Recently, a Taiwanese exchange friend revealed that he faced various fees when applying for a withdrawal on the GROUP 500 platform and was unable to withdraw cash at all. Currently, the platform URL cannot be opened.
Unable to withdraw money on the GROUP 500 platform
According to Huiyou, he has been trading on the GROUP 500 platform for some time. At the beginning, the withdrawals were small amounts of about US$300, and they were all received smoothly. However, when he tried to withdraw all the more than 10,000 US dollars in his account, he was rejected. The reason given by the platform was that if a withdrawal exceeds 10,000 US dollars, a deposit is required. After paying the deposit, the entire amount can be withdrawn in 5-10 minutes. funds. Huiyou wanted to cancel the large withdrawal and apply for withdrawal in smaller amounts, but was told that the requested withdrawal order had been generated and could not be cancelled. Helpless, Huiyou had to pay a deposit of US$3,986 as required.
However, after paying the deposit, Huiyou failed to withdraw the cash as expected, and was called to pay "absenteeism fees"...
GROUP 500 has been warned by four regulatory agencies
Regarding the GROUP 500 platform, the website address is www.group-500.com. FX110.com has included it in the warning list of false traders as early as early August 2021. Currently, this URL cannot be opened.
It is worth noting that this platform has been warned by four regulatory agencies! The platform claims to provide financial product trading services, but does not provide specific regulatory information. It only provides that the company address is in Switzerland.
GROUP 500 is finally shut down! Was warned by 4 regulatory agencies
Based on the company address, we went to FINMA in Switzerland to check under the name SIX Swiss Exchange Ltd., but no relevant information was found. Furthermore, FINMA in Switzerland has listed this platform as a warning. Obviously, this platform does not have effective supervision!
In addition, the British FCA and British Columbia BCSC have also included this platform in the warning list, please stay away!
On October 27, 2023, the Ontario Securities Commission (OSC) also issued a warning on GROUP 500. In other words, the platform has been included in the warning list by many countries, and the transaction risks are extremely high. Investors need to be wary of it changing domain names to continue defrauding.
GROUP 500 is finally shut down! Was warned by 4 regulatory agencies
A broker without any regulatory license has been able to operate in the market for so many years. GROUP 500 undoubtedly has its "superiority". Its methods are not all black tricks, but if you happen to encounter a black trick, you will It's hard to escape unscathed. And we often say, "A license is not everything, but without a license it is absolutely impossible." No matter how hyped the platform is, without an effective regulatory license, the safety of investors' funds cannot be guaranteed.
Reminder: No matter how well packaged a black platform is, it cannot hide its fraudulent nature. Although there are many black platforms in the market, investors will not be fooled as long as they are more cautious, carefully investigate the qualifications of dealers, and carefully verify the information promoted by each dealer. Be sure to stay away from black platforms that have been exposed!
