Allegedly Fraudulent Crypto Exchange Shut Down by UK High Court

Allegedly Fraudulent Crypto Exchange Shut Down by UK High Court

The UK Insolvency Service claimed that GPay is nothing but a “scam” after conducting confidential inquiries.

The UK High Court has appointed the Official Receiver as liquidator of the cryptocurrency trading platform, GPay Ltd.

According to an announcement published by the UK Insolvency Service on June 30, the crypto exchange showed signs of being “nothing but a scam”.

Fake statements abound

The firm, also known previously as XtraderFX and Cryptopoint, advertised its services online and through social media channels. The Insolvency Service claims that the ads falsely alleged the service was endorsed by entrepreneurs who appeared in an unnamed UK primetime TV show and a high-profile money saving website.

After complaints received by the local authorities, the Insolvency Service proceeded with confidential inquiries into GPay’s activities. These revealed that at least 108 clients claimed to have lost around £1.5 million ($1.84 million) while trading on the platform.

GPay allegedly a “scam”

David Hill, a chief investigator for the UK Insolvency Service, commented:

“GPay persuaded customers

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