Fraudulent platform? Check. Unregulated business? Check. Fake registrations? Check! Add a regulatory warning as the icing on the cake and you have a cunning crypto scheme using common deceptive methods to scam unwary investors.
This exchange is not as clean as its website claims. We undertook to expose this group of cyber thieves in our B9.com Review. Please read our analysis to learn why you should avoid this platform and what you can do if you’ve been defrauded.
| Regulated by: | Unregulated Crypto Exchange |
| Is This Company Safe? | No, the platform is fraudulent |
| Known Websites: | b9.com |
| Have Warnings from: | Washington State DFI |
| Registered in: | Singapore (allegedly) |
| Operating since: | 2021-10-26 |
| Trading Platforms: | Web |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply contact us for professional assistance in recovering your funds. |
Legal Info: Is B9.com Regulated?
The B9.com crypto exchange was allegedly founded in Singapore, according to dubious legal documents. However, the agreement mentions a certain Coin 9 Technology Ltd. This entity is used as a red herring, the purpose of which is to mislead potential investors.
The suspicious firm is registered as a Money Service Business (MSB) in the United States and Canada. Although the registrations are true, they do not imply that the business is regulated or government-approved. In reality, the entity is fictitious and not legitimate.
The whole cunning operation was exposed by the Washington State Department of Financial Institutions (DFI) in June 2023, which we have covered in the following section.
Instead of trusting unlicensed fraudsters such as FirstCapital1, we recommend you trust firms that are regulated by esteemed financial market authorities such as the FCA (UK), ESMA, SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc.
DFI Warning Against B9.com
In June 2023, the Washington State DFI issued a warning against the B9.com exchange, suspecting that the crypto platform engaged in fraudulent activities.
The DFI received a complaint from an investor detailing a series of deceptive practices, including coerced investments, withdrawal issues, and the demand for substantial fees under the guise of security measures and taxes.
The complaint indicates red flags such as the lack of verification for the firm’s purported registrations with the Financial Crimes Enforcement Network (FinCEN) and the fictitious relationship between B9 and Binjiu International Exchange, which we already addressed.
The DFI cautioned domestic investors against the shady exchange, emphasizing the risks associated with platforms that guarantee high returns and claim to be risk-free. It seems the scheme employs fraudulent methods such as pig-butchering and advance fees.
Trader Reviews – Sharing Experiences
We searched popular forums such as Trustpilot for B9.com reviews and got no results. The lack of feedback indicates that the website traffic is pretty low. Therefore, we urge you to stay away from this site and all its illicit content.
Keep in mind that it is illegal for an exchange or brokerage firm to ask for an upfront fee before allowing you to withdraw your funds. We call for extreme caution because unfortunate victims of this scheme experienced that exact scenario.
Before making any deals, always check what users say about a certain provider to make sure you’re dealing with a transparent firm and not some fraudster. Inform yourself about a platform so that you don’t regret your decisions.
Who Are B9.com’s Targets?
According to godaddy.com, the b9.com website domain was created on April 26, 1996, and updated on October 26, 2021. Using an old website, the crypto dodger has mainly been targeting unsuspecting traders who reside in the following countries:
- United States;
- Canada;
- France;
- Japan.
All the countries on the list have strict market authorities that enforce heavy regulations. One common rule stipulates that each market participant must obtain an adequate license to operate, not fabricate a fake certificate.
As in the Ikon CFD case, market watchdogs blacklisted the trickster for wrongdoings. As for the con artists we’re currently analyzing, we cited the DFI’s warning. We have already stressed the fact that if you invest money in the B9.com coin, you cannot count on help from the regulators or financial compensation.
Which Trading Platform Is Available?
The available trading platform is a lackluster web terminal that features popular coins such as Bitcoin, Ethereum, Ripple, Solana, Litecoin, etc. Both B9.com spot trading and leverage trading are available. In addition, there is a mobile app for Android and iOS devices.
While the platform ensures users have access to fundamental features such as graphs and indicators, it lacks advanced tools such as automated trading. We thus recommend avoiding unreliable platforms and sticking to licensed providers that support recognized third-party software like MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms offer an array of cutting-edge tools, including automated trading, live market reports, advanced charting capabilities, a user-friendly interface, and instant order execution.
Funding Options and Potential Refund Method
Per the website, deposits go through the B9.com card. It is a virtual debit card denominated in USD with a card opening fee of 12 USDT, of which 10 USD is deposited onto the card. The estimated delivery time for the card is 24 hours. It has a daily consumption limit and recharge limit of 500,000 USD each.
The card is partially supported on various platforms including Paypal, Google Pay, Apple Pay, Epay, and others. In terms of funding fees, there is a recharge fee of 1.5% and a consumption handling fee of 0.2 USDT per transaction. We believe the whole card thing is a ruse, i.e. fake.
If you recall the DFI’s text, victims transferred Ethereum onto the exchange, meaning the platform only accepts crypto payments.
The reason why scammers prefer crypto payments is that such transactions allow them to retain their anonymity and continue running their schemes. Reversing such transactions requires sophisticated tracing software like CipherTrace. Fortunately for you, our team is skilled at assisting people in the recovery process.
Key Information To Consider About B9.com
In conclusion, B9.com is a duplicitous crypto platform designed to deceive honest investors and traders. The platform is not regulated or approved by any financial authority, making it dangerous. Due to illicit activity, it got blacklisted by the DFI.
We do not recommend the exchange because it is not run by a legitimate and transparent firm but by anonymous digital crooks who are after your money.
If you have fallen victim to the B9.com scam and cannot withdraw your funds, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!
Book a free consultation with us and start the chargeback process.
FAQ Section
What is B9.com?
A fraudulent crypto platform purporting to be a legitimate exchange. It’s nothing but pure monkey business.
Is B9.com a Legit Crypto Provider?
No, the exchange is a trap designed to defraud users. It was exposed by the Washington State DFI.
What is CipherTrace?
A useful tool that can track crypto payments and thus enable victims to get their money back.
