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Luxembourg’s regulators warn users about BitPay’s clone

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Luxembourg Regulator CSSF warns crypto enthusiasts against BitPay's clone

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Luxembourg is emerging as the hub for the growth of cryptocurrencies in the European market. While several European countries are slowly embracing blockchain and cryptocurrencies, members of the ‘Big Four’ auditing firms such as PwC and Deloitte have recently announced the integration of digital assets in their Luxembourg-based offices.

However, the diverse opportunities in Luxembourg’s market have also raised the chances of popular website clones being developed. These cloned websites are designed to generate huge amounts of capital through illegal actions. Recently, the suspected action of website cloning surfaced again after Luxembourg’s financial regulatory body, Commission de Surveillance du Secteur Financier, issued a notice to warn users of a BitPay clone.

Crypto-hobbyists and traders in Luxembourg market were shocked with this development, as Luxembourg‘s regulator started considering appropriate measures to safeguard its citizens from falling victim to BitPay’s clone. Earlier this year, the cryptocurrency payment service provider had stepped up security measures for a significant number of high-value payments, refunds and payouts.

A short while back, PwC [PricewaterhouseCoopers] Luxembourg had revealed its plan to accept Bitcoin payments from clients soon, as the Luxembourg-based office of Deloitte started carrying out trials so that its employees can buy their lunch using the latest payments technology. Similarly, BitPay is boosting its operations in Europe for maximizing the opportunities emerging in the Luxembourg market. The BTC payment service provider recently launched support for Ethereum [ETH], the second largest digital asset in terms of market cap.



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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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