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Gpay google pay6/23/2023 ![]() ![]() Investors are often trading at their own risk unless the crypto exchange is registered under government agencies, such as the US Securities and Exchange Commission. The company, which was reviewed on Trustpilot, received complaints of deposits made without their clients’ knowledge, closed accounts without prior warning and even harassment through phone calls that pushed for more investments.Ĭrypto scams, fake initial coin offerings (ICOs) and exit scams have been a rampant problem within the crypto industry. UK regulators explained that customers were encouraged to use the online trading platform with advertisements that falsely claimed it was supported or endorsed by entrepreneurs that had previously starred in TV shows, such as Peter Jones from Dragon’s Den. GPay reached out to individuals in the UK and elsewhere through online advertising campaigns and multiple social media channels. The platform guaranteed that it would provide an avenue for crypto enthusiasts without any prior experience in trades to invest, as they were backed by experienced traders and computational tools to make the activity easier. However, cached versions of the URLs still maintain the company’s promises of an easy crypto trading platform and portfolio, as well as a platform for mining on the side. The XtraderFX website has since been shut down. Traders were hindered by requests for information and further verification, such as ID and utility document requirements, even though these checks were not required to make deposits. When these traders made an attempt to withdraw any funds they had invested into the platform, they hit several barriers throughout the process. ![]() The investigation found that at least 108 clients lost their money, even when they went for insurance that was supposed to cover the cost of financial losses. The end of June saw the UK Government’s Insolvency Service post a notice explaining that GPay - also known as XtraderFX and formerly identified as Cryptopoint - had been closed down after “losing” £1.5 million ($1.8m) of investor funds. ![]() GPay lured in clients and investors with fake celebrity endorsements and the promise of an easy-to-use platform
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