Venanco has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Xevitex. We’ve received over 6 complaints against Venanco.
Venanco presents itself as a reliable cryptocurrency exchange platform that provides easy trading for a variety of digital assets. The promise of dependable trading facilities entices users. However, the reality is that Venanco is designed to take advantage of gullible people, which may result in losses of money and the exposure of personal information.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Venanco Regulated? Do They Have a License?
In the course of their visit to Venanco, individuals may come across fraudulent schemes, such as phishing techniques, pyramid schemes, or counterfeit initial coin offers (ICOs).
Those who are in charge of maintaining this domain usually utilize alluring guarantees of significant earnings or unique investment opportunities to get consumers to participate in Bitcoin investments.
The fact that Venanco does not function as a true platform for Bitcoin transactions or investments is something that must be understood. The actions of this organization are instead oriented around tricking consumers into investing in cryptocurrencies that either do not exist or contain no actual worth, which eventually results in financial damage for individuals who are targeted.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Venanco is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Venanco, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Venanco
If individuals fall for this con and input the codes after joining up, they will see that their Venanco account suddenly displays 0.31 in Bitcoin. On the other hand, when they want to withdraw the money, they are informed that to “unlock” withdrawals, they must first deposit at least 0.005 BTC.
Because of this deposit requirement, they are tricked into transferring actual Bitcoin, which the con artists then immediately take possession of. And what do you think? And what about Venanco and the celebrity cryptocurrency giveaway that they believed they were a part of? Completely fabricated.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Venanco Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Venanco Reviews: What Do Others Say?
Venanco raises several red flags that suggest it could not be a trustworthy company. To begin with, it is alarming that it does not have more than advertising videos on its website. Trustworthy businesses often own a website that has authenticated details about their personnel, services, and background. Furthermore, the legality of the offer is called into question by the lack of documentation demonstrating prior bitcoin incentive distributions.
In addition, using celebrities’ likenesses improperly without getting their permission is immoral and raises the possibility that the business is attempting to mislead prospective clients. It is quite uncommon for authorized trading platforms to need an upfront Bitcoin payment to activate an account. Whereas Venanco just offers a contact form, legitimate firms usually give many ways for customers to get in touch with them, including phone numbers and physical locations.
Suspicions of fraudulent activity are increased since Venanco may not be planning to develop a long-term presence, as seen by the freshly registered domain name and the absence of actual contact information. Finally, free Bitcoin offers that seem too good to be true are often hoaxes intended to take advantage of gullible people.
All things considered, Venanco demonstrates several traits that are often seen in scams, such as a dearth of credible information, the improper use of celebrities’ likenesses, peculiar account activation restrictions, a lack of authentic contact information, and too lavish incentives. When doing business with any firm, investors should proceed with care and do extensive due diligence.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Venanco tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Venanco reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Venanco, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Venanco enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Venanco reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Venanco.
You should always look out for consumer complaints. In the case of Venanco, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Venanco? You can share your complaint in the comment section or submit an anonymous tip.
Is Venanco Legit Or a Scam?
Venanco is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Venanco can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Venanco?
All the evidence suggests that Venanco is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is Venanco a scam?
Can I withdraw money from Venanco?
Where is Venanco Located?
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How The Venanco Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
