Tag: Bitxtech

Estonian crypto payment processors are a problem for retail investors and consumers in the EU. Especially those who have received a license to operate crypto payment services from the relevant Estonian regulator FIU. Thus, they call themselves EU-regulated payment processors on the website pretending to be a serious business. Unfortunately, many of these licensed crypto payment providers are scam hard-core facilitators and/or are related to scam operators. Most recently, we identified CryptoPayIn at the Financial Resident broker scam as a payment provider.

With Financial Resident, our whistleblowers have uncovered another broker scam that is currently active. We did not find any legal entity claiming to be the scam operator in our quick initial research. This is also basically worthless information as these are typically front companies in offshore jurisdictions such as the British Virgin Islands, Marshall Islands, or St. Virgin & the Grenadines. On the other hand, we have discovered several payment processors such as iPayTotal, and some others. Investors should stay far away from the Financial Resident scam and report information.

BitxTech is a crypto payment processor and exchange operated by CryptoFactury OÜ, registered and licensed in Estonia. Israeli Or Bar, born in September 1987, is registered as the director. BitxTech has increasingly come to the attention of broker scams in recent months as a supporting payment processor. It is also interesting to note that BitxTech and XchangePro use the same application and identical onboarding processes. They appear to be clones or white label solutions.

The UK regulator FCA issued an investor warning against the Forex broker Scam FairBit (www.fairbit.com) on August 4, 2020. The scam is officially operated by Gama Solutions Ltd., registered in St. Vincent and the Grenadines. The scam lures with a super great Fair-Bit Trade engine that would generate large profits for the investors (victims). Besides the usual credit and debit cards, crypto payments are possible, which are processed via the Estonian crypto-payment processor Bitxtech.