Introduction
Flipcoin offered the opportunity for investors to make money through liquidity farming. It was presented as a new and sophisticated platform that offered very high returns with little to no risk exposure. However, Flipcoin’s claims fell apart very quickly as users began to experience blocked withdrawals, inaccessible accounts, and in many cases, complete loss of their funds. This is a major warning signal for any potential investors.
FCA Blacklisting
The FCA identified Flipcoin as an unauthorized financial service in the UK. The regulatory warning seals the confirmation that Flipcoin is acting illegally and presents a risk to anyone who may consider investing through it.
Fraud and breach of contracts with investors
The victims of the Flipcoin scam were enticed by ads that stated returns on a large scale from a professionally crafted website. Once a deposit was made, however, the investors could not get any money back from their investment. The online promotions were used to promote the enticing platform with various unsavoury means- a scam which collapsed after an initial deposit. When it was time for the investors to withdraw their profits, they instead received silence, or excuses about some temporary disappointments to any technical difficulties.
Fake returns and losing money
The business model of Flipcoin was an unrealistic profit matrix, echoing the precedents of a scam. All the while making the investors believe they would grow their capital quickly, the investors received no real returns. By receiving no transparent view to inform how any returns were calculated or how the company actually used their capital, and eventually, zero capital.
Frequently Asked Questions
1. Is Flipcoin regulated?
No – at present, Flipcoin is not regulated, licensed, or otherwise authorized by any financial regulator.
2. Can I get my money back from Flipcoin?
Very small chance, but you should report fraud to the authorities, and consider using a company specializing in legal recovery.
3. What was the FCA warning about Flipcoin?
The FCA has whistled-blow Flipcoin because it provides financial services and/or products without regulation.
4. Why are high returns a warning sign?
Scammers will promise you ‘Guaranteed’ some mad returns should be ringing alarm bells.
Take Actions Today
Worried you’ve been misled by platforms like Flipcoin? Connect with LegalCertifi for expert guidance on recovering your funds and protecting your rights. Your action starts here.
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