Crypto-Trading Platform Shuttered Over Missing £1.5M

Law360, London (June 30, 2020, 11:41 AM BST) -- A judge has shut down an online cryptocurrency trading company that claimed to be backed by high-profile entrepreneurs after it lost £1.5 million ($1.8 million) in clients' cash, a government agency said Tuesday.

GPay Ltd., which traded as XtraderFX, was placed into liquidation at a High Court hearing by Deputy Judge Stephen Baister, who ruled on June 23 that the company had "demonstrated a lack of commercial probity," the Insolvency Service said.

The court heard that GPay described itself as a platform which could be easily used by customers who had no trading experience. The company targeted consumer in the U.K. and...

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