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Cryptoder – High-Risk Spanish Exchange

An Overview of the CRYPTODER Platform.

IN DIEM Lawyers, through its specialized Cryptocurrency Area, has been monitoring CRYPTODER for months as the first cryptocurrency exchange platform established in Spain.

CRYPTODER.COM promotes itself as a Spanish platform dedicated to cryptocurrency exchange based in Valencia. Its advertising is highly effective, managing to penetrate numerous forums, websites, and social networks, where they describe the ease with which you can start investing in cryptocurrencies such as Bitcoin, Ethereum, LiteCoin, Bitcoin Cash, and Iota, among many others.

In any case, our investigation has highlighted several details that should be taken into consideration:

1.- CRYPTODER’s registered company name is “IT CRYPTODER GROUP SOCIEDAD LIMITADA”. According to the BORME (Official Gazette of the Mercantile Registry), its incorporation and commencement of operations date back to February 1, 2018; it is therefore a very recent company with a limited track record, which at the time of this publication is less than ten months old.

2.- Regarding share capital, CRYPTODER only provided the amount of 3,100 Euros for incorporation purposes. This is the minimum capital required under Spanish law to form a Limited Liability Company, which gives us little confidence in its economic capacity to meet financial and legal liabilities arising from its activity—which, it should be noted, is complex due to the interconnected financial processes involved in cryptocurrency exchange.

3.- The Director of CRYPTODER is SIKORA WOJCIECH, who, according to available information, is of Polish nationality. We have no record of proven experience in the Cryptocurrency sector or exchange platforms, nor of any administrative positions in other companies in our country.

The reason for our inquiry is the potentially irregular operations of CRYPTODER with its clients, which are generating an increasing number of incidents and irregularities, leading to consultations and actions for claims and defense.

Warning regarding failed operations at CRYPTODER.

The ease with which Cryptoder presents entry into the crypto world does not quite align with comments appearing on websites and forums; including, for example, those on the Organization of Consumers and Users (OCU).

Source: https://www.ocu.org/reclamar/lista-reclamaciones-publicas/reclamacion-publica?referenceid=CPTES00437702-38#

Source: https://forobits.com/t/exchanges-fiables/1564/174

CRYPTODER Terms and Conditions of Service: Lack of Guarantees.

We have also reviewed the CRYPTODER website to check the security and guarantees offered by its Terms and Conditions of Service.

Our analysis has raised significant questions and concerns, as CRYPTODER transfers almost all responsibility for losses to the user or client, even those caused by structural failures of its servers, maintenance of its own wallets, or the lack of a guarantee for the sale of cryptocurrencies purchased on this website.

In this regard, and by way of example, the following conditions are noted:

[8.1. The company is not responsible for losses caused by outages, network volatility, wallet maintenance, or market conditions.]

[6.7. The use of purchase services on the Cryptoder website does not guarantee that you will always be able to sell the purchased Cryptocurrency to the Company. All prices appearing on Cryptoder are for information purposes and may change at any time. Cryptoder shall also not be obliged to purchase any Cryptocurrency from you that has ceased to exist since its purchase, has introduced significant changes affecting operations, or due to reasons of force majeure.]

[12.3. Cryptoder reserves the right to add, delete, or modify any provision of these terms and conditions at any time and without prior notice. Failure to receive notification of a change in these terms and conditions does not invalidate that change. These conditions of use govern the opening, use, and closing of your Cryptoder account and other services related to our service. These terms and conditions are visible to everyone, and the client must read them carefully. You can always consult the updated conditions of use on our website. From the moment of registration, the client accepts these terms and conditions.]

We encourage everyone with knowledge of the service, including Cryptoder users and clients, to share their experiences in the comments section. We will personally provide information on actions for your maximum security.

In any case, we currently consider CRYPTODER to be a high-risk platform, with no track record in crypto-asset activity and minimum share capital for the development of this type of activity, which is requiring users and clients to take preventive actions and virtual asset recovery measures.

IN DIEM Cryptocurrency Specialist Lawyers: Defense against Scams, Fraud, and Breaches.

The IN DIEM Lawyers area specialized in Cryptocurrencies and Bitcoin has extensive experience and a high degree of knowledge in New Technologies and Cryptocurrencies. We operate and advise not only in relation to the virtual currency Bitcoin but also with all existing cryptocurrencies, including: Ethereum, Ripple, Litecoin, Dash… and investments in ICO (Initial Coin Offering), offering our clients the appropriate operational strategy and the necessary advice for their operations and investments.

The Law and Cryptocurrency Area of IN DIEM, which is highly specialized and comprised of a multidisciplinary team including IT specialists, financial experts, and expert lawyers, will contribute securely to the development of your transactions and investments, with technical and operational resources to analyse potential investments and transactions, intervene in mining operations or implement regulatory or legal compliance frameworks. Our advisory work includes matters related to anti-money laundering regulations, as well as Virtual Currencies and the Tax Agency. IN DIEM attorneys handle defense in cases of breaches, fraud, and scams involving cryptocurrencies and ICOs.

If you require more information, you can click HERE.

More info: Transaction Platforms with signs of Fraud or Scam from the FSMA.

The Belgian Financial Services and Markets Authority (FSMA) warns that “there is currently no supervision of online platforms active in the cryptocurrency sector,” and provides a list of platforms with indications of fraud or scams based on reports received from consumers.

Although various lists of this type of platform exist where fraud or scams are reported, the FSMA is the only European body that has this tool available, and it can be consulted at this LINK.

Despite the incidents that CRYPTODER is causing, as of the date of this publication, we are not aware of any entry for CRYPTODER on this or similar lists.