Igot, an exchange of bitcoin alleged based in Australia, seems to be presenting failures for some time in its platform. Company founded in 2013 which offers its services in 40 different countries, and includes the ability to buy and sell Bitcoin, remittance services, trade futures and business services, they now owe them hundreds of thousands of dollars to their clients.

From mid-2015 the company clients, began to presents complaints about delays in transactions in cash, in addition to the fact that the company was not responding to support tickets for processing such complaints. By then, SiliconAngle website, gave the task of track towards the foundation of the company in order to verify the information supplied by the same, meeting with some loose ends, since according to their investigations determined that the company that claims to have official center in Australia was registered in the Securities Commission and investment from Australia (ASIC) in Melbourne in June 2014 about 12 months after the date in which States have been founded.

At the same time, that research by SiliconANGLE found that the addresses provided by the company reveal that they are all virtual offices, except one which according to monitoring carried out, is located in the India, therefore the information of the company appears to not be legitimate. Likewise, they gave the task of investigating his team also obtained many loose ends, where apparently the so-called founder and CEO of the company not seem to have existed before the foundation of the company.

Recently the “founder” of Igot, Rick Día admitted to ABC that it was struggling to pay to their clients.

“I am very conscious that clients are affected and the clients are very unhappy with this, but I’d like to show to each and every one that we have not lost their money. We have not escaped with anything and we will return the money.”

However, the same review of the ABC, claims to have contacted the American businessman Jesse Chenard, who worked with Igot as Advisor in 2014 and said that things were not quite right. According to Mr. Chenard, Igot was not buying enough bitcoin for the amount of money that was taking.

“What people thought that he had bought with his Australian dollar or Indian rupees or in US dollars or in any type of currency with which negotiated, not had bought them really. Not it had been bought for them”, said Chenard.

Meanwhile, the Securities Commission and investment from Australia, which is responsible for the regulation of financial products and services under the Societies Act, said that it was unable to act on the complaints because Bitcoin was not considered a product or financial service.

The regulator said Tuesday that it will investigate if the company collapsed.

“As same like with any company, if it were to go into administration or liquidation and there were suspicions of irregularities or violations of the law, would be a matter that we would find out”, a spokesman said.

However, the need for regulation on companies that operate with bitcoin and other crypto-currencies is necessary for many users, who are affected directly or indirectly to alleged fraud or irregularities as presents Igot company and on which apparently there is nothing to do, just wait, because this is the continuous response they receive when they come to the agencies for help.

For its part, the ADCCA (Australian Digital Currency & Commerce Association) is taking steps to further strengthen the protection of consumers with the launch of the new code of conduct of the industry of digital currency. That will formally launch next month, so says it its CEO Nicholas Giurietto:

“The certification ADCCA under the new code of conduct of the industry of digital currency will provide a guarantee of external audit to the consumers that are dealing with a company with strong processes of protection to the consumer. These include the standards of privacy and data security and a plan of external conflict resolution.”

The ADCCA spokesman also said that company Igot, was never part of the Organization, because they did not meet the requirements. But still not stipulated the regulation of the crypto-currency in Australia, becoming increasingly more imminent the need to do it because are the same users who demand it.

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