Address

Precise Investors

Alternative Investments

UK High Court shuts down crypto exchange

UK High Court

The UK High Court has appointed the Official Receiver as liquidator of the cryptocurrency trading platform, GPay Ltd

The UK Insolvency Service has claimed that GPay is nothing but a “scam” after conducting confidential inquiries.

The UK High Court has appointed the Official Receiver as liquidator of the cryptocurrency trading platform, GPay Ltd.

According to an announcement published by the UK Insolvency Service on June 30, the crypto exchange showed signs of being “nothing but a scam”.

The firm, also known previously as XtraderFX and Cryptopoint, advertised its services online and through social media channels. The Insolvency Service claims that the ads falsely alleged the service was endorsed by entrepreneurs who appeared in an unnamed UK primetime TV show and a high-profile money saving website.

After complaints received by the local authorities, the Insolvency Service proceeded with confidential inquiries into GPay’s activities. These revealed that at least 108 clients claimed to have lost around £1.5 million ($1.84 million) while trading on the platform.

David Hill, a chief investigator for the UK Insolvency Service, commented: GPay persuaded customers to part with substantial sums of money to invest in cryptocurrency trading. This was nothing but a scam as GPay tricked their clients to use their online platform under false pretences and no customer has benefited as their investments have been lost.

The Court also received reports that clients were denied withdrawal requests if they had not actively traded their deposited funds within GPay.

GPay’s case concluded on June 23, 2020 with a petition presented by the Secretary of State for Business, Energy and Industrial Strategy, or BEIS.

Recently, the United Kingdom Advertising Standards Authority, or ASA, and the Internet Advertising Bureau, or IAB, launched a new system to detect and remove fraudulent online ads.

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

Important:

The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

15 − four =