Crypto scammers can lie in wait at every step. Knowing their features, you can save your business
In today’s digital finance landscape, crypto is widely adopted, and many companies are looking to accept cryptocurrency payments. However, as digital currency usage rises, so does fraud. Untrustworthy or “black” crypto processing services put both company assets and reputations at risk — sometimes jeopardizing an entire business. Selecting a secure provider is essential for every business owner, investor, or developer to reduce exposure to scams.
This article informs entrepreneurs, freelancers, IT firms, and e-commerce stores about how digital coin transfers work, reveals common fraud schemes, and gives practical steps to protect business assets. Using Cryptadium as an example, we highlight features of secure processing, explain what labels a service as “black,” “gray,” or legitimate, and why your provider choice will directly affect your company’s future.
How Fraudsters Work in Crypto Processing
Fraud is increasingly frequent in the crypto industry.
Every business that wants to accept cryptocurrencies should be aware of:
Fake gateways: Fraudsters create websites mimicking legitimate services. Coins paid here go straight to scammers; both client and company lose funds.
Double payment: Criminals send false notifications or duplicate transactions, tricking merchants into fulfilling the same order twice.
Fake conversions: On “black” or “gray” platforms, a portion of funds is lost during exchange or deposit — explained away by fake rates or supposed blockages.
Arbitrage cards: Some services promise instant card withdrawals or third-party payouts — a red flag for “black” sites. Businesses caught here risk non-payment or regulatory scrutiny.
Common Signs of Risky Crypto Platforms
- No clear reporting; balances and operations statuses are opaque.
- Hidden fees — net payouts are less than promised after transaction completion.
- Missing or vague API documentation; automatic withdrawals may be impossible.
- No KYC/AML checks — platform may support “gray” activity, with serious legal consequences.
Rule: If a service offer is too good or opaque, it’s almost always a scam or security problem.
Consequences of Dealing with Fraudsters
Financial Losses: Sending funds to unreliable sites almost always means losing money; neither support nor arbitration can recover funds from scammers.
Reputational Risks: If your business is linked to suspicious processings, investors, partners, and clients may leave. Negative information can quickly spread online.
Legal & Compliance Issues: Failing to meet KYC/AML rules (e.g., skipping ID checks or not providing contracts) can result in frozen accounts, delisting from exchanges, or litigation. Providers may also disappear overnight, taking all client assets.
Real Cases
Finiko Scam (Russia, 2021): Finiko ran one of Russia’s largest crypto Ponzi schemes, promising high returns from coin processing for businesses and individuals. In reality, they used new investor money to pay old investors, not legitimate operations. Losses exceeded 5 billion rubles; the founders were arrested for fraud.
Bitexchain Scam (India, 2022-2023): Bitexchain claimed to provide fast digital coin processing for e-commerce. Customers faced poor support, no API docs, and blocked large withdrawals with extra fees. After media coverage and complaints, Bitexchain vanished, leaving users without access to funds.
Criteria for Choosing Secure Processing
Technical Security
Choose services using strong encryption, SSL certificates, two-factor authentication, and regular independent audits. API docs should cover practical use and include anti-cross-site protections.
Legal Compliance
The provider should have valid licenses, follow regulations in the operating country, cooperate with verified exchanges, and adhere to KYC/AML rules. Client terms should be clear and legally binding.
Operational Transparency
Look for open rate tables, visible commission structures, complete operational history, exportable accounting data, responsive support, published SLA, and analytics access.
Warning: Absence of these basics is a red flag.
Cryptadium Overview: Security and Advantages
Legal
- Regulated with a Lithuanian license, registered trademark.
- Non-custodial — does not store clients’ crypto or access accounts.
- Full documentation available online: privacy policy, terms, and contact channels.
- Only merchant emails collected — no excess personal data.
Technical
- Security with KYC, KYB, two-factor auth, modern encryption, and regular code audits.
- Flexible API integration for any web store or marketplace.
- Built-in AML, detecting and blocking illegal wallets.
Financial
- Each transaction is processed through a temporary wallet for security.
- Dynamic, low commissions (0.7%-0.9%), auto-calculated by merchant volume.
- No withdrawal fees — only network fees apply.
- No chargebacks — reducing banking fraud.
Usability
- Automated reports, Excel export, custom UI to match client branding.
- Can operate via payment links in emails/messengers without a website.
Risk Minimization When Working with Providers
- Research provider reputation: check real reviews, years in business, absence of scandals.
- Confirm documentation, API access, export functions, and no requirement to share private keys.
- Make small test transactions to check reliability and notification speed.
- Use event monitoring and alerts (e.g., Telegram or email notifications).
- Demand clear contracts or public SLA.
- Avoid platforms with suspicious withdrawals or “instant” promises sans AML.
- Routinely compare and audit reports, balances, and fund flows — weekly minimum.
Short Use Cases
SaaS, IT Firms
Cryptadium automates digital processing, reducing support load by letting users self-track payments.
E-commerce
Switching to Cryptadium cut costs and enabled seamless international sales, with dynamic fees and rapid integration via CMS plugins.
EdTech
Platforms accept student payments globally with no withdrawal fees. Refunds handled in-app, no intermediaries needed — vital for large course operations.
Gambling
Cryptadium provided quick integration and below-average market fees for online casinos, improving stability and cost efficiency.
Processing demands diligence — using “black” or “gray” systems brings high risks of fraud, loss, and reputational damage. Always review licensing, pricing, technical/legal safeguards, and avoid fast-track workarounds that bypass compliance.
Cryptadium stands out for dynamic fees, high security, transparent operations, automated reporting, and support for businesses of every size.
Choose your platform wisely to protect assets, support growth, and maintain data security.
Partner only with trusted providers — do not give fraudsters a chance!
Lilia Andrushevskaya,
Cryptadium Expert
