The UK High Court has shut down GPay crypto exchange, following allegations the company is “nothing but a scam.” The Insolvency Service investigated the platform after receiving several complaints.
The platform attracted investors through ads on social media platforms, referring television personalities and high profile business people. The authorities investigated the platform after receiving several complaints.
The Insolvency Service concluded that the crypto firm had been operating on a fraudulent basis. GPay persuaded customers to part with substantial sums of money to invest in cryptocurrency trading. This was nothing but a scam — no customer has benefited as their investments have been lost.
The investigation revealed that at least 108 GPay’s users had lost £1.5 million. The case was brought to a close later last month with the appointment of liquidators following a petition by the Secretary of State for Business, Energy and Industrial Strategy.