• Ecoin Finance is a project that claims to be able to replace conventional fiat currency with their integrated debit card.
• The company behind the project, E-Coin Finance LTD, was registered in the UK but was dissolved by authorities in December 2020.
• According to legal experts, the website’s continued claims of conducting business from the UK are in breach of the Companies Act.
Ecoin Finance: An Unsuspecting Project
Ecoin Finance (ECOIN) is a decentralized and deflationary BEP20 token powered by BNB Chain network. According to its website, it was founded in May 2021 and aims to become an online payment platform replacing conventional fiat currency through its integrated debit card.
The Suspicious Background Of E-Coin Finance LTD
E-Coin Finance LTD is a company based out of London that was founded back on June 2, 2021 as stated on its website’s homepage. However, what Ecoin Finance omits to mention is that this company has been dissolved by UK authorities back in December last year after a warning issued in August 2022. There have been no publicly listed documents filed by E-Coin Finance LTD management since its incorporation which could suggest that the company has never been really active and was ultimately dissolved for failing to file compulsory paperwork.
In Breach Of The Companies Act
Cal Evans — managing associate at crypto legal and compliance firm Gresham International — confirmed that since the website still claims “their business as being conducted from the UK” from the dissolved company, it is “definitely in breach of the Companies act.” This means all contracts made after dissolution are void and property belonging to or vested in trust for such companies will belong to the Crown once it dissolves.
Is Ecoin Finace Legitimate?
Given these facts about Ecoin’s background and operations, questions have arisen about whether or not this project can be considered legitimate or not – especially considering its close association with Safemoon (SAFEMOON), many consider a fraudulent platform . Since there are no publicly listed documents available since its incorporation date, it would be difficult for anyone outside of those involved with E-Coin finance directly to prove either way whether they are operating legitimately or not.
Ultimately it remains unclear if ECOIN is legitimate or not due to lack of information available regarding their background and operations. It would be prudent for potential investors do their own research into any investments they make before committing funds into any project or token – especially one associated with Safemoon (SAFEMOON).