Belfrics Review: Numerous Branches With a Single Insidious Goal

Countless branches, a range of services, and several warnings, as well. This firm will, at the same time, impress and confuse you. What we certainly don’t recommend is doing any kind of business with them. 

Read more about how this firm got into regulatory scrutiny and what you can do to recover stolen assets.

 People Operating the Site

It may seem like the Belfrics blockchain services provider is transparent about their history and ownership. However, don’t be deceived. While several important people like the CEO and other founders are mentioned, there are no links to their social networks. 

We simply couldn’t run these people through any database and were forced to learn about them from other sources. Praveen Kumar is introduced as the company’s leader, but this person is extremely little known online besides for his X account that’s been inactive for more than 2 years. We also found Maya Kumar on Crunchbase as the company’s co-founder, but nothing about this individual is known.

Warnings From Authorities

Allegedly incorporated in Malaysia in 2014, you’d expect the Belfrics Malaysia branch to be fully licensed and legit. However, that is not the case. 

Not only that this platform hasn’t obtained a license, but the leading regulatory body in that country has also blacklisted them. MAS has included this business on its list of unapproved digital asset service providers.

LFSA (Labuan) has restricted Belfrics International Limited’s activities as a money broker because it is not compliant with regulatory standards and/or lacks minimum capital.

Business Targets

The business physically operates out of regulatory gray zones like India, Tanzania, Nigeria, and Kenya, but mostly targets investors from the following nations:

• Canada
• Netherlands
• United Kingdom
• Australia

Although the company claims to have existed since 2014, we see that its main domain, belfricsgroup.com, has only been operational since 2019. If you find yourself unable to cash in your profits on this crypto portal, please don’t hesitate to get in touch with our recovery experts.

Revealing Fraudulent Tactics

The fraudulent group that operates the Belfrics scam is divided into several branches, each having control over a separate domain. The predominant strategy of Southeast Asian con schemes is so-called Pig Butchering. It is a romance con, where a boiler room agent pretends to have romantic interest in the target.

Agents lurk on dating sites like Badoo or Tinder and look for victims. If someone shows interest, the agents will start pitching a fake forex platform as a means to “ensure the financial future of the relationship.”

To make the platform seem popular, tricksters also run various social profiles. These include company accounts on Facebook, X, and LinkedIn, as well as those of numerous scam promoters.

Broken Platform Links

A proprietary trading app, which users are directed to download in order to invest and trade, is not currently available. Both links for the Android and iOS versions of the software are inactive, so clicking them leads to nowhere.

If you want to explore the web app, you will have to join the portal first. Alas, clicking that link leads to belfrics.io. This page is entirely in Indonesian and advertises betting and online lottery!

Overview of Trading Fees

To further the idea of legitimacy, the structure of Belfrics’ fees is outlined in a somewhat transparent fashion. Maker and Taker fees are 0.5% and 1% respectively. Deposits do not incur any fee but the withdrawals incur a fee of $5, albeit in the countervalue of the withdrawn cryptocurrency.

Unfortunately, without a demo account or access to an actual trading platform, it was impossible to verify any of these claims. Hidden or deceptive fee structures are a staple of other hoax platforms like Winton Investment.

Payouts Trigger Identity Theft

As a cryptocurrency exchange or an entity that mimics one, Belfrics’ withdrawal process is available through crypto transfers. Deposits and withdrawals are handled at intervals, with cutoff times listed on the site.

One of the things that this scheme has in common with other similar sites like Ordinals Wallet is the idea of verification levels. It is an intrusive process masked as a regular KYC procedure.

The platform imposes payment and payout limits on its clients. To withdraw money, clients must upload ever more intrusive information about their personal lives. This ultimately allows cybercriminals to steal the identities of high-paying clients more effectively.

Unreachable Customer Support

Client support isn’t what you’d call easily accessible. Although each of the company branches has its own help desk, all email messages end up in the same inbox.

This is more than strange, considering that the company claims to have numerous clients who speak different languages. In addition to this, there is an online form option that doesn’t function as a prompt support option.

The Belfrics reviews, although few in number, complain about the company stonewalling their clients. According to them, nobody answers the phone either, so you’re left on your own.

Got Defrauded? We Can Help With Recovery!

As experienced scam investigators, our article has answered the question of Belfrics’ legit status pretty thoroughly. The platform is a global danger, targeting rookie investors from around the world. Every website this fraudulent group operates serves only to steal from their clients.

Do not trust anything these cybercriminals tell you, as the company will never let you withdraw your funds. To get the stolen money back, you need to start a recovery procedure. Our experts can help, with whom you can book a free consultation at any time.

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