Canadian BCSC Issued Warning Against Red Listed Crypto Exchange P2B!

P2B crypto exchange downgraded to red compliance
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The crypto exchange P2B, which is operated by a company in Lithuania, was placed on the Red Compliance List by FinTelegram a few weeks ago due to identified compliance violations. Among other things, P2B allows the listing and trading of crypto tokens that clearly qualify as security tokens according to the applicable criteria. Recently, the Canadian regulator BCSC in British Columbia issued a warning against P2B.

Key takeaways

  • P2B is a crypto exchange evidently controlled by Ukrainian people via offices in Ukraine and Spain
  • The crypto exchange does not provide required information on its website;
  • We have downgraded this P2B from Orange to Red Compliance due to regulatory issues
  • The Canadian financial regulator BCSC issued a warning against P2B for operating without regulatory permission.

P2B Crypto Exchange Key Data

Trading namesP2B
P2B Crypto Exchange
Business activityCrypto exchange
Social mediaLinkedIn
Legal entitiesPARTIDA UAB
JurisdictionsLithuania, Estonia,
Hong Kong, St. Vincent & The Grenadines
Ukraine, Spain
AuthorizationRegistered crypto business in Lithuania
Until Jan 2021 in Estonia
Related individualsValerii Solodovnyk (LinkedIn)
Payment processorsAdvcash, Payeer,
MoonPay, Simplex
Trustpilot 3.1-stars with an Average trust level
Compliance ratingRed

The P2B Compliance Check

A Similarweb analysis shows that almost 4.7 million people visited the P2B website in the last 28 days before Feb 16, 2024. The website or the Terms do not refer to Partida UAB and the registration in Lithuania. There are various operators, such as Smart Digital Solutions Limited, Digital One Software Limited or Finpeaks LLC in St. Vincent & The Grenadines. But no Partida. That is a red flag.

Crypto exchange P2B operated by Partida UAB and Partide Services

Partida UAB d/b/a P2B is registered in Lithuania as a crypto service business and can, therefore, be active in other jurisdictions of the EU via passporting. In P2B terms, the competent jurisdiction is England and Wales, which seems strange because none of the operating companies is registered there.

In our compliance check on Jan 14, 2024, we were able to register with P2B without any issues. While we still found Advcash as a payment processor in our review in October 2023, it is no longer available in our new review from January 14, 2024. Apparently, P2B has parted ways with this Russian payment processor.

P2B has connected MoonPay and Simplex (by Nuvei) as partners for credit card payments. Also, with credit/debit cards, pre-KYC purchases of cryptocurrencies were possible up to $12,000 with MoonPay and $20,000 with Simplex. That is a red flag. Unlimited pre-KYC deposits would have been equally possible via cryptocurrencies. That’s another red flag.

The listing of security tokens such as REAL-TOK that have been issued without regulatory approval and are also classified by us as scams is another red flag.

We have downgraded P2B to Red Compliance because of its KYC issuances.

Share information

If you have any information about P2B, its network, and its facilitators, please share it through our whistleblower system, Whistle42.

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