On its website, XMAXBIT pins three certificates, issued in Belize, Seychelles and the British Virgin Islands. While its Belize credentials now stand debunked, the Financial Services Authority (FSA) in Seychelles also issued its own “scam alert” earlier this month with reference to the fraudulent company.
“We believe consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies,” the UK’s Financial Conduct Authority wrote.
This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business. All persons concerned are warned to take note and exercise extreme caution.
That warning followed others from Austria and Belgium against using OneCoin.
On its website, XMABIT says it was founded in January 2010. Investor returns will be made in bitcoin payments, the company added.
Published on Monday, the Office of the International Financial Services Commission (IFSC), Belize’s financial regulator, has warned users against dealing with the company.
More recently, multiple European regulators have warned users about Onecoin, an altcoin that is evidently gaining interest in the mainstream.
The certificate is a ‘complete forgery” wrote Neri J.Matus, IFSC director general in his warning, before adding:
XMAXBiT claims to be an “international registered company”, with accompanying legal documents to prove its credentials on its website. A ‘Certificate of Incorporation’ purports its validity as a company in Belize.
Seychelles has also issued a warning against the company.
Images from Shutterstock.
While quick and supposed ‘multiplying’ return schemes have been around for decades, digital currencies have frequently been misused by these schemes in recent years.
“Our profile of work is effective investments in cryptocurrency (LiteCoin, Bitcoin) and mining,” the company wrote.” Since that time, we got wide experience in this scope of action and also we launched a service of wholesale changing of internet-currency.’
The financial regulator of Central American nation Belize has issued a public warning against XMAXBIT, a company that claims to provide returns for investors by investing in cryptocurrencies like bitcoin.
The trend has led to regulators and authorities warning its citizens against using digital currencies like bitcoin altogether. Notable examples include multiple MLM schemes in Vietnam. In a landmark case of a federal securities fraud involving bitcoin, a Texan native identified as the operator of a bitcoin-based investment scheme obtained 146,000 bitcoins from investors.
Bitcoin Core Roadmap Unveils Signature Optimization Plan
Bitcoin Core developers released a new technology roadmap today that charts the project's planned transition from its current digital signature algorithm to a more advanced alternative.
Bitcoin Has Grown beyond Volatility Issues
The volatile nature of Bitcoin and other cryptocurrencies has worked both ways. Traders peg their hopes on volatility to make money while those who prefer investing long-term dread the price fall.
Report: Bitcoin Social Media Scams Are On the Rise
The rise in popularity and price of bitcoin has led to greater instances of scams perpetrated through social media, according to a new report.
Released by ZeroFOX, the report categorizes these new
BATS Objects to Bitcoin ETF Ruling, Plans to Appeal Decision
BATS Global Markets, a global stock market exchange based in the US, plans to appeal the March 11 decision of the Securities Exchange Commission to turn down the approval of the Winklevoss twins’
Blockchain is Overhyped and Not Quite Applicable: VC Andrew Parker
Andrew Parker, a partner at Spark Capital, a New York-based venture capital firm which transformed various early-stage startups including Twitter, Tumblr, Stack Exchange and Foursquare into
Forking is Easy, Maintaining Bitcoin Unlimited is Hard: Andreas Antonopoulos
Bitcoin and security expert Andreas Antonopoulos noted that the execution of a hard fork solution like Bitcoin Unlimited isn’t necessarily the difficult stage of development. The challenging task is
Canadian Regulator: Blockchain & Fintech Needs Open Data Access for Development
Canada’s largest securities regulator has stated that open access to data is fundamental to developing fintech solutions like blockchain technology, in a white paper, reports Reuters.
(+) Investment Recommendations: March 23rd
Bitcoin, Daily Chart
The long-term picture is still clearly positive for the most popular cryptocurrency, despite the recent volatile correction. The major trend channel is still in play, with