COTPS, also known as Cryptos OTC Trading Platform, has been the subject of much debate and controversy in the online Crypto investment community. The platform, which started advertising in 2019, claimed to be a global over-the-counter trading platform that had amassed over 100,000 customers within a year. However, recent developments have raised questions about the legitimacy of COTPS, with many labeling it as a high-yield investment program (HYIP) scam.

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What is COTPS?

COTPS is an online platform that promised to bring passive income through over-the-counter and arbitrage trading. It suggested impressive daily returns of up to 3.6% on investments. The platform claimed that the digital assets held within their app were protected by FDIC insurance, with coverage of up to $250,000 USD per customer. Furthermore, COTPS stated that it was registered in the US and had been approved as a Money Services Business (MSB) by the U.S. Financial Crimes Enforcement Network (FinCEN).

However, it’s important to note that FinCEN is not a regulatory body and cannot provide any kind of financial license. Similarly, MSB is a directory of registered companies and not a regulatory body. To legally provide financial services in the US, COTPS should have been regulated by legitimate authorities like the FDIC, FRB, and SEC. In this regard, COTPS has been accused of falsely advertising that customers are protected by FDIC insurance.

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Is COTPS a Scam?

According to various sources, COTPS has been identified as a fraudulent venture, functioning as a Ponzi scheme that only paid investors through an unlawful financial arrangement. The platform has been accused of using new members’ money to reward existing ones, with no real investment or trading happening. This is a typical characteristic of a Ponzi scheme.

The returns purported by COTPS are highly unrealistic and likely fraudulent. Offering up to 3.6% daily, which would equal over 100% each month, is just not possible in legitimate investment or trading programs. Furthermore, the platform has been inactive recently, leaving many seeking alternative money-back solutions.

User Reviews and Feedback

Feedback from customers about COTPS is consistently negative. Customers have created YouTube videos showing their accounts and what exactly happened. Others posted reviews on Reddit, Trustpilot, and other eminent websites. Many users reported that they lost money when the site suddenly became inactive, and their attempts to withdraw their funds were unsuccessful.

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Conclusion

Based on the information gathered from various sources, it’s clear that COTPS is not a trustworthy platform. The returns it promises are unrealistic, and its claims of being regulated and insured are misleading. It’s advisable for potential investors to be cautious and avoid platforms that promise high returns with little to no risk.

If you find yourself a victim of COTPS or a similar bogus MLM scam, it’s recommended to seek professional help to assist in getting a refund. Always remember to do thorough research before investing in any platform, and stick with companies that are officially regulated.

In conclusion, while the allure of high returns can be tempting, it’s crucial to remember the old adage: if it sounds too good to be true, it probably is.