Is BitGamo Exchange Regulated?
No, BitGamo operates without regulation, and its undisclosed location raises concerns. Through research, two regulatory warnings against the platform have been uncovered.
BitGamo lacks essential AML and KYC policies, enabling crypto transactions without user registration or document verification. The Luxembourgish Commission de Surveillance du Secteur Financier (CSSF) exposed the exchange’s fraudulent practices on November 10, prompting a reposting by the Spanish CNMV regulator five days later. Financial watchdogs caution against trusting BitGamo due to its anonymous nature and inadequate business policies.
Trader Reviews – Insights from User Experiences
What is the consensus among traders regarding BitGamo? As of now, the platform has garnered seven reviews on trustpilot.com, averaging a less-than-satisfactory score of 3.6/5. One user has gone so far as to label the exchange as a Ponzi scheme.
Negative feedback extends on scamadviser.com, where users openly share experiences of being defrauded and losing money to this anonymous platform. Discussions about BitGamo’s no KYC policy have also surfaced among cautious traders on Xifra Realtor Invest.
For a more detailed understanding of the potential risks associated with this exchange, it is advised to read firsthand accounts on forums where traders discuss how BitGamo could potentially scam and misappropriate funds.
BitGamo’s Target Audience
According to godaddy.com/whois, the bitgamo.com domain was registered on July 19, 2023. Since then, the crypto exchange has primarily catered to traders in the following countries:
- United Kingdom
- Spain
- Italy
- Germany
- Poland
With the exception of the UK, all these nations are EU members, subject to common ESMA regulations for digital assets. Notably, two European regulators have already blacklisted BitGamo, serving as a clear warning to potential traders.
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