Many in the know attempt to warn people about the loophole transaction that underpins Liyeplimal as a crypto project. A poor attempt to hide a security violation is one such reporting on written media, with the platform attempting to appear legitimate by claiming that the token is not an investment instrument.
Despite warnings to the contrary, people invested in the project, expecting to make profits from the 2-37% interest range.
All factors being equal, withdrawals from the investment are easy and fast.
However, the company behind Liyeplimal seems to find the process unwieldy recently. Execs finally published an update urging members to bear with the company (which supposedly undergoes upgrades) cue a series of failed requests.
We have seen this script run on several crypto Ponzi before. So, the failing Liyeplimal Withdrawal process is only particular for the following reasons.
- Although some passive income websites failed to address SEC infringements, Liyeplimal tackles the issue if only with an ulterior motive.
- Also, it is the first full-blown high yield crypto investment project from Africans (after the slipshod of Wakanda Inu and Insknation).
Yet, neither the PRs nor the attempt to evade regulation in the applicable jurisprudences could remake the project in a legit cast. It remains an unregulated SEC violator. Here is why.
Supposedly, Liyeplimal is crypto leverage for the growing African economy (ignoring the 54 different countries lumped in this designation). Its value remains entirely Defi (digital finance).
Such lofty projects require an ICO prop for traction, though. So, LMCSWAP is an investment instrument as per US SEC security criteria.
Read on below for details.
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Liyeplimal Withdrawal: Multiple Warnings in Different Countries
While interests fixate on Liyeplimal Withdrawal come February, SEC agencies in Libreville publish warnings against investing in the platform.
Although the reasons for the publication are expressed curtly, they serve to urge the public to avoid any transactions with the company. Note that Global Investment Trading (GIT) is the parent company of Liyeplimal, a company supposedly registered in Dubai but runs primarily in Africa.
British Columbia, Canada, would follow suit, explaining that the company is unauthorized to trade or offer securities and investment instruments.
Also, it effectively stops Liyeplimal from pitching any derivatives sales to BC residents.
CEO Parfait will not give up on a publicly-announced Ponzi, though. So, he holds conferences in the same period, attempting to canvass support for his SEC beset project.
Yet, regulators in Angola clipped the redemption arc before it extends to other follies. The Comissao do Mercado de Capitals (CMC), Angola, explains that Liyeplimal has zero remitting investments, not in stocks or crypto listing, warning its 65% of Liyeplimal investors to seek a different option.
As often as it attempts to surface, Liyeplimal meets firm public disapproval.
The weightiest class action (representing the will of residents in the region) against the company is from Le Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF), a financial authority in West Africa.
Still, a desperate Liyeplimal Withdrawal update in January fans interest in the site. Is it any good?
Is the Withdrawal Update Legit?
Of course, nothing is legit about reverting to an exposed Ponzi script. What does the company even offer?
The deal is Limo and XAF, flagship tokens available on the platform.
Limo (tethered to $1) holders can transition to XAF by exchanging one for eight hundred at the ICO time.
Currently, nothing proves that the Liyeplimal Withdrawal button is functioning. The pattern with Ponzi never breaks on a mere cash-out notice, which is a ruse to bilk funds again.