Iranian Client Reports Impossible Withdrawal from Ventezo: Responsive Before Withdrawing, Silent After

In late November, the forex broker Ventezo faced a new complaint from an Iranian client who claimed that his withdrawal request was impossible to process. This incident follows a July complaint from a Philippine client, who reported issues with undelivered withdrawals from Ventezo and unauthorized account access by the Country Manager. BrokersView exposed the latter case, leading to the recovery of half the withdrawal amount. However, this latest case has heightened concerns about Ventezo's reliability and business practices.

Client Alleges Ventezo's Statements of Withdrawal Time Contradict Facts 

The Ventezo client reported a withdrawal of $12,580.63 (to be received in the form of the cryptocurrency USDT) requested one week ago remained pending. Prior to the withdrawal, the client inquired with Ventezo’s online support about the processing time and was assured it would take a maximum of one day. Due to urgent financial needs, the client asked if it could be processed within 2-3 hours, to which the support team responded they would try. However, after several working days, the client's withdrawal was still pending.

The client highlighted that Ventezo claims USDT withdrawals should take a maximum of 15 minutes. However, the reality is significantly more inconsistent. The client is seeking assistance with withdrawing his funds.

Client: Smooth Communication Before Withdrawing, Silence After Withdrawing

According to the client’s complaint, the Ventezo support team did not respond to follow-up messages. The client has emailed the finance department, CEO, and support department, but has received no responses. The phone number provided on the Ventezo site is also unavailable and appears to be a Google number, the client said.

Upon receiving the complaint, the BrokersView team promptly forwarded it to Ventezo. However, we have yet to receive a response from Ventezo as nearly a month has passed.

Warning from the Malaysia SC

The Securities Commission Malaysia (SC) added Ventezo to its Investor Alert List on August 8, 2024, determining that the company is not authorized to provide investment services and products.

Changes in Ventezo’s Regulatory Status

Although Ventezo previously claimed multiple regulations, it only held a registration with the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA) under number 22938 IBC, which does not constitute valid regulation. The broker now claims to be authorized by the Seychelles Financial Services Authority (FSA Seychelles), which we have verified to be true. However, the offshore regulation from this agency is relatively lax, resulting in a lower level of investor protection.

Bottomline

The client’s feedback may suggest serious withdrawal issues at Ventezo, and the company's lack of response raises significant concerns. Despite being currently regulated by the FSA Seychelles, Ventezo's disregard for client needs and refusal to process withdrawals pose high risks to traders. BrokersView recommends caution when dealing with Ventezo while awaiting a resolution to the latest client complaint.

BrokersView also advises the client to report the incident to the FSA Seychelles, which may facilitate the withdrawal process.