Share this content

FairBit Pro cryptocurrency scam?

Cryptocurrency trader asking for CGT payment before paying client for sale of bitcoins

Didn't find your answer?

A client is selling bitcoins through FairBit Pro.

FairBit Pro have calculated the CGT (!) and they are demanding that the client pays them the CGT before they release the sale proceeds.

Is this correct? I have done some Googling and FairBit Pro do not have a good reputation!

Many thanks

 

 

 

 

Replies (15)

Please login or register to join the discussion.

avatar
By David Ex
12th May 2021 11:03
Thanks (0)
By Duggimon
12th May 2021 11:05

FairBit Pro are unlicensed and a scam and not authorised by the FCA

https://www.fca.org.uk/news/warnings/fairbit-fair-bit

Thanks (0)
Hitch photo
By Kevin Kavanagh
12th May 2021 12:18

Rearrange these words into a well known phrase or saying: 'Pole Touch don't it barge a with'!

Thanks (0)
avatar
By SXGuy
12th May 2021 12:43

Stay well clear. Its not their job to collect your cgt, it's yours to declare and pay. Avoid.

Thanks (0)
Replying to SXGuy:
Kitten
By Hazel Accounts
12th May 2021 13:17

Totally agree - there is no mechanism for CGT to be collected by anyone other than HMRC.

Why would they ask for this? Even if they were going to pay it to HMRC (which seems improbable) surely they would just deduct from the proceeds? Isn't this like your employer asking for your PAYE tax before they give you your wages!

Thanks (1)
avatar
By ptax
12th May 2021 13:20

Many thanks everyone!

Thanks (0)
avatar
By SteveRA
12th May 2021 13:23

This is a scam, reported at length on 23 January 2021 in the Saturday Telegraph money section. The investment may well be lost and this is simply a means for the scammers to obtain even more cash.

Thanks (0)
avatar
By Paul Crowley
12th May 2021 13:27

It is a scam and the bitcoins lost with no tax relief

Bitcoins probably a fiction if bought on the platform with real money

Thanks (0)
avatar
By carnmores
12th May 2021 13:32

greed leads to terrible stupidity

Thanks (0)
avatar
By Paul Crowley
12th May 2021 14:05
Thanks (0)
Melchett
By thestudyman
12th May 2021 18:45

Hope your client did not find out about this company through Facebook. Facebook is just a hotbed for scams.

Thanks (0)
avatar
By Calculatorboy
13th May 2021 18:11

fools and their money..there is no free lunch

Thanks (0)
Replying to Calculatorboy:
avatar
By djn
20th May 2021 09:40

Calculatorboy wrote:

fools and their money..there is no free lunch


A very good friend of mine has made £3million on cryptocurrency so not all are fools so it seems.
Thanks (0)
Replying to djn:
avatar
By Paul Crowley
20th May 2021 09:52

Did he use FairBit?

Thanks (1)
Replying to Paul Crowley:
avatar
By djn
20th May 2021 10:31

Paul Crowley wrote:

Did he use FairBit?


No he didn't use that one.
Thanks (0)
Share this content