Somekind Blackbanx

#2
Michael Gestauer is an interesting figure. Whole lot of lawsuits. A lot of fake events. And even more unauthorised money service business operation and facilitation of fraud in the US.

For the past while, he used a Canadian MSB license and stated that his business has both more users and a higher valuation than Revolut (lol).

Now, he has apparently obtained a bank license from the UOCO Financial Authority. Not sure who that's meant to be, maybe another fake regulator in the Union of Comoros? We've seen enough of those already.

Use it if you want, they apparently have dedicated IBANs in many jurisdictions. But this firm seems very untrustworthy to me.
 
Reactions: dany and Martin Everson
#4
ilke said:
Michael Gestauer is an interesting figure. Whole lot of lawsuits. A lot of fake events. And even more unauthorised money service business operation and facilitation of fraud in the US.
Click to expand...

Yes we all remember wb21 . One can google "wb21 fraud". I say no more.
 
Reactions: EliasIT, jafo, offtobusiness and 1 other person
#8
Some people are really good in marketing and media promotion. I'm impressed that such a scam operation comes so far. It says a little about the media platforms that publish such crap.
 
#9

This is on the Black Banx YouTube channel. It's one of those times when Michael Gastauer seemingly rented a location and filled it with some actors and a camera crew so he could LARP as an insightful and wealthy visionary. At the time, what today is Black Banx was called WB21. Go to your preferred search engine and put in "WB21" and see what kind of headlines pop up. Read the articles, and get to know the man who wants so desperately to be thought of as a fintech genius.

In a press release they managed to get published in LA Times:
In January 2024, Black Banx announced a total of $2.3 billion in revenue and an increase of annual pre-tax profit to $289 million.
Click to expand...

Those figures would put Black Banx in roughly the same category as banks like Metro Bank, CIMB, AIB, Bank of East Asia (BEA), and so on. And somehow, no one has heard of Black Banx and there doesn't seem to be anyone in the industry working at the bank. Quite peculiar.

Note how Black Banx nowhere on its website provides an address or even country/jurisdiction. If you take the license number on the website and search for it, though, you can find this: BB Bank S.A.

This definitely real banking and fintech entrepreneur, running an unknown bank the size of several well known banks, got his banking license in Anjouan. OK, buddy.
 
Reactions: Marie Manila, EliasIT, jafo and 1 other person
#12
When you see that something is purporting to be a bank by all means and manners of communication, however, the ONLY entity that contains the name "bank" in itself is a Comoros banking license and the others have to balance on the worldplay "banx/BB" whatever sounds like bank you know that's outright scam. Period.
 
Reactions: mraleph, Forester and ilke
#14
This is a complete joke of an institution!

I did not have high or even low expectations for it in the first place.

The platform is close to dysfunctional. It took over a month before the KYC could be completed as their system was constantly redirecting or refreshing the page when trying to pass the third-party identity verifier.

When that was finally over, they requested a 50 Euro payment to an unrelated entity, nothing connected to opening fees or anything. They say they do not have opening fees and that this is actually part of the verification process, to check that I own another account. If you watch Gastauer interviews, he literally talks about this being an institution even for people who cannot make international transfers in their home banks, cannot open a local bank account, etc. So pure hypocrisy.

Also, I took a look at their JS, and funnily enough, it actually exposes the real number of users. One of the request passes the information that there are about 103000 registered accounts in the database, while the newest PR release of Blackbanx reports 3 billion dollars in profits, and over 69 million users.

You cant ever have enough EMI and bank accounts, I say, which is Why I tried exploring this too. For example the number of currencies you can purportedly access with this Blackbanx is very high. Anyway, failure, I have no plans to send them any amounts, not even those measly 50 Euros. Maybe if they issued me an IBAN or something already by now.

I guess they are so down bad they need to take 50 from the few customers that ever come in. So much for this multinational banking enterprise.

I also see that my account is like 30 Euros in debt, I am not sure how that happened
 
Reactions: cckuhqilfownnfctux
#16
any proof of this information where it comes from, maybe possible show case?
 
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