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DariStar

Opening bank account with Euro Exim Bank

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1 minute ago, Ylod said:

I couldn't get that file to open on their website at first for some reason.

Thanks so much for researching this!

It's all good. If they're legit they're legit. If they're shady they're shady. It's good to know which. 

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35 minutes ago, Archbob said:

Dude, its pretty clear that they are based in St. Lucia for money laundering and tax evasion. That is why the fees are so high. This is a bank with a total of 500k in assets and 150k in net assets.

 

Not really sure if I want Ripple to be associated with such a bank, seems shady.

I wouldn't say money laundering or tax evasion but they are likely offering favorable tax treatment which pretty much every legitimate company in the world takes advantage of. 

But sure they aren't the blue chip bank (most of which are also involved in all sorts of sanctions and laundering violations) but they're the type of bank that move first on something like XRP. That's how things like this happen, marginal/ gray area operators go first, then the establishment. 

It would be stupid for ripple not to work with them. And as far as I can see nothing they dont break any law and they see completely legal they just aren't licensed by the FCA anymore as a bank but can do remittances... Which is fine and how business operates when youre foreign registered. 

Edited by Konan45

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42 minutes ago, Archbob said:

Dude, its pretty clear that they are based in St. Lucia for money laundering and tax evasion. That is why the fees are so high. This is a bank with a total of 500k in assets and 150k in net assets.

 

Not really sure if I want Ripple to be associated with such a bank, seems shady.

Bitcoin is for money laundering and tax evasion not xrp. 😜

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3 hours ago, swanny86uk said:

They were based in Gambia in 2016 then moved to St. Lucia by the looks of it.

Mama Mia. I must really sign up. A Bank with it+´s origin in Gambia, nothing wrong with Africa though, that is not my take on the subject at all.

BTW I still do not get why this thread lives, it should have been shut down long ago as a SCAM.

Calling for Moderators to look into the subject.

Edited by zenkert

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2 hours ago, Nohut said:

U guys still hyped about a “ bank”with net worth smaller than my watch collection, that took money from Ripple xrp accelerator program?

 

mkay

I really would like to understand what motivates the stream of scorn that spews from you.  People here are simply investigating what the facts are,  and you seem to want to stand on a nearby bank and p iss down on everyone while constantly advising of your wealthy status.

What motivates you?

Edited by Tinyaccount
Changed to scorn from vitriol

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1 hour ago, zenkert said:

BTW I still do not get why this thread lives, it should have been shut down long ago as a SCAM.

What's wrong with the thread, it gives you more info and insight about the first bank to use xRapid? There are some nice follow up comments and links.

Or we should just open up threads and hype like headless cheerleaders? Maybe throw in some castles, bears and 4 digit price predictions.

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15 minutes ago, iLeeT said:

What's wrong with the thread, it gives you more info and insight about the first bank to use xRapid? There are some nice follow up comments and links.

Or we should just open up threads and hype like headless cheerleaders? Maybe throw in some castles, bears and 4 digit price predictions.

SWIFT they say or he say. I do not get this at all. BTW I am to old for this sheyt :P so I stick to HODL until I die :D

 

Edited by zenkert

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2 hours ago, zenkert said:

Mama Mia. I must really sign up. A Bank with it+´s origin in Gambia, nothing wrong with Africa though, that is not my take on the subject at all.

BTW I still do not get why this thread lives, it should have been shut down long ago as a SCAM.

Calling for Moderators to look into the subject.

What are you talking about. If anything you should thank Dari for doing some digging.

 

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OK, as promised I am back with what the FCA said to me on the matter. Not exactly clear cut, but here it is anyway.

First e-mail:

Thank you for contacting the Financial Conduct Authority (FCA) with your inquiry regarding Euro Exim Bank Ltd. I understand you've recently been introduced to the firm through an advertised partnership with Ripple Labs which provides advanced blockchain based remittance solutions. I also understand you're interested in becoming a client of theirs but you'd like to check the firm with ourselves first. I can appreciate this must be a concerning and important matter to you and I'm glad you've come to us for some guidance. 

Euro Exim Bank Ltd 

The FCA’s Financial Services Register is a database of financial firms and individuals that have been or are regulated by us. Based on the name ‘Euro Exim Bank Ltd’ you’ve provided me with, I’ve found an entry for the firm with the unique reference number 544538 which appears to be the firm you’re referring to.
From their entry on our Register, I can see that they are no longer authorised to provide regulates products and services from 17 February 2017.

Please note, if you’ve conducted business with a firm that’s not authorised by us, you will not have protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme in the event something goes wrong.

Additional information

I understand from your webform that you state the firm provide blockchain based remittance services. The activity of buying or selling cryptocurrency is not in itself regulated, therefore the firm would not need to be authorised for this alone. You also however refer to the firm providing banking services. Please can you provide me with some additional information in regards to exactly what the services the firm are offering you.

What we’ll do with information you’ve provided

We take consumer concerns regarding the conduct of a firm seriously. Based on the information you’ve provided, I’ll be raising this with our Unauthorised Business Department within the FCA.
 
Please note that we’re unable to provide feedback regarding what action is taken as a result of the information that is shared with us. You can read more about these restrictions and why they exist via the article: ‘Information we can share’. 

Then the second e-mail after I have added the price list @DariStar posted in this thread and the link for the St.Lucia banking licence also posted earlier in this thread.

Thank you for your prompt response to my previous email and for providing the additional information, it's really appreciated. 

Euro Exim Bank Ltd

I understand after viewing the firms entry on our Financial Services Register, you've seen that the firm previously had permission for money remittance, however I must make you aware that this is no longer valid due to the firm no longer being authorised. This is a firm that can no longer provide regulated products and services.

Please be reminded, if you were to conduct business with a firm that’s not authorised by us, you will not have protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme in the event something goes wrong. If you are thinking to proceed with this firm, you may wish to seek your own independent financial and or legal advice to better understand the protection that may or may not be available to you.

St Lucia Regulator

I note that the firm claim to be under the jurisdiction of St Lucia. I am concerned that the website you have found this to be a valid claim on is potentially not the legitimate website of the St Lucia regulator. We would suggest you contact the St Lucia regulator only on the below contact details to confirm this.

Email: finsersup@gosl.gov.lc
Telephone: +1758 468 2990

What I've done with the information you've provided

Due to the firm not being FCA authorised, and as you believe that they're potentially offering regulated products and services to UK consumers without the correct authorisation, I have shared the information you've provided with our Unauthorised Business Department for their intelligence. As I mentioned previously, we wouldn't be able to provide you with an update to what we do with the information you've provided us. I can appreciate this may be frustrating but please rest assured the information will be reviewed carefully.

Your next steps

If you're concerned that this may be a scam firm, you'll need to report your dealings with them to Action Fraud. They’re linked with the City of London police and are tasked with investigating matters such as financial crime and internet fraud. You can contact them on 0300 123 2040.

I understand you'd like to know if the firm can legally offer the products they are offering consumers. You may also wish to seek some legal guidance regarding this matter. Citizens Advice are able to provide free and impartial advice. You can contact them on 03444 111 444.

I'd like to thank you again for providing the additional information. I hope the information in my response has been helpful to you.

Again, I am not going to draw any conclusions here, I'll leave that to each one of you to do yourself.

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3 hours ago, Ylod said:

OK, as promised I am back with what the FCA said to me on the matter. Not exactly clear cut, but here it is anyway.

First e-mail:

Thank you for contacting the Financial Conduct Authority (FCA) with your inquiry regarding Euro Exim Bank Ltd. I understand you've recently been introduced to the firm through an advertised partnership with Ripple Labs which provides advanced blockchain based remittance solutions. I also understand you're interested in becoming a client of theirs but you'd like to check the firm with ourselves first. I can appreciate this must be a concerning and important matter to you and I'm glad you've come to us for some guidance. 

Euro Exim Bank Ltd 

The FCA’s Financial Services Register is a database of financial firms and individuals that have been or are regulated by us. Based on the name ‘Euro Exim Bank Ltd’ you’ve provided me with, I’ve found an entry for the firm with the unique reference number 544538 which appears to be the firm you’re referring to.
From their entry on our Register, I can see that they are no longer authorised to provide regulates products and services from 17 February 2017.

Please note, if you’ve conducted business with a firm that’s not authorised by us, you will not have protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme in the event something goes wrong.

Additional information

I understand from your webform that you state the firm provide blockchain based remittance services. The activity of buying or selling cryptocurrency is not in itself regulated, therefore the firm would not need to be authorised for this alone. You also however refer to the firm providing banking services. Please can you provide me with some additional information in regards to exactly what the services the firm are offering you.

What we’ll do with information you’ve provided

We take consumer concerns regarding the conduct of a firm seriously. Based on the information you’ve provided, I’ll be raising this with our Unauthorised Business Department within the FCA.
 
Please note that we’re unable to provide feedback regarding what action is taken as a result of the information that is shared with us. You can read more about these restrictions and why they exist via the article: ‘Information we can share’. 

Then the second e-mail after I have added the price list @DariStar posted in this thread and the link for the St.Lucia banking licence also posted earlier in this thread.

Thank you for your prompt response to my previous email and for providing the additional information, it's really appreciated. 

Euro Exim Bank Ltd

I understand after viewing the firms entry on our Financial Services Register, you've seen that the firm previously had permission for money remittance, however I must make you aware that this is no longer valid due to the firm no longer being authorised. This is a firm that can no longer provide regulated products and services.

Please be reminded, if you were to conduct business with a firm that’s not authorised by us, you will not have protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme in the event something goes wrong. If you are thinking to proceed with this firm, you may wish to seek your own independent financial and or legal advice to better understand the protection that may or may not be available to you.

St Lucia Regulator

I note that the firm claim to be under the jurisdiction of St Lucia. I am concerned that the website you have found this to be a valid claim on is potentially not the legitimate website of the St Lucia regulator. We would suggest you contact the St Lucia regulator only on the below contact details to confirm this.

Email: finsersup@gosl.gov.lc
Telephone: +1758 468 2990

What I've done with the information you've provided

Due to the firm not being FCA authorised, and as you believe that they're potentially offering regulated products and services to UK consumers without the correct authorisation, I have shared the information you've provided with our Unauthorised Business Department for their intelligence. As I mentioned previously, we wouldn't be able to provide you with an update to what we do with the information you've provided us. I can appreciate this may be frustrating but please rest assured the information will be reviewed carefully.

Your next steps

If you're concerned that this may be a scam firm, you'll need to report your dealings with them to Action Fraud. They’re linked with the City of London police and are tasked with investigating matters such as financial crime and internet fraud. You can contact them on 0300 123 2040.

I understand you'd like to know if the firm can legally offer the products they are offering consumers. You may also wish to seek some legal guidance regarding this matter. Citizens Advice are able to provide free and impartial advice. You can contact them on 03444 111 444.

I'd like to thank you again for providing the additional information. I hope the information in my response has been helpful to you.

Again, I am not going to draw any conclusions here, I'll leave that to each one of you to do yourself.

Now you've got the bureaucratic tail wagging the forward looking dog. Do you really think Ripple is trying to pull a fast one on us? Have a little faith in your investment.

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3 minutes ago, VanGogh said:

Now you've got the bureaucratic tail wagging the forward looking dog. Do you really think Ripple is trying to pull a fast one on us? Have a little faith in your investment.

Never hurts to check facts, or does it?

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Just now, Ylod said:

Never hurts to check facts, or does it?

The truth is we don't know anything, and neither do these half witted bureaucrats. They only serve to slow down people who stake to make real progress in a stuffy environment. 

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