Bnax (Bnax.com) is an exchange that uses robots to advertise itself within private Telegram groups. You can't access to these private groups if you are not invited in. When you are invited in these private groups Bnax robot bombs you every 5 minutes inviting you to make arbitrage activity on its exchange website.
"Arbitrage" activity, we explain it for your convenience,
in cryptocurrency world means buying some quantity of cryptocurrency
on an exchange at a certain price and then selling the same cryptocurrency for an higher price on another
exchange. In this way you can gain a profit on cryptocurrency price difference between two exchanges.
It could seem simple to do but... it is not! Indeed the most part of exchange have rougly the same
cryptocurrency prices in their order books. When there is great cryptocurrency price differences between
two exchange usually it means that the exchange with higher price has liquidity issues that don't permit
to easy transfer your cryptocurrency or it means that this exchange... is a scam!
Indeed Bnax.com is a scam and below we explain why!
Above we explained how Bnax contacts its customers: bombing them with Telegram posts.
Each post has always the same informations: the BTC buy price in Binance, then the BTC price
sell on Bnax where the BTC price is always 6% higher than Binance price (and of all other exchanges...).
In this way Bnax promises to make you a good profit with this arbitrage activity.
But there is a problem! Nobody is so stupid to buy from you anything with a price higher then general market price!
And Bnax knows it very well, of course! Indeed Bnax lets you to make a couple of arbitrage activities. In this way you buy the first time BTC on Binance, then you transfer it on Bnax and then you sell it on Bnax for USDT. At this step you see that you have made a profit of 6% buying and selling your BTC only in an hour! "WOW"! Now you think you can trust Bnax and you want to make profit again... You transfer your USDT from Bnax to Binance and you buy more BTC than before because you want more profit this time and because you think now you can trust Bnax. Then you transfer your big quantity of BTC to Bnax, you convert BTC to USDT, you gain another big 6% profit and now you want to transfer your USDT again to Binance to start again the same beautiful process. But this time "TA DAAAAAAAAAA...": you try to transfer your funds another time but Bnax fucks you with a message like this:
Now Bnax asks you to get an "Institutional level" if you want back YOUR money. From now on your money is not yours
but is Bnax money!
You have to note three points:
-
Bnax blames you to manipulate market but... Bnax manipulates cryptocurrency market minute by minute;
look at its exchange:
its BTC price (and other cryptocurrency prices) is ALWAYS higher of about 6%
of other exchanges cryptocurrencies prices. You can note this fact when you want, in the morning, in the night, 24H when you want day after
day... How is this possible?! The answer is quite simple! The only reasonable answer is that
BNAX manipulates cryptocurrency price and uses this manipulation to attract
customers and to make them arbitrage activity!
Do you understand? This is the first step of the scam!
-
Now
it´s clear: Bnax manipulates by itself the cryptocurrency market with the purpose of get your money tricking you with the "mirage of real arbitrage"
-
At this point in the story we have the final part of Bnax scam: it asks you to become an
"Institutional account" to unfreeze your funds because
only "Institutional accounts" can make arbitrage activity on Bnax
platform. Please note the last part of Bnax terms we have spoken above:
Bnax puts on the same legal level "money loundering" and "arbitrage"
like the two things was the same! But
it´s not true! Money loundering obviolusly is illegal but arbitrage is not!
Do you understand the Bnax method now, if we want to call this "a method"?! The "Bnax method" is to defraud customers and then to blame them to avoid that they can report Bnax to law enforcement for its fraud activity!
Now you can ask yourself: "What about to become an Institutional account?"... In order to understand what it means, we have to go to another Bnax website section named Institutional Terms of Use (click here). As your convenience we put below the most important part of that text:
You have to satisfy two Bnax requests if you want to become "Institutional" and unfreeze your funds:
-
First:
you have to satisfy KYC (know‑your‑customer) rules, in other words you
have to give your personal documents and data to Bnax scammers;
so Bnax stoles not only your money but... also your identity and surely
it will use it for other fraud purposes, because criminals
have no limits,
it´s an hard truth butit´s the truth!
-
Second:
Bnax after freezing your funds asks you
to satisfy
it´s "equity". What is this "equity"?! Simple: "equity" obliges you to give other and more money to Bnax! As you have seen in the text above Bnax can ask you to deposit more than 100,000 dollars equivalent in cryptocurrency assets!
In other words, if you want to have back your money you have to... give other and more money to your scammers!
Please note the final part of the Bnax above text when it says:
"bnax reserves a right to lower the requirements at any time and at its sole discretion".
Do you want to know how "Bnax discretion" works? We have the answer,
The example above of a Bnax customer dashboard
shows you what happened to that customer who deposited about
1150 dollars equivalent in cryptocurrency. After completing KYC process
Bnax asked that customer to deposit 8845 dollars equivalent worth in crytocurrency
to accomplish Bnax "equity", to become "Institutional account"
and to unfreeze customer money!
-
a)
you will deposit other money as Bnax asks to you, but this is hard to happen,
because if you was scammed the first time by Bnax, allegedly you
won´t deposit more money; anyway we have to remember that Bnax can increase at any time its "equity" at its sole discretion (as we have seen above); so, if you will deposit other money, probably youwon´t see your money back anyway because then Bnax will increase his "equity" at its discretion with the purpose to block your money another time! It's potenzially a fraud with no end as the film ‑ "Never End Story" ‑ but in its horror version!
Indeed please remember, Bnax is scam and ONLY A SCAM!
-
b)
you
won´t deposit more money because probably youwon´t trust Bnax anyway and... Bnax wants it! Because in this case Bnaxwon´t unfreeze your funds and youwon´t get your money back for all your life!
As you can see Bnax fraud works on psycological aspect of customers mind!
-
First step: Bnax lets to make about and at least one arbitrage activity,
so customers trust it and then they are conviced to continue and deposit more money on
Bnax to continue arbitrage and make profits
-
Second step: Bnax blocks customers funds after
the first or second arbitrage activity of the customer;
at this step of the story customers contact Bnax staff
who blames customers themselves
because they have made "prohibited arbitrage",
because they have "manipulated the market" and
finally because they could be "money launderers"; obviously
all these allegations are FALSE but, as we have said, Bnax
works not only on fraud, but only on psycological aspects!
Now Bnax blackmails customers asking them big and dispoportionate deposits of other funds with the purpose of discouraging them; in this way customers will let their money to Bnax and Bnax will disappear from the network after some time.
In this phase is also important the legal appearance: as we have described here, Bnax fraudulently puts on the same plane "arbitrage" that is legal and money loundering that is illegal. The two mentioned thingscan´t be putted on the same plane but Bnax does this because it wants to annihilate its customers to avoid them to legally act against Bnax!
And more: Bnax blames customers to "manipulate the market" when they make arbitrage whileit´s Bnax itself that manipulates the market as we have seen above!
It´s a perfect psycological scam!
Simple! Bnax staff blames you another time because you
But the answer to this accusation it quite simple too! As we have said above
Bnax uses robots and private groups to promote its fraud. If you see some examples
of this Telegram groups
here,
here and
here (Bnax.com official group export copy)
you will see that each post shows you a "reference code"
(like, for example "S9LXXQ")
you can use on Bnax to register yourself; but you have to know that
without that code you
Do you understand? Bnax gives you the "reference code" you need to register
yourself, but Bnax itself gives this code with posts that promote
arbitrage activity that on Bnax platform
is not permitted by its "Terms and Conditions" rules!
Real fraud activity!
There is more to reply moreover...! Nobody usually can think that his money will be frozen
in that manner and usually nobody reads "Terms and conditions" page for a normal quite usage
of a cryptocurrency exchange! In other words "Terms and Conditions" rules
Obviously Bnax is vexatious and defrauds its customers. There is no doubt about it!