In the field of cryptocurrency trading, innovative platforms are constantly emerging, promising cutting-edge technology and profitable trading opportunities. Among these is Yuan Pay Group, a platform that advertises itself as China’s leading sales and exchange management provider for digital assets.
However, beneath the glossy veneer of advanced trading tools and hands-free experiences lies a troubling reality. Once explored, it begs the question, is Yuan Pay Group a legitimate service, or is it a dangerous deception that potential traders should avoid?
A Closer Look at Yuan Pay Group
Supposedly founded by the fictitious Li Fang, Yuan Pay Group advertises itself as a brokerage dealing in an exclusive cryptocurrency called the E-Yuan. It also claims to be the largest sales and exchange management provider in China and that the E-Yuan is backed by the Chinese Central Bank.
How the Yuan Pay Group Scam Works
Despite its misleading claims, Yuan Pay Group has nothing to do with legitimate algorithm trading or cryptocurrency exchange. Upon clicking on any of the supposedly ‘official’ Yuan Pay websites, the focus is on driving registrations and app downloads.
Users are required to make a deposit via various payment methods, only to have this money pocketed by an unlicensed offshore CFD broker. Even more concerning, the money remains trapped in users’ virtual wallets, and all withdrawal attempts prove unsuccessful.
Evidence Yuan Pay Group Is a Scam
The Yuan Pay Group is known for lacking regulatory licenses, which are crucial for legal operation. Moreover, it has previously failed to obtain key certifications and has failed a PCI compliance test that examines vital information security management aspects.
Furthermore, the presence of multiple websites claiming to be Yuan Pay Group’s official site points to affiliate networks competing for exposure and victims. This alone raises a significant red flag and has been a problem for years.
Trustpilot and Reddit, where people often go to share personal experiences with companies, reveal numerous negative comments and warnings, while positive reviews appear dubious. An unusual absence of testimonials on Yuan Pay Group’s websites adds to the suspicion.
Perhaps the most telling is Yuan Pay Group’s abysmal Trustpilot score, though. It currently sits at 1.3 after well over 100 ratings, reflecting the overwhelming dissatisfaction and mistrust from those who have interacted with the platform.
Additionally, fake news articles and images have been used to fabricate celebrity endorsements, and Yuan Pay Group has been involved in sending junk emails filled with affiliate links.
For many people affected by the scam, efforts to contact customer service have proved futile, and attempts to withdraw money are relentlessly blocked, adding to the mounting evidence of the platform’s fraudulent nature.
Next Steps for Victims of the Yuan Pay Group Scam
For those targeted or who have fallen victim to the scam, it’s important to take immediate action. The first step is to stop investing, giving them no more money. Then, you should report the fraud via the appropriate authorities before submitting an investment fraud inquiry to an asset recovery organization to explore options.
A Cautionary Tale
The evidence overwhelmingly points to Yuan Pay Group’s operations as a deception rather than a legitimate trading platform. While it may pose as a pioneering platform in the crypto space, the evidence suggests otherwise.
From unverified claims and blocked funds to aggressive calling and user testimonies, the red flags surrounding the company are numerous and conspicuous.
In a world where financial scams are ever-present, knowledge and caution are our most powerful allies. Stay informed, stay skeptical, and always prioritize safety and integrity when navigating the world of online trading.
Originally published on Block Telegraph.