In this article, we look over the 7 ways how to report a scam exchange.
So you have been scammed by a shady exchange. This is nothing new in the cryptocurrency field, and many of us have been there. Precedents like BiteBTC.com, Coinsmarkets.com, Bitconnect, Bitpetite and many more have “exit-scammed” and stole their users' funds. Although previous practice shows that there is not much you can do about this situation, we stress it's not all that black and white.
We contacted many lawyers and people who are connected with law and finance. They all say that you should better forget about your money/investment which you lost because there is literally nothing you can do. The main reason being that these companies have a hidden true beneficiary and they choose specific countries where to register. Mostly those are countries with high-risk jurisdictions which aren't cooperating with international organizations. In addition, it is relatively easy to become a licensed registered agent within these countries. The competition has grown fierce, costs have gone down, and it’s easy to start a reselling business and still offer attractive pricing while raking in a nice margin.
You can check the list of some of these countries and our advice on how to report scammy exchanges in the links provided in our recent article:
https://bestcoininvestments.com/7-ways-how-to-report-a-scam-exchange/Best of luck, and always research the exchange you are willing to do business with! After all, it's your hard earned money!