Remitano Review: An Unregistered Crypto Lending Platform

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Remitano Review: An Unregistered Crypto Lending Platform

Remitano is an unlicensed and unregistered crypto exchange and lending platform. Here’s our clear review and the risks involved with their crypto lending services.

Active in Vietnam, the exchange has now crossed borders and is accepting members globally. This poses a challenge to many investors due to the lack of regulatory oversight that would protect their data, privacy, and overall finances.

Most of the users or rather large sign ups come from Africa (Nigeria), Asia, and North America. The founders include Phuong Nguyen and Dung Huynh who are Vietnamese nationals. Their LinkedIn profiles make no mention of their association with the platform.

Remitano Exchange Pros and cons

Quoine is the link between these two founders. For those who don’t know, Quoine was a Japanese trading exchange platform with offices in Vietnam. After its collapse, the two decided to come up with their own Crypto Exchange.

Remitano works in more ways as the Japanese exchange, making Quoine the inspiration behind the project. Apart from associating with the founders, there’s little information regarding the platform or their registration.

That’s why we find the platform as a high-risk investment option without any proof of accountability. Transparency is another aspect that makes it a high-risk investment. It’s one of the reasons to be extra careful before signing up.

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Here’s our detailed Remitano Review.

A brief look at Remitano and what it’s all about

The platform offers crypto lending from a pool of about $6 million in total supply. Remitano claims they can offer up to $1 million in borrowing with 7 crypto assets also available for trading. That’s why we need to expose the platform’s risky aspect.

Without proof from a regulator that these assets are indeed available, we have to expose the fact that we are dealing with a scam. A platform has to have their liquidity known by regulators to protect investors from unforeseen risks.

What happens when the platform decides to close shop? Members don’t know who to turn to as the platform fails to offer deposit insurance. We firmly believe the two have amassed wealth from several crypto heists.

The funds available for lending are as a result of the Crypto heists we have seen all over the world. Members are urged to deposit crypto to an unregistered platform and it will act as a loan collateral.

Members also claim they have the ability to borrow Crypto and FIAT instantly, with ‘no approval required.’ That’s where we draw the line with the platform as it seems they are giving money away.

Once you successfully repay the loan, the platform guarantees to release the assets put up as collateral. You need to understand that nothing comes easy and this too won’t be the same. There’s a reason why you have to choose reasoning over free gifts.

What interest rates does the platform offer for you to get loans? And what’s the price of the collateral against the crypto or FIAT loan? These are the questions most investors fail to answer coming in.

That’s why we need to take a deep dive into the platform.

How the Remitano Exchange Platform works

It all starts with the exchange, where you sign up to buy or sell Crypto. We tried buying Bitcoin from the exchange using the Remitano converter. As it turns out, it’s a huge problem as the platform fails to deliver in terms of rates.

Despite claiming to have an Escrow-protected platform, that’s not the case. The platform quickly swallowed our FIAT when we tried to convert to Bitcoin. With the rates shy of the market prices, there’s everything to question the methodology.

What we have is a platform lacking in depth and transparency. The rates at which people exchange are higher than any other Exchange on earth. And this means the owners are making a killing with the rates.

There’s also the issue of the platform failing to convert some of the FIAT to Crypto. As victims fail to get the crypto sent to their wallet address. It’s clear there’s interference when it comes to the P2P trading aspect of it.

And then there’s the mother of all, the collateral you will have to put in place to receive loans. Did you know that the value of the collateral is three times what you get? That’s the highest rate we have ever seen.

Scammed by

As it turns out, those who dare give their asset as collateral won’t recover or get them back. Even after fulfilling the loan requirements, the platform ends up owning the collateral. We have seen such complaints before in other failed crypto lending platforms.

It all starts when the platform claims to offer reasonable crypto lending services. The platform can offer as much as $50,000 in loans. All you have to do is put up collateral worth $150,000 or more.

And with this, the procedure of payment gets laid out and a contract gets signed. What most users will start incurring interest rates the moment the loan goes through. There’s no grace period with Remitano.

The platform will also likely change the terms mid-way the loan agreement. That may include increasing the interest rates and decreasing the payback time. It’s an effort from Nguyen and his team to take full charge of the assets.

Remember that in most cases, these loan members already have access to crypto. And their account balances on the platform act as collateral. It’s likely won’t deliver on fair crypto lending terms and conditions.

Without any regulation, members have no one to turn to when trouble starts brewing. You end up paying the loan and lose the collateral as well.

Customer Testimonial Remitano ratings and reviews

One user claims to use the platform for a long time thanks to the lending and staking options. Beware of sales pitches from comments as these are paid artists. As seen before, even the platform inspiring this exchange was a scam.

In 2019, Singapore found Quoine liable for manipulating 3092 BTC in trades. That’s the same scenario as some of the trades conducted by users don’t add up on Remitano. To profit from these trades, the platform hides behind RENEC, an in-house coin.

There’s no doubt that Remitano will collapse with regulators in Asia now keen in ensuring there’s fair play from such exchanges. Securities fraud is one of the biggest setbacks as Remitano will soon face charges.

It’s sad that most users don’t even get to withdraw their collateral even after paying back the loan. The platform moves quickly to shut them out by closing their accounts citing account lending violations.

Is Remitano legit or a scam?

There’s no doubt Remitano is a scam. Those who have signed up with the exchange should know the days of this platform are numbered. The platform fails to offer a valid operator’s license from any regulator.

With the platform offering services to Americans, the SEC will soon issue a cease and desist order. There’s every reason for the SEC to come for Nguyen and the team behind this risky crypto exchange and lending platform.

Why, you may ask?

The platform fails to adhere to ANY Lending oversight in Vietnam or any other jurisdiction.

Our Verdict Remitano

Seeing the high risk involved, we recommend using tested and vetted exchanges.

P2P trading is one of the best ways of earning passive income. Try it today.

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