Hello Alchemy Pay Team,
We understand that Alchemy Pay (website) is operated by Alchemy GPS Europe UAB in Lithuania, where the company is registered with the Financial Crimes Investigation Service of Lithuania as a Virtual Asset Service Provider.
We are aware that this registration does not mean Alchemy Pay is being supervised. However, the registration comes with the obligation to comply with the laws on the prevention of money laundering and terrorist financing and, thus, to comply with the relevant AML/KYC procedures.
The L7 DEX Crypto Debit Card
Read more about the L7 DEX MLM scheme here.
Alchemy Pay is the issuer of the Alchemy Pay Crypto Card. This card is also used by the crypto MLM scheme L7 DEX and issued to its members and any individual that signs up on the website www. L7Pay.finance. These are virtual debit cards from Visa and MasterCard that can be used by members without a KYC check.
On the various L7 DEX websites, no reference is made to the operators of the scheme. There is no imprint or terms and conditions. Only the website www.l7pay.finance contains Terms & Conditions, which only names Alchemy Pay as the card issuer.
The MLM review site BehindMLM labels L7 DEX a “staking” Ponzi scheme. In addition, L7 DEX is also the issuer of the L7 Token (LSD). All this without naming the operators or the responsible jurisdiction on the website.
L7 DEX Connections To Ponzi Schemes
There are justified suspicions that the L7 DEX scheme is a Ponzi scheme that may be linked to the Paraiba World and Trillant schemes. As reported by FinTelegram, numerous criminal charges have also been filed against these schemes and their operators. Public prosecutors in various jurisdictions are already investigating.
Read more about the Paraiba World scheme.
By using the Alchemy Pay Crypto Card in a crypto MLM scheme, Alchemy Pay appears to be in breach of its terms and conditions. On the website you can read the following when registering for a card:
According to bank regulations, the virtual card is prohibited from binding any payment financial products, cryptocurrency and other high-risk platforms.
Alchemy Pay Crypto Card disclaimer
Having said this, it is probably time for Alchemy Pay to release information on the operators of L7 DEX or to urge those responsible for L7 DEX to publish the relevant information on the website. Alchemy Pay has an obligation to do so in accordance with the applicable financial laws. Since we assume that Alchemy Pay as a registered crypto services provider has implemented a proper KYC procedure, you must know the operators and should also monitor their activities on an ongoing basis.
In the hope of an early response, we remain
with best regards
Team FinTelegram
Share Information
If you have any information about Alchemy Pay, L7 DEX, Paraiba World, Trillant or other crypto MLM schemes, please let us know via our whistleblowing system, Whistle42.
