BEWARE: BITSPAY.io EXCHANGE IS A SCAM

[JollyGood]

BEWARE OF bitspay.io EXCHANGE

SCAM PROJECT

Bitspay Exchange Announcement Thread: https://bitcointalk.org/index.php?topic=5231431.0
Forum Representative: bitspay.io (https://bitcointalk.org/index.php?action=profile;u=2777480)

So what happened in the bitspay announcement thread that was used to advertise their website? The answer is nothing much... that thread seems to have been started in a classic manner in which ANN threads should never be started. The announcement was slated in post after post for being such a non-news announcement.

Looking through the website at bitspay.io it seems nothing short of a website set up to eventually pull off an exit scam. It cannot be taken seriously:

Ridiculous: https://www.bitspay.io/Listing

Absolutely pathetic: https://www.bitspay.io/Legal_policy

Completely useless: https://www.bitspay.io/Terms_of_Use

Highly dubious: https://www.bitspay.io/About_Company


It states the following:

Fully-License Platform: BITSPAY Limited registered with the registration number FVR000796 , under the Laws of the Republic of Estonia. Licensed and regulated by the Financial Intelligence Unit under license number FVR000796 for providing services of exchanging a virtual currency against a fiat currency and FVR000796 for providing a virtual currency wallet service.

©2020 BitsPay.io. All Rights Reserved. | Tornimae St. 18, Tallinn, 10145, Estonia



Major Concerns:

- there is no evidence of Bitspay Limited ever being registered in Estonia
- there is no evidence of licence #FVR000796 ever being issued by Estonia e-licence authorities
- there is no evidence of any crypto exchange registered at: Tornimae St. 18, Tallinn, 10145, Estonia
- the legal policy looks like it written by a 5 year old
- the about page looks like a template from a run of the mill website
- the terms/conditions does not mention the company name/user contract (major legal flaw)
- generally looks like a completely unprofessional website running a modified template which may or may not be connected to coinsbit/p2pb2b template

Just one glance at the website give more than an impression of the whole thing being a shambles and a scam but I am calling it a possible scam for now and allowing their representative on this forum (https://bitcointalk.org/index.php?action=profile;u=2777480 bitspay.io) the opportunity to clarify all concerns within 48 hours otherwise I will probably remove the benefit of the doubt and call it a scam outright.

I am asking for them to provide the following as soon as possible:

- a link to show bitspay limited as a company registered in Estonia
- a link to show licence #FVR000796 issued to bitspay limited by Estonian regulators

Until this matter is clarified I advise all users to avoid bitspay.io otherwise you might run the risk of losing your funds.

Update 16th March 2020:

======================

======================


Update 25th March 2020: I have changed the title to "scam" because of the fake company name they listed as the owner as aell as all the red flags.

[1714117171]

1714117171

[Timelord2067]

...

Ridiculous: https://www.bitspay.io/Listing

Absolutely pathetic: https://www.bitspay.io/Legal_policy

Completely useless: https://www.bitspay.io/Terms_of_Use

Highly dubious: https://www.bitspay.io/About_Company

...

I feel you need to dial down the opinions when you are presenting the facts.  Instead simply say here are the links <example> and these are the conclusions I have drawn from reviewing those links. <your conclusions>

[JollyGood]

Thank you for your feedback and opinion, on this occasion I disagree with what you have to say but your point has been noted. Looking back, I think I should have elaborated further with something like this:

Ridiculous: https://www.bitspay.io/Listing
The listing page on the website is absolutely nonsensical. There is nothing professional about it. There are far too many faults with it but just looking at the first two General Obligations clauses: "Once of the application form was approved the developers are obliged to fulfill the following:

1. To publish Bitspay banner and Bitspay Exchange information on the same resources where the information about the coin/token is represented (Official site, Medium, Twitter & etc).
2. To ensure and maintain 30 BTC of minimal monthly trading volume."

The first clause is not defined within clearly laid out parameters (such as which banner, which size etc) and the second clause is not defining how it is achievable when all trading is to take place on their website after they receive a listing fee. Furthermore there is no guarantee any new coin or token listed will achieve even 1 BTC trading per month - there are no guarantees hence ridiculous.

As for the other three, I might add them later but regardless they cannot negate the bigger picture of the scam.

...

Ridiculous: https://www.bitspay.io/Listing

Absolutely pathetic: https://www.bitspay.io/Legal_policy

Completely useless: https://www.bitspay.io/Terms_of_Use

Highly dubious: https://www.bitspay.io/About_Company

...

I feel you need to dial down the opinions when you are presenting the facts.  Instead simply say here are the links <example> and these are the conclusions I have drawn from reviewing those links. <your conclusions>

[bL4nkcode]

Okay, just dopping it here

Plagiarised content from omgfin exchange

About us

Bitspay is the pioneer in building a trading system for digital assets focused on young investors and social network. By connecting with professional investors. Our goal is to bring together a community of traders who share experiences and help each other achieve their individual profit goals.

Archive - http://archive.is/sDpWI

About us

“OMGfin is the pioneer in building a trading system for digital assets focused on young investors and social network. By connecting with professional investors. Our goal is to bring together a community of traders who share experiences and help each other achieve their individual profit goals.”

Archive - http://archive.is/f7tOo

Most of the content even the media images in the about page of the two sites are the same where is omgfin was registered last 2018 while bitspay obviously just this year, while I didn't bother to check the other page since its obvious that this exchange is scam.

[JollyGood]

Here is their reply:

[JollyGood]

Something is not quite right about this whole Bitspay project. My initial concerns remain and the possibility of it being a scam are there.

They need to sort out their clauses especially in their terms and conditions which until they provide concrete contract details along with legal protections between the company that is registered in Estonia and the "user" they cannot be taken seriously.

[blurryeyed]

I see they changed their ANN - it's very informative now:

Happy Trading

That's it....lol

Total scam.

[JollyGood]

Extremely strange behaviour from so called bitspay team.

They claimed bitspay limited was registered with Estonian authorities but it is a lie. It was another company name. It looks very dodgy indeed, they removed their ANN thread information including contact details.

I see they changed their ANN - it's very informative now:

Happy Trading

That's it....lol

Total scam.

[locutus1975]

Agreed, it looks like they try to lure people with their prices just above the market price, so people think they can arbritage. Stay away from it.

[suzanne5223]

In addition to information and was said by the OP. The exchange in the subject is totally a scam exchange, i did some background check with license number FVR000796 provided by the team on Estonian government site where one can find the list of all licensed business under the Estonian government and i found out that the company that genuine own the license number was called Globe Assets OÜ (14684628) 

[JollyGood]

I think the plot thickens a little bit more because the globeassets.io website is not working. It is registered as the contact email address (admin@globeassets.io) for the company that was registered in Estonia under the name of: Globe Assets OÜ, Harjumaa, Tallinn linn, Peterburi tee 47, 11415

The WHOIS for the domain is: Foshan Limited

[Coinfan]

Besides the other red flags revealed by JollyGood on his OP, the fake licence #FVR000796 is a very clear warning to any potential customer.

IT seems another "intermittent" exchange, just looking to get some customers money and then desappear with it.

To reborn with the same software under another name and address a few days later and repeat the operation.

Every potential customer is clearly warned. Don't came later posting here that you were scammed and how unfair and unexpected this was.