Unscrupulous Bityard Project: Activity Analysis
Music played briefly until the Bityard project revealed its true nature. The cryptocurrency exchange rapidly lost trust by ceasing profit payments to its investors. Instead, they now focus their efforts on newcomers, capturing their minds with tales of quick millions and great success.
Fantasies about passive income, official referral marketing, and a successful company image, contradicting reviews from former investors who encountered the dishonest methods of “Bityard”, create a dangerous combination.
Insights on the “Bityard” Kinder: Licenses Overview
Let’s look at obvious facts. “Bityard” positions itself as a leading exchange with a presence in 150 countries (although there are not that many sovereign states). The domain bityard.com was registered only in October 2020. How did they manage to attract one hundred thousand clients in just a few months? Moreover, besides a few articles and fake reviews, almost nothing is known about the company itself.
Another alarming signal: the “Bityard” team carefully conceals their faces. Trustworthy cryptocurrency exchanges like Exmo, Bitfinex, or Poloniex do not hide their faces, as there is no need for them to do so.
The “Terms of Service” document clearly states that Bityard operates on behalf of the corporation Paya Lebar Square Singapore Bityard Blockchain Foundation LTD, holding three licenses.
Apparently, the Bityard scam is registered in Singapore and the US, but point 23.1 of the current agreement questions this information. All disputes between users and the exchange are resolved in accordance with the legislation of the offshore Seychelles Islands, where scammers and pyramids reside.
Regarding “Bityard” certificates, only the Accounting and Corporate Regulatory Authority of Singapore (ACRA) appears, but this body is a national controller of business structures, accountants, and corporate service providers. ACRA does not have the authority to license cryptocurrency exchanges.
Certificate number 201938576H, owned by BITYARD BLOCKCHAIN FOUNDATION LTD, describes the company’s activities related to information technology but does not indicate the cryptocurrency field and its operations.
The link to the MSB site, presented as the official USA regulator, is a deception. MSB is a body combating financial crimes that do not issue licenses and do not possess information about “Bityard.”
The Estonian structure BITYARD GLOBAL OÜ, belonging to the “Bityard” exchange, was registered in December 2019 with a nominal capital of 2500 euros, which does not correspond to the status of a prestigious company. Moreover, the company has not paid taxes since 2020 and has not provided transparent reporting.
Certificates FVR001377 and FRK00125 issued by BITYARD GLOBAL OÜ permit minor operations (cryptocurrency exchange and wallet provision) but not trading. The issuance of these documents was carried out by the Police and Border Guard Department, while the Estonian regulator has never recognized the activities of Bityard swindlers.
How can transparency be claimed when the contact information on the “Bityard” site is limited to an email address and a Telegram link? Where are the physical office addresses or registered phone numbers? According to reviews, contacting Bityard staff is impossible.
Bityard Trading Terms Analysis
“Bityard” entices clients with promises of zero spreads and copy trading, claiming that anyone who clicks buttons and withdraws money can earn. The Bityard scam survives on meager commissions. Reviews show that investors still believe in “freebies” and the altruism of the administration of such projects.
Scammers offer trading with leverage from 5x to 200x, citing promises of high returns. However, such a practice is pure madness. Cryptocurrency volatility is extremely high, and with such leverage, the user risks losing all invested funds at the slightest market fluctuation. On reliable exchanges, leverage usually has a ratio of 1:5.
Reviews of Bityard Fraudsters
It seems that the company has managed to gather an impressive audience of followers, but there is not a single positive review of “Bityard” online, but many negative ones. Traders complain about scammers ignoring requests to withdraw funds.
How Scammers Unravel Plans
Former investors claim that “Bityard” scammers do not pay out money, citing false documents and extremes outlined in the rules. After the investment ends, interest in the scam fades. They block the user’s account, and if the user protests, they report violation of the terms of the agreement and blame the user for the violations.
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Summary
Bityard is not a cryptocurrency exchange but an fraudulent organization attempting to deceive traders through manipulations and legislative loopholes. With “Bityard,” you won’t earn cryptocurrency, but only lose your peace of mind, so it is strongly recommended not to engage with them.
