Cloned BitPay Payments Website Gets Flagged By Luxembourg Regulators

The CSSF (Commission de Surveillance du Secteur Financier), the official financial regulator in Luxembourg announced that it had recently red-flagged all activities related to a clone website. The clone website was operating fraudulently and had been seen to impersonate BitPay, a payment services provider dealing with digital assets.

A warning was released on September 18th, 2019 by the CSSF warning the public about the activities of a company operating as BitPay Europe S.A. The information posted on the clone website stated that the company was the European BitPay branch. The statement went on to add that the best Bitcoin exchange in the world had finally started offering its services in Europe.

Additional information posted online by the company alleged that the firm had received official authorization to offer its exchange services in Luxembourg. It went on to claim that it was licensed and would be operating under the supervision of the CSSF, a claim that was later refuted by the regulator.

While releasing its response, the CSSF informed the general population to be wary of a company operating as bit-pay Europe S.A. The financial regulator went on to note that this company was not known to it and that it had not been authorized to offer financial services or operate from Luxembourg.

The Official BitPay Platform Includes Support For Ether

As the CSSF works hard to make sure that Luxembourg residents are not defrauded by the BitPay clone, Cointelegraph has released a report stating that the official BitPay has now started providing support for Ether. ETH happens to be the 2nd largest digital asset in the world in terms of market capitalization.

Ether has in the past few months been stepping up its security measures to ensure that its clients and users are properly protected when using the platform. Last month (August 2019) the company announced to the crypto community that it had come up with new ID verification measures. The measures would be applied for various high-value payouts, refunds, and payments.

All clients looking to use the platform now have to go through a verification process. The one-time process requires users to submit important information such as their photo ID and passport/Social Security number.

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