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The British High Court has reportedly closed a fraudulent cryptocurrency exchange

July 1, 2020

The United Kingdom’s High Court has made the Official Receiver the liquidator of the cryptocurrency trading platform GPay Ltd. appointed.

According to an announcement by the British bankruptcy service on June 30, eThe cryptocurrency exchange showed signs of being “nothing more than a scam”.

Plenty of false statements

The company, formerly known as XtraderFX and Cryptopoint, advertised its services online and on social media. The bankruptcy service claims that the advertisements incorrectly claimed that the service was supported by business people who appeared on a British prime-time television show without a name and on a high-profile, money-saving website.

The British High Court has reportedly closed a fraudulent cryptocurrency exchange
The British High Court has reportedly closed a fraudulent cryptocurrency exchange

After the local authorities received the complaints, The bankruptcy service conducted confidential investigations into GPay’s activities. As a result, at least 108 customers said they lost about GBP 1.5 million (USD 1.84 million) when trading on the platform.

GPay is said to be a “scam”

David Hill, Chief investigator of the UK bankruptcy servicehe commented:

“GPay convinced its customers to part with significant sums of money to invest in cryptocurrency trading. This was nothing more than a scam when GPay persuaded its customers to use its online platform under false pretexts and without customers has benefited since their investments were lost. “

The court also received allegations that customers were refused withdrawal requests if they had not actively traded their funds deposited with GPay.

The GPay case was closed on June 23, 2020 with a petition from the Foreign Minister for Corporate, Energy and Industrial Strategy or BEIS.

Recently, the UK Advertising Standards Authority, or HANDLE, and the Internet advertising agency, or IAB, You have introduced a new system to detect and remove fraudulent online advertising.

Cointelegraph also reported in 2019 that the main financial regulator United Kingdom, the Financial Conduct Authority, or FCA, He claimed that cryptocurrency investors in the country lost over $ 34 million between 2018 and 2019 due to crypto and currency fraud.

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