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Clients of British Crypto Trading Company GPay Reported a Loss of £1.5 Million

GPay Ltd, a company specialized in cryptocurrency trading, will be liquidated in the public interest in accordance with a court decision of June 23. This is stated in a statement by the UK Insolvency Department.

GPay provided online cryptocurrency trading services with the support of “experienced traders and innovative tools,” which was supposed to allow a wide range of individuals in the UK and abroad to invest in this asset class.

After receiving a few complaints, the authorities decided to check GPay for possible violations and found at least 108 clients who reported a loss of assets of £1.5 million when using the company’s platform. In some cases, losses occurred even for those who purchased special insurance designed to protect against such cases.

When trying to withdraw funds, the client received a request for the provision of supporting documents. GPay also refused to withdraw based on the fact that the client did not make a sufficient deposit turnover.

The court found that in its commercial activity, GPay did not adhere to the principles of integrity, nor did it hand in mandatory reporting and left the official registration address.

“GPay persuaded customers to part with substantial sums of money to invest in cryptocurrency trading. This was nothing but a scam as GPay tricked their clients to use their online platform under false pretences and no customer has benefited as their investments have been lost,” said David Hill, a Chief Investigator for the Insolvency Service.

Author: Marko Vidrih

Featured image credit: Unsplash

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.