• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

UK Regulators Shut Down Crypto Exchange Following £1.5m Scam

Samuel Wan by Samuel Wan
2 years ago
in Uncategorized
Reading Time: 3 mins read
Advertisement

GPay Limited, which traded as XtraderFX (formerly CryptoPoint) has been shut down by UK authorities following investigations into its practices.

The firm has been on the radar of the Financial Conduct Authority for over two years. But a High Court hearing, before Deputy Insolvency & Companies Court Judge Baister, finally forced it to close last week.

“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

Investigators discovered that at least 108 victims had lost £1.5 million in total, as a result of using the online crypto trading platform.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The URL address www.xtraderfx.com now leads to a secure connection failed screen.

scam crypto exchange XtraderFX

XtraderFX homepage. (Source: 55brokers.com)

Users became suspicious when asked to submit copies of their photo ID, a utility bill, and a debit/credit card, following a withdrawal request.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

While this is a standard industry practice, especially from reputable crypto exchanges with close ties to regulators, users usually deal with KYC and AML requirements on sign up.

David Hill, Chief Investigator for the Insolvency Service, said the crypto exchange operated by GPay was entirely a scam. With that, Hill stressed the importance of conducting suitable checks on any trading platform, especially when large sums of money are involved.

“We welcome the court’s decision to wind up GPay as it will protect anyone else becoming a victim. This scam should also serve as a warning to anyone who conducts trading online that they should carry out appropriate checks before they invest any money that the company is registered and regulated by the appropriate authorities.”

Scam Crypto Exchange Used Facebook to Bait Victims

The XtraderFX crypto trading platform had used social media adverts to lure rookie traders who were looking to get rich quick.

The adverts used by XtraderFX featured images and the name of Martin Lewis of moneysavingexpert.com – a consumer champion in the world of UK finance.

crypto scammers used images of Martin Lewis to lure victims

Source: moneysavingexpert.com

His TV show, The Martin Lewis Money Show, on ITV, occupies a prime time slot that offers money tips and consumer advice.

Lewis raised the issue with Facebook when he first became aware of the fraud back in 2018. But a lack of action on their part forced Lewis to launch court proceedings against the social media giant on the grounds of defamation.

Lewis claimed that over 1,000 scam adverts, featuring his image or name, had appeared on the social media platform, even after he had informed them of the problem.

The matter was settled by an agreement to withdraw legal action if Facebook donated £3 million to Citizens Advice as part of their initiative to deliver a new UK Scams Action project.

Facebook also agreed to launch a new UK specific scam reporting tool manned by a dedicated team.

With regard to XtraderFX’s forced insolvency, Lewis had mixed feelings about the ordeal. Nonetheless, he explained why he choose to sue Facebook, rather than XtraderFX directly.

“I don’t know whether to dance a jig that these despicable scum have been shut down, or cry that they managed to take so many people’s money. I’ve been fighting scam ads with my face on for four years now – sadly 1,000s have appeared. It’s always been tough to get at the actual scammers, which is why I sued Facebook to try and cut off their publicity.”

What’s more, similar to Hill’s advice, Lewis stated that scam adverts often appear on legit websites and even in broadsheet newspapers. With that, individuals need to be more skeptical.

Featured Image from Shutterstock
Tags: cryptocrypto scamfacebookUK regulators
Tweet123Share207ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

Polkadot

Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?

42 mins ago
UST

Nox Bitcoin To Refund UST At $1 To Their Customers

10 hours ago
Cardano

Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming

11 hours ago
bitcoin hammer reversal

Hammer Time: The Bullish Signal That Could Save Bitcoin

12 hours ago
Cosmos

Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

1 day ago
How Blockchain Technology Expands The Education Frontiers

How Blockchain Technology Expands The Education Frontiers

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List FidoMeta (FMC) on May 23, 2022

May 22, 2022

Are Mountanaz (MNAZ), Bancor (BNT) and Convex Finance (CVX) the Top DeFi Projects to Watch in 2022?

May 22, 2022

ApeCoin (APE) has a New Rival: The Burgeoning Saga of RoboApe Token (RBA)

May 22, 2022

The Changing Face Of DeFi: What Is The Future Of Fundraising?

May 22, 2022

3 CRYPTOCURRENCIES THAT WILL MAKE YOU A MILLIONAIRE: PACMAN FROG (PAC), POLYGON (MATIC), AND STELLAR (XLM)

May 22, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.