The German regulator BaFin ordered Tillga Ltd, registered in the Commonwealth of Dominica, to immediately cease its unauthorized portfolio management activities on its crypto trading platform BitMax a/k/a BitMaxOnline (www.bitmaxonline.com). The regulator found that German customers can open trading accounts on the BitMax platform and use them for trading in cryptos. Employees of the platform make investment decisions for their customers on their own authority. The regulator warned against fund recovery fraud in the BitMax environment.
A crypto scam
Even at a second glance, BitMax looks unserious and like an obvious scam. The platform is available in English, Spanish, and German and is aimed at customers in these languages. BitMax calls itself a revolutionary crypto trading platform and is active with a number of domains and websites such as www.bitmaxtrade.org, www.bitmax.live, or www.bitmax-online.com. That doesn’t really inspire confidence, or does it? Stay far away.
Fund recovery fraud
According to information available to BaFin, BitMax customers are contacted by persons claiming to work on behalf of the UK Financial Conduct Authority (FCA). The customers are told that funds invested on the platform and initially lost have been recovered by the FCA. The caller claims to have been commissioned to pay out these amounts. It has been confirmed by the FCA that this information is false and that no such commissioning has taken place.
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