– Ecoin Finance is a suspicious project based on the smart contract of Safemoon.
– Ecoin Finance promotes its token with the name of a defunct company that was registered in the UK.
– The dissolved Ecoin Finance LTD is still being claimed as the company’s base on the Ecoin Finance website.
Investigation into Ecoin Finance:
What is Ecoin Finance?
Ecoin Finance is a project based on the smart contract of Safemoon. It claims to be a decentralized and deflationary BEP20 token powered by BNB Chain network. Ecoin Finance aims to become an online payment platform that replaces conventional fiat currency through its integrated debit card.
The Issue with the Company’s Name
The Ecoin Finance website promotes its token with the name of a now-defunct company that was registered in the UK. The footer on the website’s homepage incorrectly spells the name of its corporation as „Ecoin Finance LTD.“ The incorporation documents on the website also refer to E-Coin Finance LTD, a company that UK authorities dissolved in December last year after issuing a warning in August 2022.
Ecoin Finance’s Nonexistent Activity
According to official records, Ecoin doesn’t exist. The company was dissolved due to its failure to file mandatory paperwork. The fact that no publicly-listed documents were added by E-Coin Finance LTD management to its filing history since its incorporation suggests that the company has never been active.
Violation of the Companies Act
Ecoin Finance’s website claims that its business is still being conducted from the UK, even though the company was dissolved in December 2021. As per the Companies Act, a dissolved company is no longer allowed to conduct business. Therefore, by claiming to be based in the UK, Ecoin Finance is violating the law.
By misleading investors and continuing to operate under a dormant company, Ecoin Finance may face legal action if caught. Investors should be wary of investing in such suspicious projects that aim to deceive and operate outside the law.