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.
Central Bank Digital Currency Brings Wider Access: Bank of Japan
A blockchain-based central bank digital currency issued to the public would allow wider and unrestricted access to payment and settlement systems, the deputy governor of the Bank of Japan said earlier
Levine on Wall Street: Bank Troubles and Oil Worries
JPMorgan had earnings.
It's a miss, $1.19 per share versus $1.31 estimates, with fixed-income revenue down in part because of the sale of the commodities unit, and in part because, you know, tradin
Levine on Wall Street: Capital Raises and Stress Tests
Deutsche Bank is raising some money.
Yesterday it announced that it's raising about 8 billion euros of common equity capital, mostly from an underwritten rights offering but also 1.75 billion euros
Cool Derivatives and Bank Consultants
I used to sell equity derivatives, and the way you sell equity derivatives is by telling scary stories about the future. Are you worried that the crisis in Ruritania will wreak havoc on your
Bitcoin's Creator Is Human. Get Over It.
Craig Wright, a compulsive degree collector from Australia, has officially laid claim to the name of Satoshi Nakamoto, the pseudonym used by the mysterious inventor of bitcoin. His motives are unclear
Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct
For all the regulatory crackdowns on Bitcoin in recent weeks, the cryptocurrency's advocates remain unfailingly optimistic. Bitcoin is the future, they tell us; it heralds a future where private, stat
Levine on Wall Street: The Political Dominance of the Cabal
has a hobby
You know who thinks that George H.W. Bush masterminded 9/11 and that the CIA shot John F. Kennedy and a bunch of other stuff? Tower Research's Mark Gort
Ritholtz's Reads: The Case Against Hedge Fund Managers
Welcome back to the monkey house. Cuba, Apple, Hedgies, Greece all get featured in our Monday morning train reads:
What are you reading?
Billions Poured Into Currency-Hedged ETFs to Offset Stro