bitcoinbank scam

Bitcoin-bank.io Scam and Operating Illegally

Bitcoin-bank.io (BTCB) is the newest crypto company that is being outted as a scam. The Financial and Consumer Services Commission (FCSC) have issued a warning to consumers to not get involved with the crypto bank.

Bitcoin Bank claims to be an online cryptocurrency bank that is built upon the Ethereum blockchain. The BTCB is their ERC-20 token that is not listed on any exchanges and does not have any use cases beyond the Bitcoin Bank platform. Yes, that’s right. Bitcoin Bank is ran on Ethereum and the BITCOIN Bank token is an Ethereum token.




Users are basically offered 2 different services when purchasing BTCB, which you would do directly on their platform with other cryptocurrencies.

bitcoinbank scam

The first service offered is to use BTCB as currency. Users purchase BTCB and will receive a Bitcoin Bank Visa Debit Card where they can make transactions as if it were a fiat card. BTCB will be converted into the currency you’d like to pay with and allow peer-to-peer transactions, as well as to businesses for paying bills.

bitcoinbank scam

Seems straight forward, except their VISA card is most likely fake and not VISA approved. VISA cut the majority of its ties with issuing cards for cryptocurrencies earlier in the year and have an extremely strict approval process.

The other service offered by Bitcoin Bank is their very sketchy lending service. This is starting to become a trending theme as the majority of scam companies in crypto that have gotten busted included lending platforms that were really Ponzi schemes.

btcb lending scam

One of the number one signs a company is running a scam is if they promise an exact amount of profit, which Bitcoin Bank does stating a daily growth of +0.000005 BTC per BTCB. Currently 1 BTCB is $0.001080. Bitcoin Bank’s website even goes as far as putting a running ticker that counts down the next price increase. This is crypto, wouldn’t it be so nice if we all knew how long, down to the exact second, until our favorite coins will increase in value?

bitcoinbank btcb scam

There’s even pop-up notifications that occur in real-time showing when a user (fake) bought BTCB, for what currency, and for how much.

btcb scam
btcb scam

There is no way a start-up, let alone legit long term companies can guarantee a price or profit and advertise that you will receive that amount if you invest with out being fraudulent. Most legitimate companies that take investments will include a disclaimer that returns are not guaranteed in order to cover themselves from lawsuits.




Once you purchase BTCB and decide to enter your holdings into the lending program, Bitcoin Bank claims they’ll use their advanced, intelligent trading software to trade your funds in different markets with very minimal risk so returns are guaranteed.

Bitcoin Bank also follows the direction of real crypto projects by boasting the amount of partnerships they’ve had. Wow, Nasdaq? HSBC? CitiBank? Pretty damn impressive for a company that supposedly held their ICO only a month ago.

btcb bitcoinbank scam partners

There really isn’t any more to look at to conclude that Bitcoin-Bank.io is a scam. The New Brunswick FCSC have already investigated and issued a warning to potential investors.The warning states Bitcoin Bank is not properly registered or licensed to act as a bank. Their investigations also found the advertised address of the company in California had no traces of Bitcoin Bank operating there. In addition, investigations revealed that many of the images and profiles of the Bitcoin Bank team members were copied from other websites with fake names attached.

Becoming an informed investor is the best way to protect your money. Informed investors don’t leave it to chance. They understand the risks and costs involved with each of their investments.

Anybody who has been approached or targeted to invest in Bitcoin-bank.io is asked to contact the commission toll-free at 1-866-933-2222, or through its website at fcnb.ca.