Business ProfileforForexLiteTrade, Ltd.

On July 7, 2020, BBB conducted an Advertising Review in a complaint from a consumer regarding Objective Superlative Claims. The business website included several claims such as "We are the first and the best in cryptocurrency", "Official partner of Bitcoin Foundation" which is no longer in operation, "World of #1 cryptocurrency trading", "Leading Cryptocurrency Exchange Since Day One of Bitcoin Distribution". According to the BBB Code of Advertising, when these terms are used, any superlative statements are objective claims and must be proved or disproved.

The business failed to respond to the BBB regarding this advertising review.

On August 7, 2020, the BBB completed its investigation, BBB has found this website to be a scam website, beaconfx.online, as well as many others listed on their BBB Profile: https://www.bbb.org/us/tx/texarkana/profile/high-risk-behavior-practices/forexlitetrade-ltd-1015-90075047. The address used, 4251 Summerhill Rd, Texarkana, TX 75503, has been confirmed as non-existent by the local post office. The BBB has found that this business is running a Fake Trading Exchange Scam. The BBB has made several attempts to contact the business at this time we have not heard back from the business.

Cryptocurrencies are not legal tender in any jurisdiction; they, unlike the conventional currencies issued by a monetary authority, are not controlled or regulated and their price is determined by the supply and demand of their market.

Virtual currencies, such as Bitcoin, have been determined to be commodities under the Commodity Exchange Act (CEA). The U.S. Commodity Futures Trading Commission's (CFTC) jurisdiction is implicated when a virtual currency is used in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce.

Cryptocurrency scams occur when the virtual coins are purchased from, traded by, or stored with a person or exchange site that turns out to be fraudulent. Sometimes these digital assets are purchased as part of a fraudulent Initial Coin Offering (ICO), in which investors are scammed into paying money or trading digital assets for a company or product that never materializes.

The BBB has reported the fraud and other suspicious activity involving cryptocurrency, or other digital assets to* FTC at Internet Crimes, www.ic3.gov and the Commodity Futures Trading Commission (CFTC).