Himalaya Exchange is a cryptocurrency platform associated with digital tokens such as the Himalaya Exchange coin (HCoin) and Himalaya Dollar (HDO). The firm came under intense scrutiny following significant legal troubles. Founded by Chinese billionaire Guo Wengui and former Trump advisor Steve Bannon, the exchange promised financial revolution but is now entangled in allegations of fraud and money laundering. 

The U.S. Department of Justice has seized over $634 million from the platform’s accounts, claiming the funds were linked to fraudulent activities. This has left thousands of investors in financial limbo. Keep reading our Himalaya Exchange review to learn more.

Legal Info: Is Himalaya Exchange Regulated?

The Himalaya Exchange crypto platform is associated with Guo Wengui and Steve Bannon. The U.S. Department of Justice and FBI seized over $634 million from the exchange’s accounts, alleging the funds were tied to fraudulent activities. 

The platform is accused of defrauding investors, with claims that over $262 million were fraudulently accessed. Both Guo and Bannon have been implicated, with the former facing multiple charges, including wire fraud, securities fraud, and money laundering. 

According to Finance Feeds, these legal issues have left thousands of investors in financial limbo, raising significant concerns about the exchange’s operations and legitimacy. The exchange is not regulated, to say the least.

Instead of trusting unlicensed imposters, we recommend you trust firms that are regulated by esteemed financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. 

Trader Reviews – Sharing Experiences

We searched the web for Himalaya Exchange reviews and found several complaints on scamadviser.com.

“I invested for over two months, and when it was time to make my first withdrawal, I became skeptical. They locked my account for over $550k and told me to contact customer service,”

– one user claims.

Due to unfavorable conditions, Himlaya’s former associate director also blasted his former company, citing “non-complicity” as one of the reasons individuals should avoid it. The DOJ’s case is becoming solid, with users raising their voices against Himalaya’s deceptive practices. 

Before investing money online, always check what users say about a particular firm or website to ensure you are dealing with a transparent entity and not a con artist like FreeFX. 

Who Are Himalaya Exchange’s Targets?

According to WHOIS, the himalaya.exchange website domain was created on June 21, 2020. Since then, the crypto swindlers have mainly been targeting unsuspecting traders and investors who reside in the following countries:

• United States
• United Kingdom
• Canada
• Australia
• China

All these countries have strict financial regulators that enforce tough rules, especially regarding digital assets. You can imagine how U.S. legislation is built to fend off Chinese influence, which is the case here.

A key rule is that every market player needs a license to operate in their area. Himalaya Exchange doesn’t have this authorization, so it cannot offer crypto trading services.

What Trading Tools Are Available?

The Himalaya Exchange app is available for Android and iOS mobile devices. However, the platform’s dubious background deterred us from downloading it and agreeing to the Himalaya Exchange login terms. Without a risk-free demo account (red flag, btw), we gave up trying to trade on it.

We wouldn’t recommend using the bare exchange, let alone the trading platform. Your provider needs to be regulated for trading services; anything less puts you at risk.

Trading volatile assets like cryptocurrencies is risky, so you need plenty of tools to ensure progress and avoid falls. We recommend avoiding unreliable platforms and sticking with licensed providers that support recognized third-party software like MetaTrader 4, MetaTrader 5, or cTrader.

Himalaya Coin & Himalaya Dollar

HCoin and HDO are digital assets promoted as revolutionary cryptocurrencies intended to replace traditional currencies like the Chinese renminbi. Guo and his political movement have heavily endorsed them, claiming advanced encryption technology and substantial market value. 

Himalaya Dollar, a stablecoin, is linked to HCoin and is purportedly backed by a reserve, though the exact details and transparency of these claims are unclear. According to ABC News, the exchange and these coins have had financial experts and regulators raising eyebrows, questioning their legitimacy, and cautioning potential investors about possible risks.

The website claims the Himalaya Exchange price, i.e., fees for exchanging and trading these suspicious assets, is “almost zero.”

Funding Options and Refund Methods

Himalaya Pay offers a digital gift card system for merchants and members. It has two versions, promising instant cryptocurrency transfers worldwide, automated payment schedules, and exclusive shopping experiences with retailers.

Again, please refrain from buying assets using this platform, as it is fraudulent to the core, just like Meta-Protocol. Judging by the complaints, the Himalaya Exchange KYC policy is just there for show. 

Scammers often favor crypto transactions for anonymity, allowing them to evade detection and continue their cutthroat activities. Reversing such transactions is challenging and requires specialized tracing software like CipherTrace. Fortunately, our team is experienced in assisting cyber fraud victims in recovering funds lost to scams.

Key Information To Consider About Himalaya Exchange

The DOJ lawsuits and other sources we cited clearly exposed the Himalaya Exchange’s swindling nature, and user feedback also supported this. The main targets include crypto investors from the US, UK, Australia, Canada, and China.

It’s more of a political tool promoting a certain group’s vision and exploiting user trust for profits than a pure crypto exchange. We do not recommend the exchange because it is not run by legitimate and transparent individuals but by fraudsters after your money.

We offer professional services and assistance if you have fallen victim to the Himalaya Exchange scam and cannot withdraw your funds. Use the form below to book your free consultation with Scam Brokers Reviews.

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