Do you know how a scam site looks like? A site like Biconomy.com is the perfect example of a Crypto fraud involving fake airdrops and exchange. Biconomy is pitching a deceptive Crypto trading platform, a fraudulent yield farming opportunity and a spot ecosystem that only allows deposits and no withdrawals.

When we wrote this review, the company was also engaging in a false promotion where they advertised 3rd anniversay celebrations and claimed that Biconomy exchange had organized a ‘limited time’ welfare giveaway to its customers. The truth is that this website is using the chance to lure more investors. The more the number of people who sign up, the more money the fraudsters will make before they disappear into oblivion.

Let’s take a closer look at what Biconomy exchange is claiming to offer:

1. A buy/sell Crypto exchange
2. Yield farming
3. Spot trading (Crypto pairs)
4. P2P trading

The company’s P2P Crypto trading platform only has 2 participants. This means that the Crypto exchange has extremely poor liquidity. You can’t buy or sell Crypto efficiently on a platform like this. If you want to buy or sell Crypto on a P2P trading website, consider LocalBitcoins.

Biconomy negative reviews

The crooks running this illegal Crypto exchange don’t restrict unhappy clients from venting out their anger. If you visit the infamous Trustpilot website, you will see that although this illegal company created a profile there, one look into that page reveals a mountain of negative complaints.

All the complaints are about Biconomy accepting deposits and not wanting to process the withdrawal requests of their clients. As a result, there are many victims out there who cry foul because they lost a lot of money in this illegal Crypto exchange.

The company has also implemented an opaque KYC process which they’re using as a tool to frustrate their customers hoping to steal from them in the end.

It has also come to our attention that the site has been involved in running fake airdrops from time to time. A fake airdrop is a project where the owner will create a bogus altcoin and promote it. Once investors have pumped a lot of money into the project, the owner will disappear with the funds in a rug pull type of experience.

Victims will end up with altcoins that they bought but can’t sell. The exchange is currently using an altcoin called BIT to pull this stance.

What we know about Biconomy exchange company

According to their profile, the company is based in Canada but has offices in UK, South Korea and Japan.

The website claims that they are a “Canadian Cryptocurrency Exchange with US MSB Licence”. But the question is where exactly is that license?

Does this statement even mean anything? And does US MSB regulate Crypto exchanges? This is a false and misleading statement that the scammers are using hoping that they’ll look legitimate.

In other words, this is an illegal Crypto exchange that you must avoid.

What to do when you have been scammed by this Crypto exchange

Report it to the financial regulator in your country. If you have lost funds, then you could also file an official complaint with this company as they could help you get back your lost funds.

Hopefully the regulators will blacklist the website and issue a warning to the perpetrators. A cease and desist could be issued and sometimes the help of Interpol is enlisted.

The Conclusion of our Biconomy Exchange review

We would need more digging into the scam to find out who runs it. As at now, many people are angry about this Crypto exchange as it has scammed a lot of people in the last couple of years.

There is no hope of these scammers coming out in the last hour to offer any explanations or issue refunds or anything like that.

While Crypto trading is still profitable, rug pulls such as Biconomy exchange are definitely a big risk to investors. But with this kind of information, you will surely reduce the risk of being scammed.

Thanks for reading.