Topic: SCAM: MinexPay crypto debit card by minexpay.com / Minexcoin - page 31. (Read 30728 times)

I have to agree.

Sometimes we do not appreciate the efforts that go in to the excellent investigative work that people such as thunderjet provide.

It is thanks to him that we have a great amount information on hand that is related to the Minexsystem/Minexpay/Minexcoin scam and the Republia scam. As a bonus we also have first hand evidence that Borys is in and out of court on charges of tax evasion and/or tax fraud charges.

Thank you thunderjet for your excellent investigative work.

These UAB KRISTOLINIS DUGNAS cards have so much intermediaries that there is no doubt that users will be charged with substantial fees and bad exchange rates.

In case of BTC conversion there are 3 intermediaries :  Upaycard - UAB KRISTOLINIS DUGNAS - Chain2pay, instead of one - Upaycard. Also due to illegal nature of Chain2pay using of UAB KD account on Upaycard,Iam sure that Boris will have to pay to the owner of the UAB KD fee far larger than if this is a legal business cooperation.

In case of MNX conversion there are 4 intermediaries: Upaycard standard fees - UAB KRISTOLINIS DUGNAS - EXMO - Chain2Pay


One more finding. Report from official Lithuanian company register shows how UAB KD company didnt report any revenue during last 12 months.Also UAB KD has no employees ,other than director Sarunas Badauskas. It means that Minexpay users of Upaycard were not presented as UAB KD employees in a legal way - reported to lithuanian authorities ,but completely illegal. UAB KD didnt give them false documents about place of residence in EEA zone, it just gave  Minexpay/Chain2pay its account on Upaycard. So,providing falsfied documents about place of residence for customers out of EEA( vast majority of Chain2pay users ), without them users will be not be able to get Upaycards,  was solely work of Minexpay/Chain2pay. No doubt, it needed a lot of Photoshop work,so that verification process lasted way longer than usual.

bump

But let us wait if the card get block soon or later

Iam trying to give people the best possible explanations.But there is one more thing people does not know and is important in Minex case.And not just in Minex case.

After Wavecrest ,Visa nad Mastercard significantly boosted theirs control systems.They are monitoring not just card transactions, but also where cards were used - in which country. They know who is card issuer and for what region/countries it has license. If they spot that majority of transactions were occured during 1-3 months time period in countries card issuer has no license they automatically put a red flag on such cards and card issuer block cards demanding more proofs from card holder that he/she is really resident of country he/she put during registration.

There are multiple cases where people trying to get crypto related card from some of branded issuers, falsified their true place of residence to obtain cards and were caught 1-3 months after it and got theirs account permanently frozen,because they didnt know that places of cards using are also monitored by card payment system.

What it means for Minex? Overwhelming majority of Minex(UAB KRISTOLINIS DUGNAS) cards are people from countries where there are no crypto related card issuer yet, out of EEA zone for which Upaycard has licnese. Minex had to falsify theirs true place of residence or they would not be eligible to get Upaycard.

I bet that Boris and his customers didnt know that Visa and Mastercard are monitoring not just transactions,but places of using too. After card activation, every transaction will be monitored and depends of using frequency, they will be blocked sooner or later and accounts permanently frozen if user is not really from EEA zone.

I even suggested Temhuk on previous, now locked thread, that Minex should try to get Unionpay license and provide truly worldwide cards like Paycent did instead using muddy illegal schemes but got no answer,because he probably has no any infulence/role about it in Minex.

thank you very much @thunderjet for all the information and explanations. your are really helpful to prove that MNX is just a joke and that they are acting in an illegal way.

Yes, Boris needs EXMO exchange for MNX selling. Minex web-wallet is useless in this story, one not needed intermediary.It is just a way to get more money from additional fees, not existing for others Upaycard holders.

Why is Minex web wallet useless - you have Upaycard,not Minex branded card. Boris is illegally using UAB KRISTOLINIS DUGNAS( UAB KD) account on Upaycard. Only way to fund cards is that Minex sell BTCs on Upaycard , change them for EUR ,then send them from its Upaycard account to customers sub-accounts linked to individual cards. This operation has to be done fast, so Boris needs to have BTCs reserve on Upaycard account of UAB KD. So,when you send BTC to Minex web wallet , Boris is selling BTCs from his reserve on Upaycard, funding your card with money and taking additional fees as artificial intermediary between you and Upaycard.

In fact Minex web wallet is here just to mimick payment service on exchanges - in fact all sells will be done on other places. For BTCs on Upaycard, for MNX on EXMO. Minex web wallet cant fund your Upaycard directly. To fund cards directly you need to be payment service with bank license or at least issuer of branded cards linked to licensed payment service. Minex is not payment service or card issuer and cant fund cards of another issuer directly ( that is one of major reasons why other issuers of crypto related cards worked so hard to get license from Mastercard or Visa to be branded issuers)  

Minex does not know number of bank account linked to Upaycards - only Upaycard knows that.And even if they know,Minex could send directly money to these account only through bankwire service, so customer will have to wait days for his card funding.

When we are talking about converting MNX for EUR,Boris cant use Upaycard to do that,because Upaycard does not offer selling MNX for fiat. He has to find a way around and because he cant funds cards directly he founded another intermediary - EXMO who offers selling MNX for fiat and withdrawal to cards, but you have to verife your card by sending selfie with it - that is why Boris wants selfie with card,because Upaycard does not requests it from theirs users. So Boris will open individual accounts on EXMO with your IDs,send them yours selfie with card to enable withdrawal option via card. Minex web wallet will just mimick exchange in this case like it is for BTCs,while all process will be done on EXMO.

As I said earlier ,Instabuy is useless in this case , because it works more like shop - it needs to wait for customer willing to change BTCs for MNX and no one wants to wait for hours or days for his card funding.

Lolz....nothing can be done,just hope it won't get ban

Can you believe it? After all that ICO scam, time-wasting, Novarise, CSOB and countless other lies what do we see?

Just a prepaid card from Upaycard. How pathetic.

I think you forgot how the service will work. Minex web wallet will act as exchange coverting crypto to fiat and these fiat sent to prepaid card issue by minexpay or whatever company. Current btc obtain through instabuy will be converted to fiat and deposited in chain2pay fiat account in a bank which act as buffer for this service, so it will be instant that way when you convert your mnx in minexpay web wallet to EUR,which is sent to your card and then spend.

These MNX spent in minexwallet go to instabuy wallet and will be placed on instabuy and sold for btc,then the btc sold in EUR due to high liquidity and the buffer will be kept constant and increase as demand increases

So boris doesn't need EXOM for the card to work

Yes the scammer fools have their own censored chat room when many posts have been deleted especially the ones that continue to expose Minex and Republia as scammers

Wrong. When dealing with cards he has to convert MNX to EUR and send money to card almost instantaneuosly and he cant do it through InstaBuy. InstaBuy is not real exchange with Buy/Sell orders where you can sell MNX whenever you wants - you have to wait on a buyer who knows how long and such approach is not usable for funding payment cards. That is why Boris use EXMO and demands from customers to make a selfie with a card. He is making individual accounts on EXMO without customers knowledge,use these accounts and has full control of them ,because EXMO is only exchange where you can sell MNX for EURO immediately and withdraw money to your card. But to make withdraw to the card,EXMO demands to send them selfie with yours card. 

After his illegal using third company account on Upaycard,such behaviour is not suprise any more.

He can sell the MNX through instabuy and convert the BTC to EUR very easy

You are right that Minexpay( Chain2pay) is unwanted middle man between Upaycard and the customers. Customers will not have access to theirs accounts on Upaycard,because everything is going over Minexpay,which put Boris in superior position to drain more money through his special fees and minimal required balance in MNX coins.

I dont know for what in future he can use customers IDs,but I know that for selling MNX coins and topping cards with EUR, he has to use EXMO exchange.There is no other way to do it. EXMO requires selfie with payment card if you want to withdraw money via card.

Boris cards are non-branded, he is using illegaly UAB KD account on Upaycard and that is why he cant open corporate account on EXMO , sell MNX for EUR and topping customers cards directly. He is using customer IDs  and selfies with payment card without theirs permission to open individual accounts(under his full control) on EXMO with enabled option of money withdrawal via cards.This is major violation of AML regulations and customers rights.

@thunderjet

I think something else is happening here.

Borys is probably not opening EXMO or other exchange accounts usng the KYC ID he received. I think he will be using those IDs for future fraud which might or might not be related to crypto.

About what he is doing now, it is a case of customer wanting Upaycard topped up and Minex is playing the middle man role.

Customers will not be able to login at Upaycard to view transactions because Borys wants them to stay bound to Minexpay. The ordered cards from Upaycard and kept the logins for themselves then took the cards out of the packaging and then sent them off to Minex customers.

All transcations would also appear on Upaycard website if customer could login but Borys is making there a case for Minexpay to exist (after getting no licence from VISA or Mastercard) and this was the only way he could do it.

Selfie with payment card is only needed on some exchanges as a owner verification measure for enabling deposit/withdrawal by using payment cards.

Why Boris is asking for selfies? - He can sell BTCs on Upaycard UAB KRISTOLINIS DUGNAS account and fund user card,but cant do it with MNX coins.If someone wants to fund card through selling MNX coins,Boris needs to change MNX for EUR first and he can do it only at EXMO exchange.

But there is a problem. His cards are non-branded and he is using other shell company to cover illegal doings.He cant open corporate account on EXMO, change directly users MNX and send EUR to theirs cards.


So, he is using provided documents and selfie with card to open accounts on EXMO for every user without theirs knowledge about it.Selfie with card is needed verification measure on EXMO if user wants to withdraw money on his/her card.

Unauthorizedly using customers data to open individual accounts on EXMO for enabling option to withdraw money directly on cards,Boris will cover his tracks in all this mess and if anything goes wrong all blame will be put on individual users.

List of Boris illegal doings gets bigger and bigger every day.

https://exmo.com/en/news_view?id=2120

Absolutely agree with you there. The ulterior motive for closing the thread was obvious as it was bringing scrutiny to the Minex scam. Makes no difference really because this active thread and the "official" locked thread have enough evidence to expose the scammers and their inner circle scammer alliance consisting of Temhuk and Racquemis1 along with paid trolls such as Jedgar, yurez83, akira128 and a few others

All mr.pacy.mf did was to say exactly the same thing scammer temhuk said to him - which was that some people visit him and cause him harm, more or less.

The scammer and their paid trolls ganged up together and reported the same posts to moderators.

Then why are they asking for selfies and why all that KYC?

What does Borys intend to do with all the ID and bank account numbers and signatures he has accumulated?