Protect Yourself From Crypto Scams

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Admin

Sep 30, 2021

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A cursory read of media headlines will show you: crypto scams are big news. And rightfully so. It’s important for a growing industry to weed out the scammers and fraudsters. Doing so publicly can only improve a burgeoning industry, and strengthen the blockchain community. It’s important not to let their unethical actions put a black mark on cryptocurrency as a whole, as it can (and does!) affect positive change across the world. 

Crypto regulation
As the worlds of legislation, regulation, and finance try to catch up to the warp speed innovation of blockchain technologies, this has created a worrisome situation. Where regulation is not yet implemented or tested, and where crypto scams can exploit end users, security framework vulnerabilities, or simple common sense, they may thrive. Bearing great financial outcomes for the people who get away with these crimes, crypto scams leave many people out of pocket in big ways. The first step towards figuring out whether or not a crypto-related opportunity is a crypto scam or not is to check the regulation and registration of the business behind it. The exchange, business, or programme you’re looking into must be registered in accordance with all applicable legislation for their region and sector. And, most of all, they should be able to prove it. Don’t be shy to ask for confirmation of registration and compliance - it’s your right to do so. We’re proud of our compliance record and registration:

MEX Digital Pty Ltd is registered as a Digital Currency Exchange with AUSTRAC (Registration No. 100724469) through which we offer our spot products. 

Multibank FX International Corporation trading as MEX Digital (Company No. 1377324) is regulated by the Financial Services Commission (FSC SIBA/L/14/1068) of the British Virgin Islands (BVI) which facilitates our leveraged products. 

Crypto registration
As part of our strict compliance measures, we operate a watertight customer registration and verification process. Known as a Know Your Customer (KYC) or Identity Verification process, our MEX Digital processes are overseen by our legal and compliance team. As a regulated entity, we are required to have our clients complete a compliance check. This enables you to start trading on our crypto trading platform. The business or exchange you’re dealing with should follow a similar process. If they don’t have a verification process, don’t deal with them. 

Crypto security
Ensure your crypto investments are safe and secure. You need to check that the exchange or business you’re investing withprovides top-notch security. You should have two-factor authentication (2FA) available to you through their platforms. At MEX Digital, we believe that the security of your funds is an overwhelming priority. That’s why we:

Implemented robust security measures: These protect our wallet infrastructure from digital and physical threats. 
Only deal with the best: We only deal with top tier regulated banks, ensuring clients funds are held with regulated, respected institutions, in prominent jurisdictions.
Have a 3-tier security system: Our physical, operational, and technical tiers of system security encompass both offline and online processes and systems.
Provide you with two-factor authentication: Two Factor Authentication, or 2FA, is a security feature that provides an extra layer of protection to your online account. As the name implies, this means that there are two steps required to authenticate you as a registered user, when you log on. 

Keep your credentials safe
Scams abound, so it’s important to protect your credentials, remain wary of phishing attacks, and never share your user details with anyone. Your password, username, and other important information should be securely stored, and inaccessible to anyone but you. If you lose your information, or are concerned about your account security, our support channels are available to assist 24 hours a day.    

Be sure to follow us on TwitterInstagram or Facebook and stay up to date with everything happening on MEX Digital!

Always remember: Crypto trading is extremely risky due to the volatile nature of cryptocurrencies, you should never risk more than you are willing to lose.

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