Financial Commission Takes Actions Against Covercoin

The Financial Commission, an external dispute resolution (EDR) body dedicated specifically to FX, announced last week the additions of Covercoin Limited (Covercoin), a digital currency exchange headquartered in the US, to its Warning List.

According to the announcement, the Financial Commission has been notified by concerned traders regarding Covercoin and its associated website (https://covercoin.net/). Upon reviewing the submitted information from potential customers of this broker, the Commission has determined that the indicated company and associated website were suspicious of being used to defraud traders and investors.

Based on the information offered on its website, Covercoin claims to be the most widely known and used cryptocurrency exchange in the US, and is fully regulated with licenses to operate in more than 40 US states and territories.

In light of the aforementioned information, the Commission does not recommend doing business with this entity, either individuals purporting to represent this exchange on social media and in private messages on popular messaging apps.