Raisex is one of those exchanges that is a nightmare to users simply because the owners intentionally set things up to make it easy to make deposits but practically impossible to bring out your funds.
This is a reason to check well before investing your funds with any exchange, especially those exchanges that are not known to have built good online reputation. In fact, you should keep away from very small exchanges irrespective of the attraction.
Understandably, we are aware that the reason why some investors get trapped with some unreliable exchanges is the fact that some teams collaborate with some of these obscure exchanges in airdrops and listing because their fees are cheaper.
What is Raisex?
Interestingly, the Raisex website stated that the company has a platform meant to enable investors trade assets for their companies. This may create the impression that the target of the platform is corporate investors but this is not strictly true.
It highlighted that the purpose is to help in the circulation of crypto assets through what it called crypto-based instruments. Like all exchanges, Raisex claims it is manned by professionals and that investors’ funds are secure.
Concealed Domain Information
The date the domain was registered could not be found because the owners concealed domain details using privacy features. This should be a bad signal to any discerning investor. When a business is not transparent, it should be avoided at all cost.
Emphasis On KYC Verification
KYC is a standard practice by most regulated exchanges. The essence is to make sure that their platforms are used within the ambits of the law. However, scam exchanges like Raisex capitalize on this account verification process to lock up funds belonging to legitimate users.
Here is the company’s statement on KYC:
“The verification is controlled by another company and not by raisers [sic]. To check if all documents are authentic.
Users will not be accepted. Example: Documents and selfies by Moms / grandmothers / and not real users. (My grandmother does not do crypto trading)”
Well… that may be faulted but that is beside the point. What is obvious is that Raisex subtly defended its intention to lock up accounts and steal funds of investors under the pretext that they failed KYCs. Why would they be certain that the checkers would deny old citizens access to their accounts having already claimed that the process is not internally controlled.
Scam exchanges generally seek grounds to legitimize their criminality.
“The checks are carried out by a body set up to check the documents. Therefore do not send emails or anything else because Raisex has no control. If you are a real user you have no problem, just send the required documents below and no one else different.”
In other words, if you invest on this exchange, Raisex could lock your account at any moment and ask you to submit identification documents. They could ignore your submission and you’re not even supposed to contact them to know why since they’re not the ones in charge of the KYC verification process.
Expectedly, Raisex routinely lock up the accounts of its customers as seen with reports submitted by some users:
Uranush02 filed a report at BTT of his experience with Raisex,
“I recently bought some HLIX coin from Raisex to setup Masternodes. When I tried to withdraw my coins, it’s been pending for more than a week now. When I tried to contact them, they have no response to my emails or support tickets.
They even did not reply me on telegram when they were online. Did anyone have a similar problem with the exchange? I think they are just a bunch of scammers who likes to steal crypto from people in daylight.”
An Arrogant Fraud
A look at the FAQ page shows that Raisex has more reasons not to approve your withdrawals than they do to approve it. This is not just with regards to entities that buy and trade cryptocurrencies but for those that made payments to have their tokens listed.
For instance, they boldly stated that their support will not respond to users…
“Who do not wait for the deposit, Users who do not read the faq where the various resolutions are written. Users who do not want to pay the withdrawal fees. Users who do not complete the tickets with all the necessary information. Users who think they are the only subscribers to the platform, without detailing the problem. Users who request to approve KYC verification (this process is control under other company and not Raisex).”
In summary, Raisex has planned to ignore their users for many reasons because they have no response to the many complaints they knew would be coming in as a result of their dubious behavior.
“The Raisex team reserves the right to approve the withdrawals after a check. Each withdrawal is tracked, from the deposit, from the trading to check if there is a possible fraud. The approval time can vary from 5 minutes to 24 hours. Therefore do not waste time opening tickets.”
Who is Behind Raisex?
Thanks to Nicolas Naupp of BTT, we were able to determine that the person behind Raisex is Salvatore Castagna. Castagna is a serial scammer who has been linked to two other scams Listex and Tourist Coin. Investigations show that he perpetrates the frauds in active connivance with his wife, Marianni Luisi.
The couple is known to have registered many companies with the purpose of using them as fronts to defraud many investors. Castagna let the cat out of the bag after he was listed as the founder of Tourist Coin and Listex.
He was confronted with the allegation that his business (Listex) was involved in shady dealings of stealing investors’ funds and collecting listing fee without listing the tokens. He quickly deleted Listex from his LinkedIn profile.
Presently, he has completely deleted his profile even after adding Raisex as his new business.
Here’s a report filed against Listex by Lobstex,
“Listex is a SCAM. We Lobstex Team paid them BTC and fees to list us. They sold LOBS immediately on Graviex exchange… Took BTC… We raised voice that withdrawals are not working, and they mentioned raise ticket for withdrawals. Finally after 5 days, today we wrote on their twitter and we got blocked. Please don’t fall for it. It’s 100% sham exchange or even a guy who is handling it.”
No investor needs more prodding to understand that the serial scammer couple is behind Tourist Coin, Listex and Raisex. Sending your funds to Raisex is a quick way to lose them. Tourist coin and Listex are already exit scams.
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