Warning Investors digitalxvalue.co – Regarding falsely claiming association with registered Australian businesses or financial services licensees and their authorized representatives.
Introduction:
Cryptocurrencies are digital assets that can be used as a medium of exchange, a store of value, or a unit of account. They are powered by blockchain technology, which is a decentralized network of computers that records and verifies transactions. Cryptocurrencies have gained popularity in recent years due to their potential to offer fast, secure, and low-cost transactions, as well as their ability to provide financial inclusion and innovation.
However, not all cryptocurrency platforms are legitimate. Some of them are imposters that pretend to be authorized by reputable regulators, such as the ASIC, but in reality, they are operating illegally and fraudulently. One of these imposters is digitalxvalue.co, a website that claims to offer cryptocurrency trading services, but it is not licensed or registered by the ASIC. In fact, the ASIC has issued a warning against this entity and advised investors to steer clear of it.
Regulation and Compliance:
The ASIC is the Australian government agency that regulates and oversees the financial markets, including the cryptocurrency sector. The ASIC aims to protect investors and consumers from misconduct and fraud, as well as to promote fair and efficient markets. The ASIC requires cryptocurrency platforms to comply with certain rules and standards, such as:
– Registering with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which monitors and reports suspicious transactions and money laundering activities.
– Obtaining an Australian Financial Services Licence (AFSL), which authorizes them to provide financial services and products to Australian clients.
– Following the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), which requires them to implement policies and procedures to prevent and detect money laundering and terrorism financing.
– Adhering to the Corporations Act 2001 (Corporations Act), which imposes obligations on directors, officers, and employees of corporations, such as acting honestly, fairly, and in the best interests of clients.
Digitalxvalue.co does not comply with any of these rules and standards. It is not registered with AUSTRAC, it does not have an AFSL, it does not follow the AML/CTF Act, and it does not adhere to the Corporations Act. Therefore, it is operating illegally and exposing its clients to significant risks.
Customer Support:
One of the signs of a scam brokerage is the lack of customer support. Scam brokers often use fake or unresponsive contact details, such as email addresses, phone numbers, or chat boxes. They also avoid answering questions or providing information about their services, fees, or policies. They may even block or ignore their clients once they receive their money.
Digitalxvalue.co is no different. It provides only an email address as its contact detail, which is likely to be fake or unresponsive. It does not have a phone number or a chat box on its website. It also does not provide any information about its services, fees, or policies on its website. It only asks its clients to register and deposit money without explaining how they can trade, withdraw, or access their funds.
Customer Reviews:
Another sign of a scam brokerage is the negative or fake customer reviews. Scam brokers often receive complaints from their clients about their poor service quality, hidden fees, withdrawal issues, account manipulation, or outright theft. They may also create fake positive reviews to lure unsuspecting customers into their trap.
Digitalxvalue.co has received several negative reviews from its clients on various online platforms, such as Trustpilot, Forex Peace Army, and Scamwatch. Some of the common issues reported by its clients are:
– Unable to withdraw their money or access their accounts.
– Charged with excessive fees or commissions without prior notice.
– Pressured to deposit more money or upgrade their accounts.
– Harassed by aggressive sales agents or account managers.
– Lost all their money due to faulty trading software or market manipulation.
On the other hand, digitalxvalue.co does not have any genuine positive reviews from its clients. The few positive reviews that it has are likely to be fake or paid for by the scam brokers themselves.
How can crypto transactions be traced?
Some people may think that cryptocurrency transactions are anonymous and untraceable, but this is not entirely true. Cryptocurrency transactions are recorded on public ledgers called blockchains, which can be accessed by anyone who has an internet connection. Blockchains contain information such as the amount, date, time, sender address, and receiver address of each transaction. However, these addresses are not linked to any personal identity or information. They are only strings of alphanumeric characters that represent digital wallets.
Therefore, cryptocurrency transactions are pseudonymous, not anonymous. This means that they can be traced back to their owners if some clues or links connect the addresses to real identities or information. For example, some of the clues or links that can be used to trace crypto transactions are:
– The IP address of the device that initiated the transaction.
– The exchange or platform that facilitated the transaction.
– The KYC (Know Your Customer) or AML (Anti-Money Laundering) verification process that requires the user to provide personal information or documents.
– The social media or online activity of the user that revealed their identity or information.
– The cooperation of law enforcement agencies or regulators that have access to more data or tools.
Using these clues or links, investigators can track down the source and destination of crypto transactions, as well as the identity and information of the parties involved. This can help them to prevent and prosecute crimes such as money laundering, tax evasion, fraud, or terrorism financing.
Shielding Your Finances: Measures to Avoid Scam Brokerages
To avoid falling victim to scam brokerages like digitalxvalue.co, investors should take some measures to shield their finances and protect themselves from fraud. Some of these measures are:
– Do your research. Before choosing a cryptocurrency platform, do some background checks on its reputation, regulation, compliance, customer support, customer reviews, and security features. You can use online resources such as the ASIC website, Scamwatch website, Trustpilot website, or social media platforms to find reliable information and feedback about different platforms.
– Check the domain name. Scam brokers often use domain names that are similar to legitimate ones but with slight variations or misspellings. For example, digitalxvalue.co may try to imitate digitalvalue.co, which is a genuine platform. Therefore, you should always check the domain name carefully and look for any signs of inconsistency or error.
– Beware of unsolicited offers. Scam brokers often use cold calls, emails, texts, or social media messages to contact potential customers and offer them attractive deals or opportunities. They may also use fake testimonials, endorsements, or guarantees to persuade them to sign up or deposit money. You should always be wary of these unsolicited offers and never respond to them without verifying their authenticity and legitimacy.
– Use secure payment methods. Scam brokers often ask their customers to use unsecured or untraceable payment methods, such as wire transfers, gift cards, or cryptocurrencies. They may also refuse to accept credit cards or debit cards, which offer more protection and recourse for customers. You should always use secure and traceable payment methods when dealing with cryptocurrency platforms and avoid sending money to unknown or suspicious accounts.
– Report any suspicious activity. If you encounter any suspicious activity or behavior from a cryptocurrency platform, you should report it immediately to the relevant authorities, such as the ASIC, Scamwatch, AUSTRAC, or the police. You should also share your experience and warn others about the scam brokerage on online platforms such as Trustpilot, Forex Peace Army, or social media.
Conclusion:
Digitalxvalue.co is a scam brokerage that claims to offer cryptocurrency trading services, but it is not authorized by the ASIC. It is operating illegally and fraudulently and exposing its clients to significant risks. Investors should avoid this imposter entity and take measures to shield their finances from similar frauds. Cryptocurrencies are an exciting and innovative sector, but they also require caution and diligence from investors.
