Review – Debunking the Illegal Crypto Exchange Review – Debunking the Illegal Crypto Exchange

Regarding, a purported cryptocurrency trading platform, we have detected numerous red flags. The lack of transparent legal information, recycled content across multiple websites, and an alarmingly low safety score all raise concerns about this platform, strongly suggesting that it’s a hoax like Blackchain Solution

Crypto investors are advised to read our Review and get familiar with the risks of dealing with such anonymous platform providers. If you’re a victim of this scheme, we can help you recover your hard-earned funds!

Regulated by: Unregulated Crypto Exchange
Is This Company Safe? No, the platform is illicit
Known Websites: 
Have Warnings from: N/A
Registered in: Singapore (allegedly)
Operating since: 2023-10-08
Trading Platforms: Web
Maximum Leverage: N/A
Minimum Deposit: N/A
Deposit Bonus: N/A
Trading Assets: Cryptocurrencies
Free Demo Account: Unavailable
How to Withdraw from This Company? Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds.

Legal Info: Is Regulated? exchange was allegedly founded in Singapore, according to dubious legal documents. This is not true given the lack of evidence. Furthermore, the documents add that the agreement between the firm and the client is governed by Maltese laws. Again, there is no proof that the exchange is registered in that country.

Malta is part of the European Economic Area (EEA). Reputable jurisdictions such as the EEA are protected by stringent regulations, enforced by the European Securities and Markets Authority (ESMA).

ESMA issues MiFID passports to authorized entities, enabling them to conduct business across Europe and offer compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. You cannot count on regulatory aid if your provider is unlicensed, as the case is here.

Therefore, we recommend you trust firms that are licensed by esteemed financial market authorities such as the FCA (UK), ESMA, SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

Trader Reviews – Sharing Experiences

We searched popular forums such as Trustpilot for reviews and found absolutely nothing. The lack of feedback indicates that the website traffic is incredibly low, which is confirmed by an safety check. The exchange’s fraudulent website received an awful safety score of 5/100. Therefore, we urge you to stay away from this site and all its illicit content. 

Before making any deals, always check what users say about a certain provider to make sure you’re dealing with a transparent firm and not some fraudster. Articles such as our BlockFi analysis are perfect examples of good educational material. 

Who Are’s Targets?

According to, the website domain was created on October 8, 2023. For about four months now, the crypto black hat has mainly been targeting unsuspecting traders who reside in the following countries:

  • United States;
  • Sweden;
  • Ghana.

Countries such as the United States and Sweden have strict market authorities that enforce heavy regulations. One common rule stipulates that each market participant, whether it be an exchange or a broker, must obtain a license to operate. 

We have already stressed the fact that if you invest money in the crypto platform, you cannot count on help from the regulators or financial compensation.

Which Trading Platform Is Available?

The available trading platform is a relatively straightforward web terminal that features popular coins such as Bitcoin, Ethereum, Ripple, Solana, Litecoin, etc. Leverage trading is not available. While the platform ensures users have access to fundamental elements such as graphs and indicators, it lacks advanced tools, making it ineffective for long-term trading. 

We thus recommend avoiding unreliable platforms and sticking to licensed providers that support recognized third-party software like MetaTrader 4, MetaTrader 5, or cTrader. 

MT platforms offer an array of cutting-edge tools, including automated trading, live market reports, advanced charting capabilities, a user-friendly interface, and instant order execution.

Fee Structure

Bitccan imposes transaction fees on users based on their monthly turnover when buying or selling crypto assets. The commission structure is diversified according to the order type: Maker fees apply to setting new buy/sell offers, while Taker fees are for fulfilling existing offers from other users. 

Both maker/taker fees stand at 0.20% for regular users and a reduced rate of 0.14% for premium users. Additionally, users should be aware of withdrawal commissions and adhere to minimum withdrawal amounts, with the maximum withdrawal capped at the available account balance. 

The outlined fee structure seems decent but we cannot trust a recycled website run by a group of anonymous criminals that wants to steal your funds.

Suspicious Referral Program also features a referral system, an initiative common among major platforms aiming to expand their user base. Participants in the referral program are promised various rewards based on three categories. Category A referrals yield a 50% commission, Category B 10%, and Category C a 2.5% commission. Premium users can unlock these features, benefiting from unlimited referrals and earning commissions based on their referral categories.

However, it is essential to highlight that the described structure bears a resemblance to a Ponzi scheme, primarily centered around recruiting new members. Ponzi schemes typically rely on using funds from fresh investors to meet returns for existing ones. In such systems, the promise of lucrative rewards for bringing in new investors can lead to financial pitfalls.

Funding Options and Potential Refund

The payment process is unknown. All we know is that the exchange doesn’t accept bank transfers. From experience, we can assume the user account can be funded via credit/debit cards or crypto transfers.

The reason why scammers prefer crypto payments is that such transactions allow them to retain their anonymity and continue running their schemes. Reversing such transactions requires sophisticated tracing software like CipherTrace. Fortunately for you, our team is skilled at assisting people in the recovery process.

A MasterCard/VISA card transaction can be reversed via a chargeback. You can request a chargeback at your issuing bank within 540 days of the transaction. If you experience any withdrawal issues, please contact us. 

Key Information To Consider About

In conclusion, is a deceptive crypto platform designed to defraud honest traders and investors. The platform is not regulated or approved by any financial authority, making it dangerous. We do not recommend the exchange because it is nothing but a hoax backed by a bogus website with illicit content.

If you have fallen victim to the scam and cannot withdraw your funds, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and start the chargeback process.

FAQ Section

What is

A fraudulent website, with illicit content, claiming to be a legitimate crypto exchange founded in Singapore.

Is Legit?

No, the alleged exchange is not a legitimate crypto platform. It’s a hoax designed to defraud unwary investors.

What is CipherTrace?

CipherTrace is software that can trace crypto transactions and thus help victims of cyber fraud to get their money back.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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