L7 Arbitrage Trades – Legal Rumblings (English)


L7 Arbitrage Trades

The l7 posted a notice yesterday on their website and news item called sheets on violation of the legislation of the country of Ukraine now it’s all quite complex sounding and I’ve had several people contact me asking or what it’s all about how the heck do I know well let’s try and dissect it so here’s that legal notice up the top here in red Red’s always a little bit scary isn’t it unless you’re talking about sales so if we click on that now I don’t know if anyone’s ever heard of NKC PFR but it’s a bit of a mouthful and they very kindly put up an English version as well as the Russian version now you can read all this if you want I’m just gonna bring you the highlights so this news item is a response from l7 and their legal team to a notice that was posted on the Ukrainian national securities and stock market Commission’s website so let’s have a look at what the Ukrainian authorities have been saying so first of all who are the national securities and stock market commission for the Ukraine well if you’re familiar with the SEC in America or the FCA in the UK every country has a national body which monitors and enforces the financial regulations of that specific country so this is the Ukrainian equivalent of the SEC and this article is a warning about l.7 trade and another company a totally unrelated company called FTC I’m not sure why they grouped them into the same article bit lazy anyway the Commission says it warns investors about investing in l7 trade so this was published on the night of September and they say that they’re continuing to monitor questionable financial projects scam projects that promise citizens a quick and guaranteed income and again reminds that investments in such projects often result in partial or complete loss of money well any of us who are operating in the crypto space investing are fully aware of scam projects so nothing new there so according to information available in the Commission two new scam projects l.7 trade an FTC have been activated and by activated I think they mean have just come to light have begun have initiated have started usually the purpose of such projects is to raise a certain amount of money from trusted citizens and then disappear by closing the site yeah you’re right that is what a scam is about then the project changes its name and opens a new website under a new brand yep that’s what the scammers do that is why the websites of such malicious projects are often very similar in structure only the names and fictitious methods of profits are different so that’s nice they’re giving us a little bit of education on what general scams are all about the websites of the above-mentioned projects of seven trade an FTC are no exception the similarity of the content and structure of the sites is easily traced all right so let’s have a look at that we know what else seven trade looks like let’s have a look at what TC looks like now I know it’s a little bit difficult because this is a translation but you can see from this website so the first option here 24 hours deposit so this is a 24 hour investment you get percent daily next one for seven days you get an extra bonus of 0.34% 14 day deposit 28 day deposit so this is a standard loan type site you give them some money and they promise to give you back a little bit with interest so it’s nothing at all like l7 so the sec equipment are saying that is why websites of such malicious projects are often very similar in the structure well I can see what they mean with FTC FTC just looks like a standard structure of any of the usual scummy sites where you put in money and they give you a percentage l7 is not like that hope till recently I’ve never seen a website quite like l7 anyway so when they say the similarity of the content and structure of the websites is easily traced I don’t agree with that on average the lifespan of such projects is no more than two to six months depending on the amount of money invested in the site development and advertising yeah I agree with you there guys they want to say that the Commission notes that scam projects have been increasingly distributing their content through YouTube channels the book mentioned projects are no exception they are actively advertised by bloggers who are not related to investing in the financial markets but have a large audience such video content usually has a lot of user feedback about its alleged about its allegedly successful investing experience but such feedback is paid commentary by non existing users bots not fully sure what they mean by that last part but I do understand yes youtubers often promote projects that can be scamp’s some deliberately and some are just caught up with scams it is important to understand that earning income and scam projects is possible only by attracting funds from new participants that’s what a Ponzi is therefore no real trading and invest when transactions are undertaken by such projects well that is a concern for me with l7 is there any real trading going on I still don’t know we’d only fully know if there was full transparency due to the imperfection of the current legislation the organizers and participants of such fraudulent projects usually avoid any responsibility in Ukraine public authorities are very limited the capacity to prevent and counteract these manifestations in particular there is no regulation by the financial regulator I thought you’re in a financial regulator but what they’re saying is cryptocurrency is not regulated law enforcement agencies in Ukraine have a low percentage of detection of such offences one of the reasons is that such companies are usually registered in other countries like the Seychelles and because of the lack of cooperation with the relevant financial and law enforcement agencies of these countries we are unable to identify these persons and refund our money now what do you think of all that stuff is it good news that l7 has been mentioned by the crania Nesi see no it’s not I think it’s interesting that they’ve thrown them into the same bucket as the other company FTC just a quick look at the FTC company without having gone into any detail on them yeah it looks very scummy l7 not try it it doesn’t look scummy to me as I mentioned in my original review on the l7 trade there is a serious investment of time and money that has gone into this company something like FTC looks like it could be thrown together in a few days l7 dot trade requires a significant infrastructure a significant network of partners and connections and counts with all these exchanges interfacing with their api’s it is a complex beast now does that mean l7 our trade is legitimate no it doesn’t because I don’t know the only way we’d know is if they were totally transparent and today they refuse to be now today is the 15th of September while I’m recording this and one of the options here the coordinator menus is supposed to be gone live now it’s not there estimated launches today maybe they’ll go live with it later today or over the next few days I don’t know but this coordinator element is about having representatives in his country and those representatives will have offices people Manning phones a place where you can visit and ask questions but l7 not trade and if that all happens if that is all real then that’s a really good move it adds a legitimacy to l7 our trade so l7 trade have plans and whether it comes off or not I don’t know it’s the 15th but it hasn’t materialized yet but it’s still might and I have applied as some of you know it to be a coordinator for the UK but on condition that I get full transparency from l7 I would not represent l7 unless I knew a hundred percent that they were a legitimate company involved in actual trading and I need to know who was behind the comp I need to validate them and once I knew all of that I would be prepared to be a coordinator a representative for the UK now whether that happens or not I don’t know now this complex response here to what the Ukrainian Commission said before I just highlight the main points of it I just want to say let’s ask the question why did the Ukrainian Commission mention l7 that rate well first of all the craning Commission has no authority whatsoever over l7r trade the registered in a totally different country the Seychelles what’s most likely happened is a citizen of the Ukraine as contact and said is l7 a legitimate company and then they’ve had a quick look at them and said no they’re not regulated they’re not registered they’re probably a scam have they offered any evidence to suggest l7r scam no they haven’t even offered that for FTC either they’re just having it shout about it and about scams in general they could have put any company in there so in a way the article was meaningless they didn’t make any effort at all to look at the l7r trade operation they’ve just generically applied what scam projects are and mentioned l.7 trade in there so if this was a regulated environment and whatever else he l.7 trade could theoretically do them for slander but that would only be if l7r trade it was a completely legitimate company and they could be now it’s interesting that l7r trade has responded to this and they’ve written a very long article so let me just highlight the the main points of it because it’s quite difficult to understand so they’re letting us know that the l7 company management and their lawyers have reviewed the article published by the ukrainian SCC and these three sections here are just saying that the Ukrainian SEC are responsible for legal compliance with financial regulations in the Ukraine and then the lawyers of l7 have said that based on the current legislation in the Ukraine they’ve come to the conclusion that the article was completely fabricated now I think this has got to be a lost in translation or missed translation by google because that is a government website the article is not fabricated what they probably mean is the article is a lot of rubbish and I’d agree with them there also the article does not provide acts of evidence I mentioned that already it’s a completely generic article on any scam company it just happens to mention l7 and FTC nl7 says it doesn’t have any basis on the applicable law and I think they’re right because cryptocurrency is not regulated and they’ve no legal basis for verification monitoring or order actions aimed at l7 trade and that’s correct they don’t l7 trade is registered in a totally different country the only issue for the Ukrainian SEC is to try and protect its own citizens the Ukrainian citizens and they’re basically saying they can’t so what they’ve done is they pray that generic articles saying oh there’s lots of scams about l7 that trade is an example of them and so is FTC but they haven’t demonstrated that either of those companies are actually scams they’re just saying they probably are Scouts which is a bit slanderous anyway l7 not trade goes on and on and they rightly say down here that l7 trade is not affiliated with another company that compared the platform so they’re referring to that FTC and then they say that Ukrainian SEC is violating the rights of the company ie l7 and the current legislation in Ukraine and you know what they could be right so the l7 international lawyers are extremely surprised at the actions of the Ukraine SEC and they obviously don’t agree with it now it’s interesting that they’ve written this very long article in response to what the Ukrainian SEC is set now one day all this stuff will be regulated but at the moment it’s not so cutting to the chase my opinion of this whole thing is it’s a load of rubbish l7 that trade of come back and went hey that’s disgraceful what are you doing challenging us you know you’ve got no legal basis to do that and we’re quite upset that you’re slandering our name and you’ve got no evidence and you’re putting us in the same book as this other company FTC which has nothing to do with us so it’s interesting that they were affronted by what Ukraine SEC did and I like that I don’t know if l7 is legit I don’t know that but little things like this where they push back and go hey you know we got our lawyers involved and we don’t like what’s being said about us and our company I like that I think that’s a pretty good sign it’s not a huge great sign but it’s a good sign any they’re my thoughts and I’m sorry if this is quite boring but most legal stuff is terribly boring alright take care guys you

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