The UK Government has taken steps to shut down online cryptocurrency trading platform GPay Ltd, it previously traded as XtraderFX and formerly as Cryptopoint.
The company facilitated an online cryptocurrency trading platform encouraging customers to use GPay while falsely claiming that the service was supported or endorsed by entrepreneurs including one that starred in a prime-time TV show and another from a high-profile money saving website.
Investigators uncovered that at least 108 clients claimed they had lost just under £1.5 million in total while using the company’s online trading platform. In some cases, clients lost money despite paying insurance which was meant to retrospectively cover their losses.
Responding to the news, the secure trading platform Bittrex Global commented on the shutdown of GPay.
Tom Albright, CEO of Bittrex Global said: “The Bittrex digital asset ecosystem was founded on the belief that blockchain technology has the ability to change the world. The company was built by three security experts with 50 years of combined technology experience, with a focus on invention, and fostering an environment where others can succeed.
“Having custodied and supported the safe storage of more than $20bn across over 1,000 digital assets, the company has earned its reputation as an industry leading company through offering a secure, cryptocurrency custody experience. This in turn has attracted millions of active customers to its ecosystem through its best-in-class technology, which provides unparalleled levels of security, reliability and performance.
“As well as being the oldest digital asset ecosystem, Bittrex’s efforts to firmly prioritize the highest standards of security of digital asset trading platforms has meant the exchange platform has a world-class reputation within the sector.”
“We believe regulation is a necessary part of the evolution of the market into a mature asset class to support all types of customers. By adhering to the highest standards of trading and regulatory practices, we offer customers a secure and safe trading platform which are compliant with KYC, AML and CFT standards.”