content material comming from www.gov.uk
GPay Ltd was wound up within the public curiosity on 23 June 2020 within the Excessive Court docket earlier than Deputy Choose Baister. The Official Receiver has been appointed as liquidator of the corporate.
In contemplating the petition, the court docket heard that GPay facilitated a web-based cryptocurrency buying and selling platform supported by skilled merchants and revolutionary instruments that enabled individuals with no expertise to conduct trades.
The corporate, which traded as XtraderFX and previously as Cryptopoint, focused individuals within the UK and overseas, promoting its companies on-line and by way of social media channels.
Prospects had been inspired to make use of GPay’s on-line buying and selling platform by way of ads that falsely claimed the service was supported or endorsed by entrepreneurs that starred in a prime-time TV present and a high-profile cash saving web site.
Following complaints, nevertheless, the Insolvency Service performed confidential enquiries into GPay’s actions earlier than investigators uncovered that at the very least 108 purchasers claimed that they had misplaced in complete just below £1.5 million whereas utilizing the corporate’s on-line buying and selling platform.
In some circumstances, purchasers misplaced cash regardless of paying insurance coverage which was meant to retrospectively cowl their losses.
If purchasers tried to take away funds from their buying and selling accounts, they had been suggested that no withdrawals may very well be made till they submitted copies of their photograph ID, a utility invoice and debit or bank card. This degree of knowledge, nevertheless, was not requested by GPay after they accepted purchasers’ deposits.
Purchasers additionally reported that withdrawals could be declined in the event that they hadn’t actively traded the deposited funds.
GPay didn’t defend the general public curiosity petition and the in winding-up the corporate, the court docket concluded that the corporate demonstrated a scarcity of business probity, didn’t file statutory accounts and had no reputable presence at its registered workplace handle, which GPay appeared to have deserted.
David Hill, a Chief Investigator for the Insolvency Service, stated:
GPay persuaded prospects to half with substantial sums of cash to spend money on cryptocurrency buying and selling. This was nothing however a rip-off as GPay tricked their purchasers to make use of their on-line platform beneath false pretences and no buyer has benefited as their investments have been misplaced.
We welcome the court docket’s resolution to wind-up GPay as it is going to defend anybody else changing into a sufferer. This rip-off must also function a warning to anybody who conducts buying and selling on-line that they need to carry-out applicable checks earlier than they make investments any cash that the corporate is registered and controlled by the suitable authorities.
All enquiries regarding the affairs of the businesses needs to be made to:
- The Official Receiver, Public Curiosity Unit, 16th Ground, 1 Westfield Avenue, Stratford, London, E20 1HZ
- Phone: 020 7637 1110
- Electronic mail: email@example.com
Notes to editors
GPay Ltd, buying and selling as XtraderFX, and previously buying and selling as Cryptopoint, was wound up by the Excessive Court docket, on 23 June 2020, on a petition offered, within the public curiosity, by the Secretary of State for Enterprise, Power and Industrial Technique (BEIS).
GPay Ltd was included on 30 August 2017, Firm Registration quantity 10938332. The registered workplace of the corporate is 18 Stoke Highway Slough, Stoke Highway, Slough, England, SL2 5AG.
Firm Investigations, a part of the Insolvency Service, makes use of powers beneath the Corporations Act 1985 to conduct confidential fact-finding investigations into the actions of reside restricted firms within the UK on behalf of the Secretary of State for Enterprise, Power & Industrial Technique (BEIS). Information about how to complain about a live company.
You may as well observe the Insolvency Service on:
— to www.gov.uk