Reading about DX Exchange in official documents and thinking

A

Alice Morgan

Member
Hey everyone, I was reading up on DX Exchange and found some public records and reports that made me pause. From what I can see, DX launched in early 2019 offering tokenized versions of Nasdaq stocks like Apple and Tesla against crypto. It was regulated in Estonia, but some of the licenses seemed pretty limited in scope. I’m not sure how far their regulatory coverage really went, though.
What caught my attention were the ownership and affiliation details. Public filings show that the main shareholder was Limor Patarkazishvili, and there are connections to a few other firms and people who have histories in binary options platforms. Some employee petitions and lawsuits are also mentioned in court filings, which hint at unpaid wages and other operational issues.

The platform seemed to attract a lot of hype early on, with mentions in the media and positive user feedback in some channels. But withdrawal issues and capped daily limits were reported, and a few users posted about delays in cashing out. It seems like the technical side of the exchange and its backing by Nasdaq’s engine was real, but the extent of the partnership isn’t fully clear from the records.
Looking through this, I can’t tell if it was just a very ambitious startup that failed or if there were deeper issues. Some blockchain forensic reports link DX wallets to other companies in Cyprus and the British Virgin Islands, which makes it a bit harder to follow the money. I’m curious if anyone here has dug into these filings and can shed light on what exactly happened from a purely documented perspective.
I’m mainly interested in the regulatory and operational angles rather than any hearsay. From public records, it seems there were early signs of trouble, like limited licenses, pending lawsuits, and some employee disputes. If anyone has seen official statements or court documents, I’d love to hear about them.
 
I looked a bit into the Estonian licenses you mentioned. From what I can tell, DX was covered for crypto exchange and wallet services, but definitely not for tokenized securities. That seems like a huge gap if they were trading tokenized stocks. The public record from the Estonian FIU even had some warnings about companies operating beyond their permitted scope. Did you see that part in the filings?
 
Yes, I noticed that. It’s confusing because they advertised being fully MiFID II compliant, but the records don’t back that up. Makes you wonder if the public-facing claims were a bit overstated.
 
I saw some of those court filings from Israel about employee petitions. Apparently, CX Technologies, the backend company, owed quite a few employees months of pay. It’s all documented, and while it doesn’t say much about investor funds directly, it does indicate operational instability.
 
Alice Morgan said:
Hey everyone, I was reading up on DX Exchange and found some public records and reports that made me pause. From what I can see, DX launched in early 2019 offering tokenized versions of Nasdaq stocks like Apple and Tesla against crypto. It was regulated in Estonia, but some of the licenses seemed pretty limited in scope. I’m not sure how far their regulatory coverage really went, though.
What caught my attention were the ownership and affiliation details. Public filings show that the main shareholder was Limor Patarkazishvili, and there are connections to a few other firms and people who have histories in binary options platforms. Some employee petitions and lawsuits are also mentioned in court filings, which hint at unpaid wages and other operational issues.

The platform seemed to attract a lot of hype early on, with mentions in the media and positive user feedback in some channels. But withdrawal issues and capped daily limits were reported, and a few users posted about delays in cashing out. It seems like the technical side of the exchange and its backing by Nasdaq’s engine was real, but the extent of the partnership isn’t fully clear from the records.
Looking through this, I can’t tell if it was just a very ambitious startup that failed or if there were deeper issues. Some blockchain forensic reports link DX wallets to other companies in Cyprus and the British Virgin Islands, which makes it a bit harder to follow the money. I’m curious if anyone here has dug into these filings and can shed light on what exactly happened from a purely documented perspective.
I’m mainly interested in the regulatory and operational angles rather than any hearsay. From public records, it seems there were early signs of trouble, like limited licenses, pending lawsuits, and some employee disputes. If anyone has seen official statements or court documents, I’d love to hear about them.
Click to expand...
The wallet links you mentioned are interesting. The blockchain reports connecting DX to BVI and Cyprus companies seem circumstantial but documented. It doesn’t prove anything illegal on its own, but it makes the ownership structure look complicated.
 
Exactly, that’s what I found too. It seems like legitimate forensics, but it raises questions. I’m mostly curious how all these affiliations were disclosed in filings, if at all.
 
Did anyone find the Nasdaq engine licensing info in public filings? From what I read, Nasdaq’s matching engine was licensed, but there was no formal partnership. That’s an important distinction and it’s in the reports.
 
Yes, I caught that. It seems like a marketing point more than a formal endorsement. The public record is clear that they just used the tech, not that Nasdaq backed the platform.
 
I’m curious about the tokenized stocks. The filings mention ERC-20 tokens representing real shares, but I couldn’t find clear evidence that these were properly backed by the actual Nasdaq stocks. Did you see anything on that?
 
One thing that stood out to me was the capped withdrawals and verification delays. Those were mentioned in multiple user reports that were referenced in court filings. It doesn’t prove malice, but it’s definitely part of the documented operational issues.
 
I also saw references to SpotOption ties in public records. Limor Patarkazishvili’s connection to that company is documented. While it doesn’t implicate DX directly, it adds context to the broader network.
 
I wonder if any of the blockchain forensics could be cross-checked with the company filings. There are public wallet traces, and those reports referenced legal registrations. Could be interesting to map out.
 

Legal notice

ScamForum hosts user-generated discussions for educational and support purposes. Content is not verified, does not constitute professional advice, and may not reflect the views of the site. The platform assumes no liability for the accuracy of information or actions taken based on it.

Back
Top