Bitexfy professes to be a reputable and widely recognized cryptocurrency trading exchange. Yet, in our extensive examinations, we’ve encountered identical websites repeatedly.
This prompted us to delve into the platform’s legal foundation. Discover what our Bitexfy Review has uncovered and find guidance on the process of fund recovery.
Is Bitexfy Regulated?
According to their Terms and Conditions, Bitexfy is claimed to be operated by Bitexfy Financial Company, purportedly located in Malta and adhering to local laws and regulations.
We conducted a thorough check of the Maltese Financial Services Authority (MFSA) register, but no such entity was found. This implies that the platform operates in relative anonymity and lacks regulation, much like Prime Forexlyfe.
Being a member state of the EU, Malta adheres to common regulations and laws established by the European Securities and Markets Authority (ESMA). Without the requisite license, specifically the MiFID passport, Bitexfy lacks authorization to conduct business within the European continent.
Rather than risking your funds online, it is advisable to seek out a reputable firm regulated by respected financial market authorities such as the FCA (UK), ASIC (Australia), SEC (US), MAS (Singapore), CySEC (Cyprus), IIROC (Canada), and more.
Bitexfy’s Target Audience
According to data from eveninsight.com, the domain for bitexfy.com was registered on August 19, 2023. Over the past two months, this unregulated exchange has primarily focused its efforts on traders residing in the following countries:
- United States
- France
- Italy
- Romania
EvenInsight also indicates that the website’s server is based in Seychelles, suggesting that Bitexfy operates as an offshore platform, much like Elland Road Capital. It’s worth emphasizing that this exchange lacks the necessary licenses to operate within European or North American jurisdictions, as evident from its absence in the MFSA register.
Conclusion
In conclusion, Bitexfy presents itself as a cryptocurrency trading platform, but a closer examination reveals alarming concerns. The claimed regulation by Bitexfy Financial Company in Malta could not be verified through the Maltese Financial Services Authority, indicating a lack of regulation and transparency.
Bitexfy has been focusing its efforts on targeting traders in the United States, France, Italy, and Romania. Furthermore, the platform’s server location in Seychelles raises questions about its legitimacy, akin to offshore entities like Rich FX.
Investors should exercise extreme caution when dealing with Bitexfy, and consider opting for regulated and reputable firms with oversight from recognized financial authorities, such as the FCA (UK), ASIC (Australia), SEC (US), MAS (Singapore), CySEC (Cyprus), IIROC (Canada), and others to ensure their financial security.
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