Understanding the fraudulent company’s activities
To detect fraudulent broker activities, it is not necessary to risk your own funds and make mistakes based on your own experience. Often, it is sufficient to analyze reviews from real clients, study the terms of cooperation, and familiarize yourself with legal documents. Cryptonomics operates on the premise that hiding their dishonesty is very difficult, making their schemes obvious. In this review, we will uncover the criteria by which we identified the company as an untrustworthy player in the financial market.
Regulations and licensing
According to the legend, the broker Cryptonomics LLP belongs to the British company Cryptonomics LLP. The official website asserts that the organization complies with international requirements and holds a permit from the UK regulator FCA. Upon inspection, we discovered several interesting facts. Specifically, Cryptonomics LLP indeed exists after being incorporated in 2019. However, data from Companies House indicate that from its founding until September 2020, the company remained inactive and did not generate income.
Verification of the link provided by the broker for FCA accreditation revealed that the organization is no longer accredited by the FCA and is not authorized for regulated activities. This is translated as:
“This company no longer falls under FCA regulation and is not authorized to provide services.”
FCA explicitly warns that engaging with Cryptonomics becomes risky. The presence of a Russian-language version of the website and a Moscow telephone code indicate the scheme’s desire to work with traders from Russia without legal grounds to do so.
CryptoNomics: what’s inside?
Cryptonomics lures novices with promises of comprehensive support and education in its own Academy, offering courses for beginners and experienced traders, video materials, a glossary, and quality analysis.
The website includes a section describing account types, but we did not find specific information about them. To clarify details, you will have to contact the company’s representatives. Trading with Cryptonomics is genuine deception.
According to reviews, the broker’s range of services is just a ploy to persuade investments and to demonstrate that it’s better to entrust managing finances to their team without experience. Cryptonomics offers three types of accounts with initial capital starting from $10,000, $50,000, and $100,000, as well as:
- cloud mining,
- active investment in cryptocurrencies (Bitcoin, Ripple, Ethereum, Litecoin, etc.),
- algorithmic trading,
- bonds from Russian, Italian, and Turkish companies (until 2028).
User reviews about Cryptonomics
Users deceived by Cryptonomics express their disappointment in the company’s activities. Their reviews highlight money scams and warn the public about the company’s practices.
If you have experience interacting with Cryptonomics, please share it in the comments section of our review.
Deception methods in Cryptonomics
Thought-out legends and experienced psychologists on Cryptonomics’ team create the perfect environment to attract investments. They successfully lure clients into investments but refuse to pay profits and even return the initial deposit. Clients are often blamed for fraud or charged high fees to plunge them into debt. However, withdrawing funds in such situations becomes impossible.
Final verdict on Cryptonomics
Clearly, Cryptonomics is a fraudulent organization. The project is designed to carry out financial fraud and evade payments. The broker lacks a license, fails to provide proper cooperation conditions, and poses a danger to contacts, as it can lead to financial losses.
