Vexa Global, a crypto ATM company and exchange has been considered a Ponzi scheme by one of the most recognized sites investigating MLM schemes. According to Behind MLM, this company doesn’t provide any information about itself and how they run the business.

Vexa Global A Crypto Ponzi Scheme

According to this report, the founder of the company Ernest Bogdanov, has a Facebook profile with an “obvious stock photo.”

He has also founded Global Parner LLC. after gaining experience in the financial market. He has also been providing solutions for forex traders. The firm entered the crypto market in 2016 before the bull market and Initial Coin Offering (ICO) craziness experienced in 2017.

Back on April 26, Vexa Global informed that they were waiting for a license to be issued by the government of Estonia in order to offer crypto trading services and a crypto market and ATM network around the world.

According to the report, Vexa Global is based in Estonia or a neighbouring country. Additionally, the company could be a spinoff of the Exp Asset Ponzi scheme. In a recent post released by Exp Asset, the firm Vexa Global is run by Piotr Badynski. At the same time, in a recently released post by the owner of Exp Asset Patryk Krupinski explained that Badynski tried to blackmail him.

Krupinski says that Badynski is the owner of the collapsed crypto Ponzi scheme called CryptoTek. Mr. Badynski moves between Poland and Ukraine. As the report says, if there is a company such as Vexa Global that don’t provide information about the owners or who is running them tend to be fraudulent schemes.

The report provides information about how Vexa Global built a Ponzi scheme with referral commissions and so on. Additionally, the firm says they generate external ROI revenue from Bitcoin ATM fees. Nonetheless, there is no information about these external revenue sources.

In addition to it, the firm explains that they do not need to be registered anywhere because they are not an investment fund or broker. Thus they do not need to obtain a license of any kind. However, the report marks some inconsistencies. Vexa Global claimed that there are several other firms in the market that operate without licenses and that tend to be fraudulent.