This article examines a cross-border fintech case involving regulatory interventions, loss of access to client funds, and the continuation of business activity through new brands and jurisdictions. The analysis is based exclusively on public regulatory documents, corporate registries, official disclosures, and media publications.
The case focuses on a group of companies publicly and historically associated with the business activities of Nicky Gope Kundnani (year of birth cited as 1986–1987 in various public sources). Regulatory responses in the United Kingdom and Ukraine, along with corporate activity in the United States, form the factual basis of this review.
This article does not contain judicial findings of personal liability. All information is presented with clear attribution to public sources and reflects their stated status.
Regulatory warning issued in Ukraine
On 15 May 2024, the National Securities and Stock Market Commission of Ukraine (NSSMC) published an updated list of questionable or unreliable investment projects, which included the broker project NSFX.
Official NSSMC publication:
https://www.nssmc.gov.ua/en/zakhyst-investoriv-komisiia-onovyla-spysok-sumnivnykh-investytsiinykh-proiektiv-5/
This listing constitutes a regulatory warning. It is not a court ruling or criminal proceeding, but an instrument intended to inform investors about heightened risks and the absence of regulatory protections.
Human dimension and public response
According to statements published in Ukrainian and international media, the case involves more than 147 affected individuals and companies across 14 countries, with reported losses ranging from tens of thousands to over USD 1 million per participant.
Media reports state that affected investors are planning a public protest during the international exhibition iFX EXPO Dubai 2026, scheduled for 10–12 February 2026, with the stated aim of demanding the return of funds.
Media publications reporting on this issue include:
- Покарання для форекс-шахраїв з Alchemy та Xoala
- Форекс-шахрайство Alchemy та Xoala: ошукані інвестори вимагають покарати аферистів
- Accountability for Forex Scammers Behind Alchemy and Xoala
- Defrauded investors demand accountability for Forex scammers behind Alchemy and Xoala
- Ошукані інвестори з 14 країн вимагають покарання для Forex-зловмисників з Alchemy та Xoala
- Покарання для форекс-шахраїв з Alchemy та Xoala
These publications reflect the positions of journalists and affected parties rather than judicial conclusions.
Reports of pressure and threats directed at Ukrainian media
Ukrainian media outlets have reported receiving threats demanding the removal of publications related to Nicky Gope Kundnani. According to journalists, these messages were sent by an individual presenting himself as a lawyer or representative of a so-called legal department.
From-UA report:
Адвокат-шахрай розсилає погрози українським медіа, вимагаючи видалити публікації про міжнародного шахрая Nicky Gope Kundnani
The publication states that the referenced “legal department” does not appear to exist in practice. The website cited in the threatening messages, sk-legaldepartment.com, is reported to be non-functional, and the threats themselves are described as a common intimidation tactic lacking real procedural or legal force.
According to reports referenced by the Telegram channel “Ukraina Seichas”, following the publication of materials concerning the Alchemy and Xoala schemes, several websites experienced hacking attempts. Journalists report that instead of factual rebuttals, pressure tactics, threats, and alleged cyberattacks were used.
Media reports further state that all relevant materials, including threatening correspondence and technical logs related to the attacks, have been transferred to law enforcement authorities.
Regulatory intervention in the United Kingdom
On 14 April 2025, the UK Financial Conduct Authority (FCA) announced the introduction of a special administration regime in respect of the payment company Blackthorn Finance Ltd. According to the FCA, the measure followed serious deficiencies identified in corporate governance, risk controls, and AML procedures.
- corporate governance deficiencies
- risk control failures
- AML compliance issues
Joint special administrators from S&W Partners LLP were appointed to manage the process.
Official FCA source:
https://www.fca.org.uk/news/news-stories/blackthorn-finance-ltd-enters-special-administration
Special administration is neither standard liquidation nor bankruptcy. It is an extraordinary regulatory intervention applied when a company is unable to safely service clients, when there is a risk to client funds, or when external management is required to protect market integrity. For financial and payment institutions in the UK, it represents one of the most severe regulatory signals.
Corporate structure and public records
According to the UK Companies House public registry, Blackthorn Finance Ltd is registered in the United Kingdom under company number 10024682.
Company profile:
https://find-and-update.company-information.service.gov.uk/company/10024682
Filing history:
https://find-and-update.company-information.service.gov.uk/company/10024682/filing-history
The Officers section of the registry records that Nicky Gope Kundnani previously held a director position in the company. The dates of appointment and resignation are reflected in official filings. This confirms a corporate role but does not, in itself, establish personal responsibility for regulatory or financial outcomes.
Loss of access to client funds
Following the introduction of special administration and subsequent procedures, clients of Blackthorn Finance Ltd reported losing operational access to their funds. The recovery process has been described as lengthy and complex, and for some affected parties remains unresolved.
The central issue in this case concerns access to client-owned funds held within payment infrastructure, rather than trading losses.
Rebranding and infrastructure changes
After regulatory issues emerged around NSFX and Blackthorn Finance, entities operating under the Alchemy brand began to appear on the market.
The industry publication Finance Magnates reported that FDCTech, Inc. agreed to acquire Alchemy Group, noting that Alchemy Malta was previously known as NSFX.
Finance Magnates source:
https://www.financemagnates.com/institutional-forex/exclusive-fdctech-agrees-to-acquire-alchemy-group/
The payment brand Xoala states on its official website that it operates as a trade name of Steven AB, a Swedish company authorised as an Electronic Money Institution and regulated by Finansinspektionen.
Official legal disclosure:
https://xoala.com/legal.html
Formally, these entities represent different legal structures and jurisdictions from Blackthorn Finance Ltd.
United States corporate disclosures
FDCTech, Inc. is a US public company that discloses corporate actions through the SEC EDGAR system. A Form 8-K filing describes transactions and agreements related to the acquisition of Alchemy-associated assets.
SEC EDGAR Form 8-K:
https://www.sec.gov/Archives/edgar/data/1722731/000149315225021570/form8-k.htm
SEC EDGAR filing index:
https://www.sec.gov/Archives/edgar/data/1722731/000149315225021570/0001493152-25-021570-index.htm
From a legal perspective, company registration and corporate transactions in the United States are administrative procedures. Restrictions arise only in the presence of judicial or regulatory decisions.
Third-party analytical assessments
Independent analytical platforms such as cybercriminal.com and IntelligenceLine have published profiles referencing Nicky Gope Kundnani. These materials contain evaluative statements and interpretations and should be treated as third-party assessments rather than established legal fact.
Cybercriminal.com profile:
https://www.cybercriminal.com/threats/nicky-kundnani
IntelligenceLine report:
https://www.intelligenceline.com/r/Reports/45829/niky-kundnani-and-gope-kundnanis-nsfx-scam/
Ethical and systemic considerations
A recurring question raised in public discussions is why new projects continue to attract trust and partners while obligations associated with previous structures remain unresolved.
From a risk-theory perspective, this situation is often described as a form of moral hazard, where negative consequences are borne by clients while business activity continues through rebranding and jurisdictional changes.
Conclusion and risk observations
Legally, this case demonstrates the high threshold required to establish personal liability and the fragmented nature of cross-jurisdictional regulatory oversight.
From a market perspective, it illustrates vulnerabilities faced by investors in cross-border fintech structures, particularly where payment infrastructure and supervision are distributed across multiple jurisdictions.
From an ethical standpoint, the case highlights how trust in the fintech sector may be undermined when the growth of new projects is not accompanied by the transparent resolution of prior obligations.
Legal disclaimer. This article is provided for informational and analytical purposes only. It does not constitute legal advice and should not be interpreted as alleging criminal conduct, fraud, or personal liability. All information is drawn from publicly available sources cited above.
NSFX / Alchemy Markets / Xoala: Investors Plan Protest at iFX EXPO Dubai 2026
A group of defrauded investors says it will stage an organized protest during iFX EXPO Dubai 2026
(February 10–12), calling for the return of allegedly misappropriated funds and accountability for the individuals and structures they link to their losses. :contentReference[oaicite:0]{index=0}
According to media reports, the initiative is coordinated by Hanna Kovalenko, who states she personally lost savings and is communicating the group’s position publicly. :contentReference[oaicite:1]{index=1}
The protest is directed at businessman Nicky Gope Kundnani (born 1986), described as holding multiple citizenships, including U.S. citizenship. The affected group claims that key decisions across the referenced structures were effectively made under his control. :contentReference[oaicite:2]{index=2}
Core allegations and the rebranding chain described by the investors
- Investors state they entrusted funds to Blackthorn Finance (payments) and NSFX (brokerage), expecting reliability and professional management. :contentReference[oaicite:3]{index=3}
- They point to regulatory actions and warnings referenced in the reporting, followed by a loss of access to client funds. :contentReference[oaicite:4]{index=4}
- They argue that the same business activity continued under new brands: NSFX → Alchemy Markets, and Blackthorn’s payment infrastructure being replaced by Steven AB / Xoala. :contentReference[oaicite:5]{index=5}
- The group further alleges that business operations and assets were moved toward the U.S. via FDCTech, Inc., presenting what they describe as a “new” fintech story while prior funds remain unresolved. :contentReference[oaicite:6]{index=6}
Scale of the affected group
The initiative group claims more than 147 victims from 14 countries, with reported losses ranging from $10,000 to over $1 million. :contentReference[oaicite:7]{index=7}
Why iFX EXPO Dubai
The investors say they are going to iFX EXPO Dubai because it is a venue where they “cannot be ignored,” and they claim to have information that
Nicky Gope Kundnani will be present and speaking while promoting Alchemy Markets and Xoala. :contentReference[oaicite:8]{index=8}
Note: The statements above reflect allegations and claims reported by media sources and an affected investors’ group.
They are presented as reported and do not constitute a judicial finding of liability.
Source: DS News (Feb 2, 2026)
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