High Court shuts down cryptocurrency trading platform Gpay, a/k/a XtraderFX – FinanceFeeds

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The online cryptocurrency trading company, which falsely claimed support from high-profile entrepreneurs, has been wound-up after losing £1.5 million of clients’ funds.

Online cryptocurrency trading firm GPay Ltd was wound up in the public interest on June 23, 2020 in the High Court before Deputy Judge Baister. The Official Receiver has been appointed as liquidator of the company.
The online cryptocurrency trading company, which falsely claimed support from high-profile entrepreneurs, has been wound-up after losing £1.5 million of clients’ funds.
The company, which traded as XtraderFX and formerly as Cryptopoint, targeted people in the UK and abroad, advertising its services online and via social media channels. Customers were encouraged to use GPay’s online trading platform through advertisements that falsely claimed the service was supported or endorsed by entrepreneurs that starred in a prime-time TV show and a high-profile money saving website.
Following complaints, however, the Insolvency Service conducted confidential enquiries into GPay’s activities before investigators uncovered that at least 108 clients claimed they had lost in total just under £1.5 million while using the company’s online trading platform. In some cases, clients lost money despite paying insurance which was meant to retrospectively cover their losses.
If clients attempted to remove funds from their …

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