Scam Alert: What You Need to Know About Bitcoin-bank.io
New Brunswick’s financial watchdog issued a warning to cryptocurrency enthusiasts regarding Bitcoin-bank.io, a website that claims to be a ‘cryptobank.’ The alert was released on Monday, March 5, after the Financial and Consumer Services Commission (FCNB) stumbled upon advertisements for the platform in a Canadian online classified website, leading to further investigation.
Registration? What Registration?
Upon digging into Bitcoin-bank.io, the FCNB discovered a troubling reality: the company is not registered for trading in the province of New Brunswick nor authorized to provide advice on securities or derivatives. This raises a red flag, especially for potential investors lured in by the promise of lucrative ‘cryptobanking’ services.
What’s in a Bitcoin-bank?
According to Bitcoin-bank.io, they offer “Cryptobanking at its Best,” including payment card solutions and cryptocurrency wallets. They even have their Initial Coin Offering (ICO) making headlines, boasting that a single BTCB coin starts at a minuscule 0.000975 Bitcoin (BTC). Sounds enticing, right? Well, hold on to your wallets.
Red Flags About the Platform
The website claims to cater specifically to newcomers in the cryptocurrency realm, stating:
“It is a perfect platform for those who wants [sic] to have a passive income on daily basis without having to learn the related crypto or trading skills or the time to watch the markets all day long.”
A recipe that seems too good to be true, and often, it is.
Death by Fake Employee Names
Adding insult to injury, the investigation revealed that Bitcoin-bank.io is affiliated with a slew of fake employee names. These names were paired with photographs apparently lifted from other websites—like a digital version of those crazy college parties where everyone shows up in the same outfit.
A Broader Context of Cryptocurrency Regulation
It’s noteworthy that just last month, Canadian regulators green-lighted the launch of the country’s first Blockchain-based Exchange Traded Fund (ETF), marking a leap into the future of finance. Meanwhile, earlier reports from the Bank of Canada in December 2017 speculated on the potential of a state-backed Blockchain-based digital currency. So while some strides are being made, others like Bitcoin-bank.io seem to be standing in the way of progress.
If you’re considering investing in cryptocurrencies, it’s essential to do your homework. Don’t let the allure of easy money cloud your judgement. Keep an eye out for regulatory warnings, and always check if a platform is legitimate before diving in!
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