In its prime, Bit4you was advertising the possibilities of buying, selling and staking cryptocurrencies in minutes and with ease. Established in 2018, it used the rise of crypto to start one the first Belgian crypto platforms covering all of Europe.
However, after the insolvency of CoinLoan, Bit4you ceased all of its operations. After the main partner went into bankruptcy, it appears that the exchange just couldn’t cope with such a devastating hit. Read the details about it in our Bit4you review.
Bit4you has first started offering crypto services in 2018. However, their activities weren’t immediately properly regulated by the Belgian financial watchdog. In 2022, the firm got a FSMA license for exchange services between virtual and fiat currencies and custody wallet services and this is their record in the FSMA database: https://www.fsma.be/en/party/bit4you. The firm is now marked as inactive and their license expired in May.
FSMA is explicit about not regulating the provision of exchange services between virtual currencies and legal currencies and of custody wallet services. Except in the domain of AML and terrorist financing. The page explaining that is here: https://www.fsma.be/en/news/regulatory-framework-applicable-vasps.
However FSMA has implied that Bit4you was in danger of losing their license even before the CoinLoan debacle, due to poor management. The Belgian crypto registration regime took place in May 2022, and Bit4you was risking losing their provisional license because of the mentioned irregularities found by FSMA. These events were already unfolding almost a year before the downfall of CoinLoan.
All in all, this shady crypto exchange was never really being fully honest, transparent or ethical in their conduct, and the experiences of customers confirm all our negative findings.
As a verified company, Bit4you is present on TrustPilot with a claimed profile. Their average rating doesn’t signify the firm to be particularly good at all. As a matter of fact, lately the reviews posted are explicitly negative:
“Lost access to my account since they deactivated the itsme plugin. Except for one or two emails from them no solution has been provided and I still do not have access to my account. This is not acceptable. You already have bad press due to your dodgy outsourcing methodes. At least have a proper customer service.”
“No Support! No response! Set up an account with Bit4You and tried to send funds to my cold wallet and all of a sudden after making me wait for days they cancel the withdraw without responding to the tickets I made or anything but just labeled as “Handled” so basically making me withdraw it back to my bank. Very weird and no one to speak with! Outrageous.”
Bit4you has had their recruitment process well thought-through. The customers were contacted and offered some attractive exchange conditions that didn’t include a fee for trading and exchanging crypto. Besides that, there also existed a Demo account, with the virtual fund of $100 000 for practice-investing.
Customers have repeatedly been reporting the withdrawal blockades and similar issues with Bit4you after they’ve ended their offers. However, the debt towards the clients still persists and it doesn’t look like the Belgian service robbed only the domestic traders. These countries were also heavily affected, primary market included:
To add to the Bit4you offer of software solutions, the platform has developed a dedicated mobile app. The firm did attempt to invest more into making the exchange market available for a broader audience. The web terminal with limited functionality wasn’t sufficient, so this has made the general Bit4you offer far more attractive.
The major part of being the Bit4you customer was the availability of various crypto coins to buy and sell. However the limited availability of pairs was the biggest downside to using this exchange. Crypto-fiat pairs were not an option at all and the digital currencies were the only ones available. Some of the examples were BTC, LTC, ETH, ETC, DOT, DOGE, ADA, EON, SOL, ZEC, XRP and others.
Bit4you doesn’t actively provide their services any longer. Therefore, when attempting to register a new account you will get the following error message: “new registrations or contact details changes are not authorized”. The server clearly doesn’t accept any more new users to join.
At this point, it isn’t possible to determine if there were any particular account types. The general information pertaining to features and options included isn’t available on the site anymore either.
Beginners starting their crypto journey with Bit4you had a unique option to test the platform for a limited time. The initial margin for risk-free investing was up to $100 000. This would help them better prepare for the challenges of the real-time market changes and the fickleness of the crypto environment.
One of the more attractive features at Bit4you was the absence of trading fees. You were able to buy and sell crypto currencies at face value, as the provider didn’t charge trading commissions. What the platform demanded to be paid for were all transactions. Deposit fees were set at 1.50% of the total value. Withdrawal fees for bank transfer were 2.5% and the Chargeback handling was charged with 100 EUR.
CoinLoan going bankrupt significantly affected all ongoing affairs at Bit4you. Worst ones pertaining to clients not being able to withdraw any of the investments or the profit made. What was the alarming sign of AML breach we dug out was that account funding was available through credit cards and bank transfers, yet withdrawals were only available through bank wire.
If you are also one of the victims of this debacle, please reach out for help as soon as possible. Our legal team can help you restore the locked amounts.
If our rich experience has taught us something, it’s that timely actions are always worth the shot. So if you find yourself unable to force a chargeback or request a withdrawal, you can contact us. The well-trained professionals we employ are extremely good at what they do.
Our diligence and rate of success has earned us a bad reputation among scammers. All you have to do is reach out and tell us the particularities of your situation and we’ll find a proper solution. Without even charging the first consultation!
Bit4you had a provisional license active until May 2023. Their license was valid for a year and compromised due to illegal activity detected by FSMA.
The only way to contact the platform support now is through an online form, which no one can guarantee you to get a response to.
This information is not available, but all the data points at potential withdrawal issues for many clients.
Getting money back from suspicious companies could be far easier if you contact our legal experts team.
The post Bit4you Review – How The Collapse Of CoinLoan Led This Exchange Astray appeared first on Global Fraud Protection.
