Blockchain News

A false Crypto exchange being thrown down by UK High court

Google pay is being referred to as “scam” by UK Insolvency Service, after conducting private investigations.

Official receiver is being appointed by the High Court of UK in order to liquidate cryptocurrency trading platforms.

June 30, UK insolvency declared openly that crypto exchange indicate being “nothing but a scam”

Fake statements abound

Firm also referred to as CtraderFX and Cryptopoint, also advertised it’s services online and through social media channels. The insolvency service asserts about the ads and incorrectly alleged the service was authorised by entrepreneurs, who seemed as unnamed UK primetime TV show and great – profile money saving website.

As of ailments accepted by local councils, the insolvency began with private examinations over Gpay’s activities. These reflected for about 108 client’s asserted, and lost around  £1.5 million ($1.84 million) while trading.

Gpay as a “scam”

A chief operative, David Hill for the UK Insolvency Service, stated

“GPay persuaded customers to part with substantial sums of money to invest in cryptocurrency trading. This was nothing but a scam as GPay tricked their clients to use their online platform under false pretences and no customer has benefited as their investments have been lost.”

The court also received reports that clients were  refused a request if they had not actively traded their deposited stores of GPay.

June 23, case of Grey with a petition was presented by the Secretary of State for Business, Energy and Industrial Strategy,

Formerly, the UK Advertising Standards Authority and Internet Advertising Bureau, initiated a modern system to distinguish and eliminate fraudulent online ads.

According to the report of 2019 of Cointelegraph, the financial regulator of  the UK, insisted about crypto investors over $34 million due to cryptocurrency and forex scams between 2018- 2019.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.