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NegocieCoins Faces Several Suits

The Brazilian users have not been able to withdraw their assets from Bitcoin Bank Group (GBB), a company managing the NegocieCoins trade cryptoplatform from Parana. As a result, the company was sued several times.

As it is reported by the local mass media, it has been lasting since May. The lawsuits were submitted in São Paulo, Ceará, Rio Grande do Norte, Sergipe, Santa Catarina, Rio de Janeiro and others.

Despite the huge number of complaints filed against the exchange, NegocieCoins seems to report the distorted information. For instance, CoinMarketCap shows that the trading volume at the platform is $1.308 billion, although warning that “user deposits and withdrawals are impeded”.

It looks like the million dollar deals don’t correspond with the reality. According to WalletExplore, the GBB wallets don’t have enough assets to provide the volume reported by NegocieCoins to CoinMarketCap. The fact enhances the concerns about the liquidity and stability of the company.

It turned out that some users had already resorted to alternative means of selling the assets, losing up to 90% of their means, while others had completely lost the hope to withdraw.

One of the users reported that he had received the letter with a request to withdraw his means “within 30 days”, because “the platforms is not welcome his presence any more”. However, he didn’t manage to withdraw the funds.

The company protects itself actively trying to keep afloat, saying:

“The company has never denied service to its users, always prioritizing good relationships. Despite the attacks launched against the platform, the team has excelled in service and conflict resolution and in promoting solutions to all situations raised by those who entrust their investments to it.”

At the same time, the exchange seems to recognize the issue, saying that “the GBB is already acting decisively to resolve the matter, and will take steps to correct any misunderstanding that may have been experienced by the client.”