A British court has shut down the cryptocurrency platform, which tricked its customers with adverts stating that famous entrepreneurs were backing them. Customers lost £1.5 million on the platform.
The British firm, which is said to have lied about receiving support from high-profile entrepreneurs, had had a hard time after losing £1.5 million of Client Funding.
According to the official statement of the non-compliance board, GPay Ltd’s activities were terminated by the decision of the Supreme Court Assistant Judge.
The court also affirmed that gPay, as an online cryptocurrency trading platform, is supported by experienced traders and innovative tools, but this makes it easy for inexperienced traders to buy and sell.
The firm previously operated under the names XtraderFX and Cryptopoint. The company, which mainly targeted British citizens as its customer base, was doing its advertising through online channels and social media.
Perjury for trust
GPay was said to have tricked its customers with advertisements stating that famous entrepreneurs who appeared on one of the most watched television programs were supporting them and attracted them to the platform in this way.
Customers ‘ losses rise
Amid growing complaints about the company, the noncompliance Board conducted a preliminary investigation, and later, through inspectors ‘ checks, at least 108 customers lost about £1.5 million on the stock market.
Even though some users of the platform paid insurance for their losses, they were unable to recover the required portions of their money.
No permission to withdraw funds
Gpay also asked for unsolicited requirements such as bank or credit card copy, id photo, invoice, etc.when customers wanted to withdraw their funds, and suggested that funds should not be removed from the stock market without them being issued.
The court heard that the firm also failed to comply with the terms of commercial integrity and that no legal person was present at the company’s stated registered address and that the location had been abandoned.