Coinfield, a European crypto trading exchange, has raised concerns due to its murky past. Our investigation uncovered questionable practices and discrepancies surrounding the company’s legal status, prompting us to delve deeper into its operations in our comprehensive Coinfield Review.
In this review, we will provide insights into Coinfield’s range of products, fee structures, referral programs, and more. Our primary objective is to address the critical question of whether Coinfield can be trusted when it comes to safeguarding your funds and ensuring secure trading.
Is Coinfield Operating Legally?
The first critical aspect to address is the legal standing of Coinfield, a crypto exchange that has raised suspicions. It is crucial to determine where this company is headquartered and whether it operates under the regulation of a reputable financial market authority. According to the Coinfield exchange website, all operations are managed by a company called Manticore Labs Inc.
Reportedly, this entity has affiliations with both Estonia and the British Virgin Islands (BVI). However, our investigation failed to locate any mention of Manticore Labs Inc in the databases of Estonia’s FI and BVI’s FSC, indicating a lack of regulation for this company.
Adding to the concerns, on June 12, 2023, the Financial Services Commission of Mauritius (fscmauritius) issued a warning to local traders regarding Coinfield, asserting that this exchange is not authorized by the regulator to offer its services in that jurisdiction. Offshore domains often raise suspicions of fraudulent activities, but when an offshore regulator issues a warning against a provider, it is particularly alarming.
Perhaps most troubling of all is the fact that two Canadian financial market authorities, the Ontario Securities Commission (OSC) on June 9, 2023, and the Canadian Securities Administrators on June 13, issued warnings flagging CoinField as a fraudulent exchange.
Given these concerning developments, our sincere advice is to steer clear of offshore exchanges, especially those lacking regulation, such as Coinfield. Instead, consider opting for a reputable exchange that holds licenses from top-tier financial market authorities like the FCA (UK), SEC (US), MAS (Singapore), IIROC (Canada), and similar organizations with strong oversight.
Traders’ Feedback on Coinfield.com
Now that we’ve shed light on the exchange’s lack of regulation, it’s essential to consider the opinions of traders who have interacted with Coinfield. Our first point of reference is trustpilot.com, where we discovered a multitude of complaints against the company. As of the time of writing, Coinfield had garnered 132 reviews with an average rating of 1.6, indicating a poor performance. One user’s experience with Coinfield illustrates their concerns:
“I have spent the last few months trying to transfer crypto from Coinfield to my wallet. I even attempted to exchange for other crypto, but my assets remain stuck in limbo with no response. I also discovered they have assets in FLR tokens, but to my dismay, you have to convert to USDT. After completing the conversion, I started with $2,717 in assets, but when I received my FLR, it was worth only $63. Stay away from Coinfield; they are scamming people out of their hard-earned money.”
Trustpilot user, June 16, 2023.
These reviews suggest that Coinfield may have once operated as a functional and transparent exchange but has recently fallen into disrepute. Issues related to stuck funds and withdrawals appear to be common with this company. If you are experiencing similar problems, please don’t hesitate to reach out to us for assistance.
Digging into a Coinfield Reddit page, it becomes apparent that the exchange once claimed to be based in Canada, as evidenced by the presence of “Coinfield Canada” tags, along with associated warnings. While this information is from a thread that is four years old, it links Coinfield to another controversial and fraudulent exchange – Quadriga – further unveiling the company’s questionable history:
“Look back in this sub’s history for some of the shenanigans the CEO pulled. He routinely posted fake claims against Quadriga from an alt account, and they literally scraped Quadriga’s content and posted it as their own site. When I called him out, he deleted his posts. These guys are really sketchy. I would stay far away.”
Reddit user, January 16, 2019.
These testimonials highlight a pattern of mistrust and potential unethical practices associated with Coinfield, underscoring the need for caution when considering this exchange for your crypto transactions.
Identifying Coinfield’s Affected Parties
Coinfield’s website has been operational since January 4, 2016, and during this time, the company has made legal shifts from Canada to Estonia and the British Virgin Islands (BVI). Our investigation aimed to uncover the primary victims of this deceptive operation, and our findings point to individuals residing in the following countries:
- Canada
- United States
- United Kingdom
These countries are renowned for having stringent regulatory frameworks in the financial sector, leaving little room for unscrupulous entities like Coinfield. The fact that individuals in these highly regulated jurisdictions have fallen victim to this scam raises serious concerns about the exchange’s operations and underscores the need for heightened vigilance when engaging with such platforms.
Conclusion
In conclusion, our investigation into Coinfield, a European crypto exchange, has raised serious concerns about its legal status and reputation among traders. Coinfield’s lack of regulation in recognized jurisdictions, such as Estonia, the British Virgin Islands, and Canada, is troubling. Moreover, warnings issued by financial market authorities in multiple regions, including Mauritius and Canada, have cast a shadow of doubt over the legitimacy of this exchange.
The feedback from traders on platforms like Trustpilot and Reddit paints a grim picture of Coinfield’s recent operations, with reports of stuck funds, withdrawal issues, and perceived attempts to deceive users. The allegations of connections to past controversies, such as the Quadriga scandal, further add to the exchange’s questionable history.
Considering the substantial risks and the lack of regulatory oversight associated with Coinfield, we strongly advise potential investors and traders to exercise extreme caution and explore alternative exchanges with a proven track record of compliance and transparency. Opting for exchanges regulated by top-tier financial authorities is paramount to safeguarding your investments and ensuring a secure trading experience.
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