Home / Regulators / FCA UK / FCA warning against PolarisTradePay crypto scam

 

PolarisTradePay (www.polaristradepay.com) is an unregistered brokerage platform in the field of energy, agriculture, stocks, and crypto-currencies. The UK FCA issued an investor warning against the broker on December 11, 2020, and calls it a scam. The platform is allegedly operated by Polaristrade.com Ltd, which does not exist. There is a link on the website to the Scottish Polaris Diagnostics & Engineering Ltd, which has nothing to do with the scam. Deposits are to be made only in cryptocurrencies.


The Polaris Trade Pay a/k/a PolarisTradePay scam is basically made cleverly. The website appears very professional. In three different plans, investors are promised up to 2.6% return per day or 28% per month. Sounds fantastic, doesn’t it?

The scam avoids receiving FIAT currencies and therefore does not need bank accounts or payment processors. Deposits from customer victims are only accepted in Bitcoin and Ether. On one of the BTC wallets connected to the scam, we found 43 deposits with a total volume of BTC 1.8. We are sure that there are some more crypto wallets controlled by these scammers.


However, at second glance, you quickly realize that the Scottish company and its address cannot be correct. Polaris Diagnostics & Engeenierung Ltd (www.polarisdiagnostics.com) works as a so-called transformer consultant and has nothing to do with the broker business.

 

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