The website of Btyex exhibits a familiar design that has been used extensively in the past, featuring stock images that have been repeatedly recycled. While it may initially appear appealing, the crucial license information is conspicuously absent from the main page. To ascertain the company’s location of operation, one must delve into the depths of the Terms and Conditions.
For further insights into this fraudulent investment scheme, please continue reading our comprehensive Btyex review.
Deceptive Registration and Lack of Licensing
Despite considerable effort, we uncovered that Btyex asserts its registration in St. Vincent and the Grenadines. However, this claim is swiftly debunked as no mention of such a company is found in the FSA register.
Furthermore, the absence of any information about Btyex in the databases of prominent regulatory bodies such as the FCA, BaFIN, FINMA, New SRO, or CySEC raises serious concerns about the legitimacy of this operation. The situation worsens as we discover that the company is blacklisted by FSMA and CONSOB.
In the European Economic Area (EEA), financial regulators mandate the use of segregated bank accounts, negative balance protection, and compensation funds for licensed brokers. Leverage is capped at 1:30, and offering bonuses is prohibited. Clients who engage with unlicensed brokers like Btyex are left without these crucial safety measures. Moreover, illegal entities like Btyex and Wind Forex employ predatory tactics to abscond with their clients’ funds.
Geographic Targets of the Scam
The Btyex.co website was launched in 2023 and primarily targets residents of the following countries:
- Belgium
- Canada
- Portugal
- Netherlands
- Sweden
Btyex utilizes networks of review sellers to artificially boost their online reputation. Subsequently, boiler room agents play their part by incessantly pressuring their targets over the phone, relentlessly soliciting funds.
These agents demand increasingly substantial sums, tempting clients with incredible deals. However, when clients attempt to withdraw their funds, the company resorts to locking their accounts, blocking communication, and moving on to the next victim.
Fabricated Reviews Enhance the Illusion
Visiting TrustPilot might lead you to believe that Btyex enjoys a reputable standing. This facade is meticulously crafted by the review seller networks mentioned earlier.
To unveil the genuine sentiment of dissatisfied clients, one must sift through the 1-star ratings, where a chorus of complaints about Btyex’s refusal to process withdrawals becomes evident.
If you’ve fallen victim to the Btyex scam and have made deposits, it is crucial to reach out to our legal professionals through live chat. We are available 24/7, and our initial consultation is free of charge.
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