ASIC warns against Yepbit and Yepbit Exchange
Yepbit is purporting to be a digital assets and futures trading platform trading globally, including in Australia.
Concerningly, investors are also telling us that Yepbit is claiming that ASIC has frozen investor funds, while it complies with ASIC audits or regulatory requirements. These statements are false. They are designed to deflect requests for refunds. ASIC has not taken steps to prevent return of funds held by Yepbit.
Yepbit does not hold an Australian Financial Services Licence (AFSL) with ASIC and is not authorised to provide financial advice or services in Australia. Yepbit is also not a registered Virtual Asset Service Provider listed on AUSTRAC’s Virtual Asset Service Provider Register (VASPR).
ASIC advises that consumers should always check to see if an investment opportunity is accompanied by a verified AFSL. If you cannot easily identify a licence number and verify it through ASIC’s registers, that should be a significant warning sign. Consumers can also consult the Moneysmart Investor Alert List to help know which entities are not to be trusted.
Investment opportunities that cannot be verified through trusted sources, or that encourage consumers to bypass licensed professionals, should be treated with extreme caution.
What action has ASIC taken?
ASIC has taken action to protect consumers through its website takedown capability, by removing several websites purportedly operated by Yepbit. We have also issued warnings on our Investor Alert List.
ASIC cautions against dealing with this firm.
Previously issued alerts on ASIC’s Investor Alert List include:
- Investor warning – Yepbit (yepbit6.com)
- Investor warning – Yepbit (ybtaa.com)
- Investor warning – Yepbit (yepbit.xyz)
- Investor warning – Yepbit (yepbit.net)
ASIC continues to work to take down harmful websites, including with other government agencies.
How Entities Deceive Consumers
People can tell very convincing stories to persuade consumers to part with their hard-earned money. Common themes reported to ASIC include stories of scammers telling consumers:
- A certificate of incorporation for a company (or A.C.N) means a company is legitimate or licensed by ASIC. This is FALSE. If a company is not listed on ASIC’s professional registers as holding an AFSL, it is not licensed by ASIC.
- ASIC has frozen an unregulated investment platform’s funds. Where ASIC takes action to freeze funds, it will issue a Media Release to announce its action. Scammers commonly use excuses to shift the blame and mislead investors, while trying to extract more funds for as long as possible.
Protect Yourself
STOP – Don’t transfer money or give out personal information if you’re unsure. Don’t feel pressured to invest. If you have any doubts, stop communicating.
CHECK – Ask if you really know what you are investing in? Check the VASPR to confirm if the entity is a registered virtual asset service provider. Check ASIC’s professional registers to confirm if the firm holds an Australian Financial Services Licence. Also check the licence conditions to ensure the licence authorises the type of activity being promoted. Scammers impersonate licensees, so it is important to independently verify licence and contact details.
PROTECT – Act quickly if something feels wrong. If you have shared personal or financial information or transferred money, contact your bank immediately. Check the Moneysmart website for what to do if you think you’ve been scammed. Help others by reporting scams to Scamwatch. Also, be on the lookout for recovery scams, offering to help get your money back.
