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URGENT WARNING:
More and more fraudulent
websites are displaying GDCA plaques and claim that they are members.
Please note that the GDCA does not accept applications from HYIP sites
and does not condone spammers. |
| What's new? |
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SITE REMAKE
The GDCA is in the process of developing yet another rating system
which will be implemented together with a new site and a host of new
services, designed to help operators, providers and users to make
informed decisions in a safer DGC environment.
During the time the new system is being developed, we will continue
using the current rating system, and post regular updates and news
right here.
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DIGITAL CURRENCY
PRESS COVERAGE
Because of the sudden interest the press seems to have in our
industry, and the unfortunately frequent misrepresentations this
interest seems to be based on, we are adding a press section to our
site, where we will link to pages with copies of recent articles about
the industry or articles that mention the GDCA, together with our
comments.
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The industry in the press |
Recently the US government released a
report entitled the Money Laundering Threat Assessment
The Global Digital Currencies Association is mentioned briefly in
the MLTA report:
"The Global Digital Currency Association (GDCA) is a trade
association of digital currency dealers and exchangers pressing for
self-regulation. The GDCA provides a public ranking of its membership
and offers arbitration procedures.
However, the GDCA constitution makes no mention of AML policies and
procedures or of adhering to international AML
recommendations such as those prmulgated by the Financial Action Task
Force (FATF).
The GDCA manages member conduct through its "reputation ranking system,"
which allocates or subtracts points based on the length of membership
and dispute record."
The GDCA takes exception to the implication that lacking a posted
anti-money laundering policy in any way creates a situation of enhanced
risk of money laundering in the digital currency economy.
The GDCA encourages its members to study and follow legal guidelines in
their respective home countries, whether regarding money laundering,
business licensure, taxation or any other aspect of managing a
business.
As an entity which itself does not receive, transfer or hold fiduciary
custody over any funds, the GDCA itself does not require an anti-money
laundering policy any more than any other business wholly distinct from
the flow of funds would. |
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NETPAY WARNING
(NOVEMBER 2007)
After multiple complaints from customers, exchangers and GDCA members,
and lack of reply from NetPay, we suspended their membership. As at
least three cases involve substantial amounts we are also convinced that
the India-based operators are willfully defrauding customers, partners,
and supporters. |
FAKE GDCA WEBSITE
(SEPTEMBER 2007)
A link displayed on casheq.com claiming GDCA membership, links to a fake
copy of the GDCA website at gdca-online.com.
This is the first time fraudsters actually went to this extent and
copied the entire GDCA website to lend legitimacy to a fraud site.
Please always make sure that rating plaques are served and linked to
gdcaonline.com or gdcaonline.org, our legitimate URLs. |
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E-BULLION WARNING
(JULY 2007)
Due to numerous unanswered complaints, the Global Digital Currencies
Association would like consumers and merchants to be aware that E-bullion.com
closes and/or freezes accounts without any court order or reasonable
justification, sometimes freezing customer funds forever. This unscrupulous policy makes E-bullion an unfavorable system for
online commerce and for the safe and secure storage and transfer of
funds. We recommend that E-bullion account holders switch to a different
digital currency immediately in order to avoid frozen accounts and loss
of funds, such as:
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E-BULLION UPDATE
(AUGUST 2007)
We have just been informed that E-bullion.com is also listed with an F
rating by the Council of Better Business Bureau, Inc., and unanswered
complaints seem to be going back as far as 2005. Details
can be found here, on their own
website. |
FRAUD LIST
Ratings lists now also include a list of sites that may be
fraudulent, showing the names and the reason for being listed. This list
will be updated frequently when we become aware of new frauds. |
NEW PLAQUES &
LINKING CODES
To counter the rise in numbers of sites that fraudulently display
GDCA rating plaques and falsely claim to be members, we have a new
linking system.
All members are urgently advised to visit
THIS PAGE,
and either paste the javascript of the pop-up window or the plain HTML
code into their sites.
All plaques are now being served from our machines, and all plaques
link directly to the latest member profile page.
Anyone clicking a link that does not open a valid profile page served
from our machines, can be fairly certain to be dealing with an
operator of questionable reliability, if not honesty. |
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