In the year 2020 there are many exchanges to trade cryptocurrencies. But not all exchanges are trustworthy . Unfortunately, this is often only recognized too late by investors, and the chance of getting back their capital is marginal. The data provider Coinmarketcap recently warned of an exchange that is listed on many websites but does not have a license to manage money.
Exchange does not have a license to manage the funds.
United Bull Traders is a stock exchange based in Estonia. The in-house token, called UNB, can be found on all major data providers such as Coinmarketcap and Coingecko. Coinmarketcap, acquired by Binance a few weeks ago, issued a warning yesterday Saturday not to use United Bull Traders.
As the Estonian financial regulator announced on its website at the end of April, United Bull Traders does not have a fund manager license. In addition, the activities of the exchange were not registered with the financial inspection. The company therefore has no right to manage the funds in an unknown amount.
Coinmarketcap warned investors in a tweet that the stock exchange does not have a license to manage the funds:
🚨 Alert Issued: The Estonian Financial Supervisory Authority has declared that United Bull Traders doesn't have the license to manage funds.
For more details, see: https://t.co/rtG5Pxinkj
- CoinMarketCap (@CoinMarketCap) May 2, 2017
Coinmarketcap implements hint
For those who are not on Twitter or who Message in other ways, Coinmarketcap has come up with an idea. If the cryptocurrency is searched for on their website, a warning message appears that says:
The financial inspectorate (the Estonian financial supervisory authority) has published a statement on Unitebulltraders OÜ (registration code 14870130)
This is to prevent future investors from depositing money on the exchange. The best idea would be to remove the token UNB and thus completely prevent the risk of a deposit.
Only buy bitcoins on tested and trustworthyexchanges
To make sure you only buy bitcoins on trustworthy exchanges, we have created an overview of the most trustworthy exchanges for you. All crypto exchanges have been personally tested by us, are easy to use and can be used without hesitation:
Markus from Kryptokumpel.de
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