Coinbase Limited (coin-bmo.cc) is a platform offering various cryptocurrency trading services, with its official website domain registered on April 16, 2024. The platform claims to support the trading of multiple digital currencies, including Bitcoin, Ethereum, Uquid Coin, Enjin Coin, Neo, and Neogas. Additionally, the platform does not provide services to regions where it may conflict with local laws or regulations.
Company Registration and Regulatory Statement
Coinbase Limited (coin-bmo.cc) asserts that it is registered under Estonian law, with a registration number of 14556327, and is regulated by the Estonian Financial Intelligence Unit. It holds an FVR000604 license for virtual currency to fiat exchange services and an FRK000513 license for virtual currency wallet services. However, the legal statement page on its website indicates adherence to US law, while the user agreement page refers to itself as CMEcoin and states its official website as www.cmecoin-global.com.
Upon further investigation, Coinbase Limited's registration information was not found on the Estonian Financial Supervisory Authority (FSA) website, and the associated license numbers were not present in the regulatory records. Additionally, the Financial Industry Regulatory Authority (FINRA) in the United States has no registration information regarding CMEcoin.
Therefore, Coinbase Limited (coin-bmo.cc) lacks legitimate registration or regulatory qualifications, posing a significant fraud risk.
Account Opening Process Overview
The specific steps for opening an account on coin-bmo.cc are as follows:
- Visit the official website and click the "Sign Up" button in the top right corner to enter the registration page.
- Fill in your name, email address, and password, and submit the registration information.
- Receive the email verification code and fill it in; once approved, you can deposit funds and start trading.
Trading Platform and Deposit/Withdrawal Mechanisms
coin-bmo.cc claims to provide a self-developed trading platform, allowing users to trade via web or mobile. However, the platform does not detail its supported deposit and withdrawal methods, related fees, or minimum deposit and withdrawal amounts on its website.
Risks Investors Should Be Aware Of
Given that virtual currency services are often not strictly regulated by law, users need to have a clear understanding of the potential risks, especially in a decentralized trading environment. The following points are particularly critical:
- International Legal Challenges: Due to the decentralized nature of cryptocurrencies and ICOs, global regulatory oversight of such activities is very limited, and the legality of cross-border transactions is difficult to define.
- Issuer Credit Issues: Companies offering tokens are often startups with little historical data or financial metrics, making it difficult for investors to assess their reliability. Startups have a high failure rate, and some companies may not even be formally registered or disclose their team members, increasing investment risk.
- Speculative Risk: Virtual currency prices are highly volatile, and their value is often opaque. Prices can fluctuate dramatically in the short term, potentially causing significant financial loss to investors during market instability.
- High-Yield Traps: Cryptocurrency investors should be cautious of high-yield promises. The higher the promised returns, the greater the potential risk involved.
- Fraud and Illegal Activities: Because of the anonymity of virtual currency transactions, platforms may be involved in money laundering or terrorist financing, increasing the risk for investors.
Conclusion
Traderknows advises investors that Coinbase Limited (coin-bmo.cc) is not regulated by any official institutions, and its legal existence is questionable. As investors, it is crucial to choose legally compliant platforms with strong regulatory oversight to avoid potential financial losses.
