Dukascopy Bank recently warned against a fraudulent entity called Unitrade Enterprises Limited which is claiming an association with the lender. The bank said that it has nothing to do with the entity and has not affiliated it in any way.
Misrepresentation for Dukascopy
Unitrade Enterprises runs a shady business that spans a variety of financial tools and assets like cryptocurrency and asset management. The company suggests that it was established in 2003 and has a staff of more than 200 personnel. It also claims to have a market capitalization of $65 million. Dukascopy was offended by the company’s comments that it processes all its client transactions via the bank.
It quickly confirmed that the claims made on Unitrade’s website were fraudulent and the bank had nothing to do with the website. They also advised users to avoid engaging with the website. The company said in a statement, “UNITRADE ENTERPRISES is fraudulently using Dukascopy’s name for attracting clients/investors, without Dukascopy Bank’s permission. We are taking action against this dishonest organization. We ask for extreme caution toward such an organization basing its promotion on a lie.”
An attempt to mislead investors
Dukascopy clarified that Unitrade is using its name to mislead investors into believing that they are offering a legal product. It added that if the fraudulent company ever runs into trouble, the bank will not be responsible for helping users recover their funds.
Note that Dukascopy is an established forex broker and banking entity with a revenue of $14.23 million in the second half of 2019. The bank’s operating revenue last year for the same period was similar, signifying stagnation of income.
The bank is now working on the crypto front, providing a crypto deposit and withdrawal facility to the users. It also allows users to make crypto transactions internally, free of cost, using its mobile banking service. It runs a custodial service for Dukascash tokens and accepts the cryptocurrency from the clients as service payment fees. It is pegged 1:1 with the fiat currency.