Recently, Brokersview learned that a Japanese customer has been involved in a forex withdrawal scam operated by BTCUSDT Investment Limited.
Scammers Instruct Investor to Add More Deposit
According to the investor, the scammer constantly requested him to add more margin to make a bigger profit through a “VIP system”, which claimed that the more accumulated deposits he made, the greater reduction in transaction fees he would receive.
After the investor ended up selling his other financial assets to make the deposit, the scammers told him to pay income tax if he wanted to withdraw his funds.
Following that, he even borrowed money from his family but got no any response for his withdrawal request.
BTCUSDT Investment Claims to be Authorized by Regulators
BTCUSDT Investment says on its website that it is authorized by multiple regulators, including the UKs Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), the Swiss Financial Market Supervisory Authority (FINMA), the Labuan Financial Services (FSA) and so on.
However, we found that the forex broker is just registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and does not hold licenses from the above regulatory agencies.
Investors Should Exercise Extreme Caution to Unregulated Forex Brokers
The internet technology allows traders in foreign exchange market to enter into cross border market easily. Traders can benefit from this technology by increasing the effective size of their market and accessing to a highly competitive global market. However, this provides opportunities to scammers to conduct their fraud over the world.
Brokersview strongly advised investors to only deal with platforms that are authorised by the regulators to avoid scams. Before starting the transaction, please check company's regulatory status with the regulatory agency.
Leave a Reply