Scam detection and prevention

 

Fraudulent investments, in particular Ponzi schemes, are scams where people are promised massive returns on their investments. The criminal operators pay new investors’ money to earlier investors and in most cases they just disappear with all the funds.

XBit Asia does not allow paying into or otherwise supporting pyramid schemes, Ponzi schemes, matrix programs, "get rich quick" schemes, multi-level marketing programs or high-yield investment programs (HYIP). XBit Asia holds the right to suspend any accounts in contravention of our Terms and those suspected of facilitating any restricted transactions.

We have built various mechanisms and continuously improve them to detect suspicious transactions to protect our users. Whenever a transaction gets flagged by our system as going to a potentially fraudulent recipient, we will notify the sender that they might be dealing with a suspicious operator.

Users are encouraged to properly research and report any investment schemes that require deposit via bitcoin (and you are very likely to never see your deposit again). A non-exhaustive list of reported Bitcoin scams can be found here: http://www.badbitcoin.org/thebadlist/

XBit Asia is committed to the highest standards of security, compliance and consumer protection.

For more info see: Tips to Avoid Bitcoin Scams

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