Crypto Exchange Allegedly Claims $1.4B Trading Volume with Reportedly Fake License Data

An investigation has revealed that several cryptocurrency platforms claiming to have billions of dollars in daily trading volumes may have misled their customers regarding their possession of specific crypto licenses.

One such platform, Bitspay, which reports a daily trading volume of $1.4 billion, previously stated that it held a license in Estonia and was regulated under Estonian law. However, after inquiries were made regarding this claim, the company quickly removed the allegedly fraudulent license information from its site.

This situation raises serious concerns about transparency and trust within the cryptocurrency industry, particularly regarding the authenticity of licenses claimed by various exchanges.