Gus – Cryptocurrency expert
Due to market volatility, the Freeway cryptocurrency market investment staking platform stopped processing withdrawals.
FatMan claims that Freeway is operating a Ponzi scheme and exhorts the investors to take their money out.
According to founder Doggart, "We designed it to offer advantages and rewards for individuals."
According to a message posted on its website, Freeway, a cryptocurrency staking platform located in the UK, has stopped accepting withdrawals due to the turbulence in the cryptocurrency and forex markets.
A researcher in cryptocurrency trading and finance named FatMan informed the community of crypto twitters about Freeway's decision to halt withdrawals through Twitter.
However, FatMan advised the cryptocurrency community to make withdrawals as soon as possible before Freeway stopped allowing withdrawals. FatMan warned the users to make withdrawals by saying “I would advise everyone who has money in the crypto yield platform Freeway to withdraw it immediately. They seem to be running a Ponzi scam, in my opinion. My prediction is that Freeway will most likely fail within the next few months, causing all depositors to lose everything.”
Notably, one of Freeway's creators, Graham Doggart, noted in a recent video that was uploaded to the company's YouTube channel: We designed it [referring to Freeway] to provide advantages and incentives for people, and I want to see those individuals benefit from it and be paid for it. In another instance, Matt Spangard, CTO of Freeway, stated "It doesn't matter if the market is going up or down, you're constantly receiving a little bit more of what we already have," in a promotional video from July 12, 2021.
FatMan claims that after stopping the withdrawal, Freeway removed all team members' identities from their website. Regarding this disgraceful behavior of Freeway, FatMan warned in a post not to ignore "the fraudsters," alluding to the company's elite employees.
Furthermore, FatMan says he'd be shocked if one of them didn't undergo plastic surgery.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards