The safety of our Users has always been a priority for us, therefore, in cooperation with the National Prosecutor’s Office, the Police Headquarters and FinCERT.pl – the Banking Cyber Security Center of the Polish Bank Association, we do everything we can to prevent fraud.
What should you know about cryptocurrency scams?
Remember that investing in cryptocurrencies is legal! Unfortunately, recently we observe more and more illegal activities aimed at deceiving victims by allegedly offering them help in investing. The time of the pandemic makes it easier for swindlers, who are often part of organized crime groups, to implement their plans by taking advantage of people’s fear and uncertain economic situation. The scale of fraud is increasing, individual transactions reach higher and higher amounts.
8 golden rules to protect yourself against this type of fraud:
- Before starting the investment, be sure to check that the institution or investment platform:
● has a license issued by the supervisory authority of one of the European Union countries,
● is based in an EU country.
BitBay is a fully regulated exchange, as the only exchange that allows the exchange of cryptocurrencies for fiat currencies, it has the Estonian “Providing a virtual currency service” license. Our headquarters are in Estonia, which is an EU member state.
Remember! If the entities are not regulated in an EU country, they do not have to provide reports in accordance with the requirements of anti-money laundering and terrorist financing (AML / CFT) regulations and are not subject to statutory provisions.
- Always read the terms and conditions. Your suspicions should be raised by very high commission amounts, a condition of continued investment, and an obligation to pay high membership fees.
Investing on BitBay is completely voluntary, none of the employees will persuade you to open an account. Maintaining an account is free and you do not incur any fees related to its creation or inactivity on it.
- Under no circumstances should you share your login details for investment platforms, electronic and mobile banking, or confidential details of your payment cards with anyone. Nobody from BitBay employees will contact you to obtain such information.
- Never install additional software on devices from which you log into online banking or other financial institutions. You will never be asked to do this by BitBay employees.
- Protect the confidentiality of your documents and image;
- Check, e.g. on the Internet, the credibility of an institution that offers the possibility of investing and making large profits in a short time;
- Be vigilant if there are any offers related to the transfer of funds from other people, so that you do not unknowingly take part in the crime;
- Remember that leveraged investments are always high risk. Information about high risk should be presented in a clear and understandable manner;
Remember, if you have doubts as to whether we contacted you, you can contact BitBay’s customer service. We will always help you and your application will never remain unanswered.
You can also contact your bank and if you suspect an attempted crime, you have the right to report the matter to the police. The main thing – always be vigilant. Do not be tempted by quick earnings in a short time.