CBEX Review: Nameless Crypto Group Strikes Again

Greed and fraudulent intentions simply never sleep. Immediately after having their previous website taken down as a result of regulatory action, these criminals have hopped onto another one.

Read all about how we exposed this scheme in the following CBEX review.

Anonymous Domain

It is not entirely clear which company owns and operates the CBEX crypto portal. Since the website itself doesn’t disclose any relevant information about the business, we explored legal documents.

There’s only one place in these papers where it says that Belize has court jurisdiction. IFSC, the main regulatory body in that country, has published a paper warning potential investors that digital asset trading is still largely unregulated in many parts of the country. The public statement accentuates the risks that come from investing with service providers whose regulation can’t be verified. Furthermore, this company isn’t even listed as a regulated service provider in the database of licensees overseen by IFSC.

Regulatory Action Against Frauds

Apparently, this company doesn’t own just one domain or run only one fraudulent scheme. In April 2024, the Hong Kong regulatory authority, SFC, published a warning against the entire CBEX group and their cbexokl.com domain in particular. 

The alert was immediately reposted by IOSCO. This particular site is now inactive, which explains why cbex.cx was registered in June 2024 and right after the previous domain was shut down.

It appears that this crypto provider is notorious for its illicit activities, regardless of which domain is currently its main focus.

Incredible Number of Promoters

Fake firms like this one or TradeCenterFX can’t really put an ad in the newspaper to attract clients. So, they use various underhanded methods to gain traction. In this case, CBEX boiler room takes the second stage to the word of mouth.

The idea of an infallible AI trading platform has proliferated through fake CBEX reviews on platforms like TrustPilot, or fake promoters on Facebook, X, TikTok, Binance, and other social networks.

Reddit users have created several boards warning the public about this dangerous Ponzi scheme. Remember, although the schemers may allow some withdrawals, you will never get your entire investment back. For help with asset recovery, contact our legal team.

Areas of Activity

It doesn’t seem like the CBEX scam has any special affinity towards one area or country. What matters to these miscreants is to reach and deceive as many people as possible while obtaining profit in the process. 

According to the number of complaints, traders from the following countries have been targeted most:

• Japan
• Mexico
• United Kingdom
• France

Whether you reside in any of the aforementioned nations or not, it is high time to contact us and get help with fund recovery in case you’ve already deposited funds with these cons.

Restrictions on Signup

This portal also only allows newcomers with invitation codes to sign up, which is characteristic of a Ponzi scheme. Swindlers often impose this condition on the registration procedure to control who enters their platform. Since the scheme primarily defrauds clients based on affiliate scams and referral bonuses, it’s no wonder that only those with the special code are able to register.

Nothing is displayed on the site regarding particular account types, and no Demo is even mentioned.

Shady Platform Download

If you want to get a hold of the CBEX trading platform, you can’t do it the standard way and from the popular app stores like Google or Apple. As a matter of fact, the app is hosted on an anonymous third-party website and you are expected to trust a totally anonymous source. 

Naturally, this is something we would never recommend you do, especially if you don’t want the cons to get a chance to access your personal information and assets.

Zero Disclosure on Costs

One way to steal from clients is to charge abnormal sums for minor services. Landson Financial Holding is known for this, but it can’t be done if the client actually understands the billing structure.

For this reason, many of these fraudulent entities hide their trading prices. You won’t find any information about spreads, swaps, commissions, taker and maker fees, or anything else for that matter. The only thing mentioned in the Service Agreement document is a compensation fee. Apparently, if the client violates the agreement, they are instantly billed $2 million + additional expenses.

Concealed Withdrawal Terms

Not much is known about the monetary transactions on this terminal. Legal documents are vague and utterly uninformative. 

The only information available says that the company reserves the right to place a limit on daily payouts from time to time, whatever that means. Otherwise, transaction channels and supported methods, as well as fees and processing time are hidden.

Support Doesn’t Function

Online support is barely functional, and seems to have been hacked by a third party. This individual then proceeded to share the entire support chat history, including people’s personal ID cards and similar sensitive data.

Now, needless to say, this is not exactly something that you’d want to happen to you.

Stay Away From Shady Firms

This online crypto service is a Ponzi scheme in disguise. The people behind it will release a few payouts in order to keep the victims complacent, but otherwise all of the money is just stolen.

Do not allow these schemers to do as they like! Contact our legal experts today and start your recovery procedure. You may book a free consultation with our team at any time by using the live chat we’ve provided on our site.

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