE, and law enforcement agencies—must investigate and dismantle these fraudulent operations to:

Protect investors and prevent further financial damage.
Strengthen Dubai’s position as a law-abiding financial hub.
Demonstrate strict enforcement of UAE laws against unlicensed financial activities.

The UAE has taken strong regulatory steps to eliminate financial crime—allowing these networks to continue operating unchallenged directly contradicts these efforts.

Dubai Must Not Become a Safe Haven for Financial Criminals

Dubai has worked tirelessly to position itself as a global leader in innovation, finance, and technology. However, allowing unlicensed, fraudulent exchanges to thrive undermines the UAE’s progress, making it appear as a shelter for scammers rather than a beacon of financial security.

The world is watching. International regulators, investors, and law enforcement agencies are closely monitoring how the UAE handles financial crime. If immediate action is not taken, Dubai’s credibility could suffer irreversible damage, deterring legitimate investment and attracting only those who seek to exploit weak enforcement.
Dubai’s reputation is at risk as Pouyan Mokhtari and Farzin Fardin Fard, both wanted for financial crimes, living freely. Their presence signals to criminals that Dubai is a safe haven. Without immediate action, more will follow, undermining the UAE’s financial integrity and global standing.

Time is Running Out

This is not just a matter of financial fraud—this is an assault on UAE’s reputation, financial system, and future prosperity. The UAE’s government, VARA, DFSA, and law enforcement agencies must act swiftly to:

Shut down and blacklist unlicensed platforms before more victims are trapped.
Hold fraudulent influencers accountable for promoting scams and manipulating the public.
Enforce FATF and UAE financial laws with full strength to protect Dubai’s status as a leading financial center.

If no action is taken, more scammers will be encouraged, and Dubai’s trusted name in finance could be at risk. We are counting on you to stop this before it gets worse. Protecting Dubai’s future is in your hands— Act Now! before more harm is done.

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