Pendoxa claims to be operated by CoinShares International Limited and belongs to the CoinShares Group. It claims to be regulated by the Jersey Financial Services Commission (JFSC), the Autorité des marchés financiers (AMF), and CoinShares Capital Markets (UK) Limited, an appointed representative of Strata Global Ltd., which is authorized and regulated by the Financial Conduct Authority (FCA). First, although CoinShares (Jersey) Limited is listed in the JFSC registry, it only holds a basic registration. It does not possess a valid license to conduct forex trading. Second, we could not find any record of this company being authorized or registered by the French financial regulator, AMF. Third, while the FCA has records of the mentioned UK subsidiary, its registered website does not match Pendoxa's domain. Furthermore, its regulatory authorization strictly excludes retail derivatives trading. Even if they were affiliated, serving retail clients would be outside their legal scope. Given all these suspicious findings, we consider Pendoxa as a potential fraudulent platform.

On May 28, 2026, the Commissione Nazionale per le Società e la Borsa (CONSOB) issued a warning against Pendoxa, believing this company might be providing financial services or products without proper authorization in Italy. https://www.consob.it/web/area-pubblica/-/delibera-n-24012