Concerning. I thought FXChoice were a legit outfit. Real shame to read that.
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Short EURAUD,EURGBP.
things can change in a heartbeat, one second they reputable the next second they scamming
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A quick update. FxChoice responded. They have decided to allow me to withdraw money thru BTC. They also stated that this âWe kindly ask you to submit a withdrawal request for the whole sum in your account.
Thank you for your cooperationâ
Seems as though they want me to close out my account. This was not my intention, but seems as though this is their polite way of asking to close my account.
Is coinexx still the 3rd longest running/trusted recomended broker? My preferred order/understanding had always been FxChoice > Tradersway > Coinexx. Havenât kept up with some of the newer brokers/offerings
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Correct, just an out of the blue issue. They had allowed me BTC before and were not very willing to budge at first. Now they will allow me but want me to close the account.
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good to hear, close your account and move on, if you prefer coinexx you should go with them
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you know what the U.S. regulators are thinking
The two brothers behind the Africrypt crypto scam in South Africa have reportedly bought citizenship passports for Vanuatu. The pair are alleged to have pilfered $3.6 billion worth of cryptocurrency, one of the biggest thefts ever recorded in the industry.
Ameer and Raees Cajee founded Africrypt, and it eventually proved to be a Ponzi scheme, which led to the theft of $3.6 billion. Whatâs worse for the victims is that the countryâs financial regulator said that it cannot act upon the case, as cryptocurrencies were not regulated.
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Is theft regulated? Fraud?
Woman: Someone stole my purse!
Police: Sorry, Maam, purses arenât regulated.
Seems legit.
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good point, my small brain didnât look at it like that, i say most countries have fraud and theft as a law, you would think stealing someone crypto would fall under the law of theft
Government mulls crypto regulation
The whole Africrypt incident had a considerable effect on South Africa, for the sheer value of the scam and the impact on the investors. The platform was launched in 2019, promising investors that they would receive good returns on their investment. It appeared that the scam was quite pre-mediated, as one of the brothers asked investors not to report an alleged hack to the authorities.
The incident has spurred the government into taking more action related to the crypto market. 2020 also saw another major scam in the country, that one resulting in a theft of $1.2 billion. Such developments led to the Fintech Working Group calling for regulation.
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When I read about stories like this, I think about agenda and reasoning. In this case, two things come to mind:
- It is an excuse to bring about more legislation so that government can have more control.
- It is an excuse to restrict or prohibit access to crypto and/or to discourage people from using it.
In countries that are rampant with corruption, one might think that even certain elected officials were involved and profited from the scheme. Very little would surprise me.
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something not right, you got a $3.6 and a $1.2 billion dollar scam and the government say they canât take action because crypto not regulated, look like some goverment official might of took some money to look the other way or was part of the company some how. who knows
i got a Nigerian official whoâs trying to move 40mill out of Nigeria, i get to keep 10mill and send him back 30 milliion i just have to send him my banking details and a photo ID with $500 to start the process, you guys think i should do it 
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Reminds me of Paxful. That place is full of scammers that fit a similar description.
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when it comes to money there are scammers everywhere including my lovely country the U.S.A., have you ever watch american greed
I have not seen it.
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very good show, use to come on every week on cnbc
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Big fan of this show, its a digging reality one. We generally do not think of white collar crimes as some existing issue, but this is a gross reality. By the way, the Nigerian offer sounds great
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Iâd rather not go with brokers wo do not accept US clients anymore. The chances of things changing overnight with them are much higher, and I do not want my funds stuck up.
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Hey I just received this email from Turnkey Forex, like 10 mins back. I have a very small account with them. This is quite a new kind of offer. What do you guys think?
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Iâm trading today and it was a surprise. I noticed that no commission was being charged and thought it was an error. Its a pleasant surprise.
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Oh dearâŚthat sounds too good to be true! I cannot help but notice how they have explicitly written about Why/How they are giving this offer. I could not find any âstarsâ âTc & Csâ either. Quite interesting! Think I will have to go back to them and give it a shot!
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