Why is this scam

The Belgian financial regulator FSMA has identified new crypto trading and investment platforms that are worth avoiding. Among them another binary option platform 1st-cryptobank. This site is identified as illegal because it uses a ponzi system.

Registered at 71-75, Shelton Street, Covent Garden, LONDON, UNITED KINGDOM.

In the section Regulation and license we found this:

‘It is true that cryptocurrency is not yet regulated at the global level which can put off some traders. That’s why, to ensure transaction security, speed and independence, we decided to turn to the largest European banks to keep your funds.

The funds are pledged as collateral in these institutions. In exchange for all transactions, brokerage services are provided by the largest banks in Europe.’

What does it mean? It means that this platform is illegal.

Section PRESS showed us few experts, French speaking, so it is hard to understand why should some platform with address in London, England, take care only about eventual customers from French speaking area.

Let’s see the other signs.

And their ABOUT US page! ”We, founders of www.1st-cryptobank, are a group of former brokers in the currency market in London. Passionate about technology and we have brought together the best in the world of finance on an investment platform in virtual currency easy to use and ultra secure.”  Yes, we know that they are into Cryptocurrencies. But what exactly is their line of business? What products or services are they offering their members? These questions have no answer if they are scammers.

Who you are indeed? No names, no biographies, no photos. Nothing to describe what this site is all about or even the people who are behind this operation. Just unknown anonymous people in the shade. A Collegial monetary authority. Sic!

By way of illustration, we are providing this testimony of a consumer who invested on this platform, particularly detailed and telling.

The signs of confirmation

‘I then opened an account on their site in my name. Thereafter, I received several phone calls, always from this person who spoke French with a Parisian accent, vaunting the advantages of investing in cryptocurrency. He told me that his company employs almost 300 people and has been active since 2009 in providing advice on investing in cryptocurrencies…We agreed to transform the investment of 5000 euros into fractions of Bitcoin, and the following day I received an email from a certain Mr ZZZ from the financial service, confirming my investment. A few days later, Mr YYY phoned me to ask if I wished to keep the investment in Bitcoin or if I preferred to invest in a different currency. I agreed to convert my fraction of Bitcoin (0.389 BTC) into Ethereum, and the next day I saw a sum of 12.21 Ethereum on my online account, the price of which was then 426 euros. I recalculated the sums and noted that 500 euros went missing in the process of conversion. I mentioned this to him by email, and the next day I saw my account showed 13.25, that is, a bit more than what I was entitled to???…The last contact with Mr XXX dates from Thursday, 17 January. I first got a woman on the line who introduced herself, at my request, as his mother, and handed the phone to her son. He told me all sorts of nonsense, such as that Mr YYY can no longer be reached because he had an accident, but he nevertheless tried to get me to invest in a different currency. Since I naturally refused, he told me not to phone him any more, as he was “leaving on holiday for a week”, and he could not do anything for me.’

This is just one of numerous testimonies.

Recommendation Should you invest? We think that no one should deal with people with hidden identity.