Flipster Exchange Under Fire for Unreported Operations and 15% Interest Rate Marketing

IconCryptoNewsTerminal Staff05 Jul, 2024

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Flipster Exchange Under Fire for Unreported Operations and 15% Interest Rate Marketing

Flipster, an overseas virtual asset exchange, has come under fire for conducting unreported operations, including marketing activities targeting Koreans and offering deposit services with an interest rate of up to 15%. According to a report by Decenter, Flipster has been engaged in these activities without reporting them to the relevant financial authorities. This has raised concerns among experts, who warn that users may face difficulties in withdrawing their funds if access to the exchange is blocked due to its unreported status. Flipster is a noteworthy exchange as it was developed and incubated by Presto Labs, Asia's largest quant trading company. The exchange's actions have raised questions about the regulatory compliance of such platforms and the potential risks faced by users who engage with them. As the regulatory landscape for virtual asset exchanges continues to evolve, it is crucial for users to exercise caution and only utilize platforms that operate in a transparent and compliant manner.

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