Moreover, the bank referred to a possible connection between Toiga Media and UFX, which is initially expressed in the fact that the name of Toiga Media was initially UFX MARKETS - but in this regard, the bank ignores the fact that it had this information, since, as it appears from the account opening documents that were submitted in the proceeding, when the account of this company was opened, its name was still UFX [see the opening documents of this company's account, which were attached as Appendix 3 to Mr. Michal's affidavit]. Moreover, although in the course of his interrogation Mr. Toledano confirmed that UFX was initially opened by the founders of Paragon EX, in order to be able to present the platform developed by them as a customer [see his testimony of May 24, 2018 on page 117], Mr. Toledano also confirmed that they gave the platform to Mr. Dennis de Young for free [ibid. [at page 119] However, I have not found that this establishes any relevant suspicion relating to money laundering or terrorism.
In this context and in parentheses, I will note that it was implied from the testimonies that the division of labor as aforesaid, including the structure whereby there is a company operating the trading arena (it is the plaintiffs' client) and separately there are two companies that provide it with marketing services and the other with customer support services - is the result of the separation required in order to obtain a license to operate the trading arena [see, for example, the testimony of Mr. Michal of May 24, 2018, on page 60, lines 15-18]. The aforesaid also resolves the question regarding the need for two different contracts - one - a "support service and marketing" agreement and the other an intermediary agreement ("inter media service"), as well as the fact that these are contracts in which the general terms, as distinct from the commercial terms, are identical.
- In addition, I am of the opinion that the suspicions regarding illegal activity, in particular the binary options of the plaintiffs' customers, and regarding the lack of licenses of the client companies, have been removed.
In this regard, evidence was presented in support of the existence of valid licenses of the plaintiffs' current clients - UFX GLOBAL, Rialentco and MPF. In this context, it is true that with regard to MPF and Realtenco, printouts were presented from the CyCEC website - which is the website of the Cyprus Securities Authority, regarding the existence of licenses, but given that this is a printout from the website of an official authority (whose authenticity can even be checked by entering and checking the website), I find that it constitutes sufficient evidence of the existence of the licenses. I will also note that as a complement to the licenses that were presented, Mr. Yoav Shinitsky testified on behalf of the plaintiffs regarding the license that each of the companies has, and explained that Realentco and MPF have a CySEC license , while UFX has a license from Vanuatu, which is a broader international license and has less stringent restrictions [see his testimony of June 12, 2018, on page 228].