ToFro has received a securities fraud warning from Spain’s Comision Nacional del Mercado de Valores (CNMV).

As per CNMV’s September 8th warning;

ToFro Exchange is not authorised to provide the investment services and activities subject to the activity restriction in accordance with the … Spanish Securities Markets and Investment Services Act.

Offering unregistered securities is illegal as per Spanish financial law. Doing so constitutes securities fraud.

ToFro is part of the collapsed MTS Foundation “click a button” app Ponzi.

MTS Foundation used a a typical trading signals ruse, with bogus trading signals fed to investors through ToFro.

MTS Foundation’s website was disabled in August 2025. ToFro’s multiple website domains were disabled earlier this month.