Libyan Technicians warn against dealing with a fictitious bank featured as a prominent participant in the 11th Edition of Libya International Telecommunications and Information Technology Exhibition and Forum, held at the Tripoli International Fair.
Technicians stated in posts and articles circulated on social media that Gulf Crypto Bank is one of the fraudulent platforms operating solely as a company. It lures its victims into the realm of network marketing and digital currency trading, including stock exchange, while offering traditional banking services such as fund deposits and ATM card issuance without genuine, reliable, and authorized legal licenses and justifications.
All of this comes against the backdrop of the founders of this bank being linked to other companies proven to be involved in fraudulent activities, operating from the Comoros Islands and Turkey. These campaigns rely on fake accounts across social media platforms, exaggerate the expected profits, and highlight the absence of official entities overseeing subscriptions, in addition to its fictitious branches in various countries.
On the other hand, media reports, as per available information, mentioned that Gulf Crypto Bank is not listed in the British Financial Conduct Authority’s register of financial firms and is not registered in the US commercial register as a licensed bank engaged in financial activities.
It is worth noting that Gulf Crypto Bank had entered into a partnership agreement with the Sahelo-Saharan Bank for Investment and Commerce during its inauguration ceremony last October. The bank’s director announced the opening of a branch in Libya, welcomed and supported by the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh.