Investors in NovaTech FX are experiencing withdrawal difficulties.
According to business updates posted on Telegram with investors, payment processor CoinPayments is to blame.
Currently, it looks as though NovaTech FX’s withdrawal problems are limited to tether withdrawals.
We are observing an increasing amount of difficulties with USDT withdrawal requests.
We accept and transmit them, and they are shown as SENT on the backend, yet they are denied on the blockchain.
This is usually the result of the payment processor being unable to process the transaction, or the exchange rejecting the deposit.
This issue has been brought to the attention of CoinPayments, which has sought to whitelist exchanges to prevent new occurrences, however, it continues to occur at random.
Investors in NovaTech FX are advised to withdraw using other cryptocurrencies, which appear to be operational for the time being.
CoinPayments promotes itself as the “biggest supplier of bitcoin payment services in the globe.”
CoinPayments is managed by UAB Star Ventures, a Lithuanian front organization.
CoinPayment’s advertising references the British Virgin Islands.
The London Court of International Arbitration is cited in CoinPayment’s User Agreement.
Sina Mirzaie was a co-founder of CoinPayments. As of March 2022, Dennis Pederson is in charge of the processor.
Both Mirzaie and Pederson are Canadian residents of British Columbia. The official CoinPayments Facebook page is administered from Canada, Bulgaria, and the Czech Republic.
Despite links to dubious nations, CoinPayments appears to be headquartered and managed by Canadians.
The NovaTech FX withdrawal issues are the result of a British Columbia Securities Commission fraud alert issued earlier this month.
BehindMLM is unable to confirm that NovaTech FX’s withdrawal issues stem from an ongoing regulatory inquiry. If they are, this information will not be made public until an enforcement action is initiated.
We can confirm the following:
The majority of traffic to both NovaTech FX and CoinPayments’ websites originates from the United States.
According to CoinPayments’ User Agreement,
We maintain the right to monitor, examine, preserve, and/or disclose any information as required to fulfill any applicable law, regulation, Sanctions Program, legal process, or government request.
If in our sole judgment, we believe that your Account is affiliated with a Prohibited Activity, we have the right to cancel and/or suspend your Account and/or block transactions or freeze money instantly and without warning.
NovaTech FX is a Ponzi scam that engages in stock fraud. At the beginning of this year, BehindMLM revealed that CoinPayments dumped OneCoin within 48 hours.
At least in certain cases, it appears that operating a Ponzi scheme violates CoinPayments’ terms of service.
Coinciding with withdrawal troubles, NovaTech FX co-founder and CEO Cynthia Petition reported that all pending support tickets had been removed.
I am aware that this is an extreme action. It is not something we would have chosen to do, but I believe it is necessary so that we can handle difficulties more rapidly.
In Florida, Cynthia and her husband Eddy Petition operate NovaTech FX.
Until further notice, please remain tuned.