Venus Exchange Review – Doomed Crypto Platform Plays The Blame Game
The first thing you will see when you visit the Venus Exchange website is a large footer, claiming that their parent company is ceasing operations. Apparently, this company won’t offer crypto exchange services anymore.
Could it be so because their virtual asset provider license expired? Or because scam companies used Steveyx OÜ as a payment facilitator with or without their knowledge? These and a lot more burning questions about this platform is what we discuss in this Venus Exchange review.
|Regulated by:||Unregulated Crypto Exchange|
|Is This Company Safe?||No, this company isn’t safe.|
|Have Warnings from:||N/A|
|Maximum Leverage:||Not available|
|Minimum Deposit:||Depends on crypto|
|Deposit Bonus:||Not available|
|Trading Assets:||Crypto (Bitcoin, Ethereum)|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||If you’re trying to withdraw cash but you can’t, please advise our support agents for help.|
Money Laundering Involvement
Venus Exchange is a crypto platform established by the Estonian company Steveyx OÜ (previously known as Steveyx UÜ) and AM Estonia Services Ltd. The platform was licensed in 2020 by the Financial Intelligence Unit of Estonia under the FVT000069 license number. However, the license has expired in April, 2023.
The exchange itself is now unlicensed, but has also stated that they do not provide crypto exchange services anymore. As FinTelegram has previously posted, Venus Exchange was involved with several scam entities that have used this platform as a payment facilitator. Some of them are Lincoln FX, Wealth Capital, AstonTrust, FirstCapital, Swiss Capital and many others.
Because of the unscrupulous ownership, their involvement in the fraudulent and money laundering activities, Venus Exchange hasn’t maintained a healthy reputation and cannot be considered safe.
Mechanism Behind The Fraud
This cryptocurrency exchange has been officially in business since 2020, but there are traces of their platform dating back to 2019.
The exchange mostly provides services in these nations:
- United States
Venus Exchange didn’t need publicity themselves, as their never-do-well partners did most of the heavy lifting for them.
Scam brokers like Exobit would have their victims perform FIAT against crypto transactions through Venus Exchange. In the process, the exchange takes their percentage through various fees, and keeps their hands clean.
Don’t wait for the Venus Exchange blame game to blow over, contact our legal experts today and start your chargeback before it’s too late!
Without Trading Fees
One of the features of decentralized exchange platforms is the fact that many of them do not charge trading fees. Venus exchange didn’t charge Taker and Maker fees.
Instead, the platform did charge network fees, which do have a tendency to vary from day to day, depending on the market fluctuation. In case of bank transfers, these amounted to 2% and 5.5% for credit card transfers.
No Info Left About Trading Features
Since the venus.exchange website is currently in the process of being closed down, it is not possible to create an account anymore. The company never advertised any trading features even before website functions got taken down one by one.
Important aspects like trading software, security protocols, account types or trading assets were all omitted. This is something typical for faux companies like Binatex.
Web Trading Interface
Third party sources suggest that the exchange process at Venus Exchange was done on a web-based platform. Although fairly easy to use with most necessary functions enabled, it didn’t have much to offer. Access to it is currently restricted, due to the company ending their exchange operations.
Only Two Different Coins
The majority of regulated and legitimate cryptocurrency exchanges today offer tens of thousands of different coins for exchange. This isn’t the case with Venus Exchange, however. On their site you may only exchange USD or EUR for crypto coins, and the selection isn’t what you’d call diverse.
These two coins are the only supported cryptos:
- Cryptocurrencies (Bitcoin, Ethereum)
One General Account
With no crypto-to-crypto transactions ever taking place, Venus Exchange didn’t need any account variation. Opening a Venus Exchange account meant purchasing the standard account type available for all users.
The fact that depositing was mandatory means that no risk-free trading was allowed. Upon a Venus Exchange login creation, you’d be taken to a user area where you could exchange, buy and manage your assets.
Client Zone Withdrawals
Venus Exchange doesn’t publish separate legal docs pertaining to the payout process. The entire procedure is conducted from the user panel, where you can enter only after registering an account.
Since that option is closed at the time being, we couldn’t examine how exactly this process was meant to work.
Limited Support Channels
The only way to get in touch with the Venus Exchange support is through filling an online form. Known to be slow, this isn’t exactly the most favorite communication method for most investors.
Acclaimed sites with a big user base usually offer online chat, callback, emails and phone contacts too. In this case, the platform owners do not seem like they’re overly interested or dedicated to helping their clients.
Get Your Money Back Today!
Just like we explained in this Venus Exchange review, even the licensed ones fall. This exchange was doomed from the start because of their unscrupulous owners and alignment with scam companies. Although the exchange was legit and active, things didn’t go well.
If your funds are still stuck with this platform, we can help you get them back! Our recovery experts will guide you through the recovery process and support you in restoring your investment. Contact us today via the online chat and book your free consultation. Not all is lost – we can aid you in establishing control over your lost capital.
What Is Venus Exchange?
Venus Exchange is an inactive crypto platform with expired license and involvement with fraud brokers.
Is Venus Exchange A Good Exchange?
No, this exchange was regulated but cooperated with scam firms and is therefore not good or safe.
How Does Venus Exchange Work?
The platform allowed clients to buy and exchange crypto. If you need to withdraw your funds from this platform, contact us for legal support in the process.