BitVenus  Broker Alert


On May 4th,2024, Cryptotrace received notice about a possible scam through its CRM system. Additionally, IOSCO cautions about this possible fraud. BitVenus is a cryptocurrency exchange platform that claims to be regulated, however the specific regulatory body and license are unclear. Asset verification is completed by and DefiLlama, two reputable institutions, however, this is not the same as regulatory oversight. The platform is user-friendly but there is a clear lack of transparency about company details like location, members, fees, and licensure. Positive reviews on the Google Play Store mention ease of use, but Reddit reviews mention withdrawal issues. There is a lack of independent reviews and media coverage. 

Due to the missing details, lack of transparency, and unknown licensure, we recommend choosing a different broker. 

If you have fallen victim to BitVenus, gather all relevant communication records and bank statements, and report the incident to your local law enforcement agency. 

Consider filing a complaint with Cryptotrace as they can assist in further investigation and facilitate the process of fund recovery.