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PurpleBlack

New member
looking to use it for transfer to bitstamp, about 15k gbp/eur a week
is anyone here using this and can vouch for their service?
15k a week is 3k a day so there will be ingoing and outgoing transfers daily i dont want them to see that as suspicious
 

Sols

Staff member
Mentor Group Gold
To me, it doesn't matter. I don't do business with people who opt for jurisdictions like Comoros. There might be two legally distinct entities but it's the same person or team at the top which decided to go with Comoros, which sends signals about what kind of business they do.
 

kkein

Entrepreneur
To me, it doesn't matter. I don't do business with people who opt for jurisdictions like Comoros. There might be two legally distinct entities but it's the same person or team at the top which decided to go with Comoros, which sends signals about what kind of business they do.
Do we have any resource in here explaining the story behind Comoros? I don't know anything and would like to learn :)
 

Sols

Staff member
Mentor Group Gold
Do we have any resource in here explaining the story behind Comoros? I don't know anything and would like to learn :)
It's a long story and some parts are not very well documented.

Comoros is a fragile union of three islands: Anjouan, Mwali, and Grande Comore. None of the offshore legislation being promoted as being Comorian is federal law and it's unclear how much autonomy each island has. Several armed conflicts have been fought with the African Union having to step in as peacekeepers.

By the late 1990s, hundreds of banks were licensed in Anjouan. These banks were little more than criminal operations. A bank license could be had for just a few thousand dollars. It was absolutely lawless to a degree that would make even Caribbean bankers of the time blush.

They plus the banks in Nauru and the dealings around 9/11 are what eventually unleashed FATCA and CRS/AEOI, and gave FATF and its subsidiaries enormous influence. By the mid 2000s, the party was over for banking in Comoros.

But the old laws are still there (in Mwali, I think Anjouan repealed their laws), albeit with very minor changes. It's still unclear if the laws are valid. The central bank of Comoros has issued a few statements over the years condemning or warning against banks regulated under these laws, saying they are not Comorian banks. But it's still possible to get a bank license there and with the right connections, it's possible to set up a fragile network of quasi correspondent accounts. If the bank shuts down and takes your money, you have no recourse.

The uncertainty in laws have also made things difficult for some people who have incorporated companies in Anjouan or Mwali. It's nearly impossible to get certified documents or verify that companies even exist.

It has also been possible to buy Comorian citizenship for as little as 40,000 USD. This caused a flood of Comorian citizenships being granted to people who would not pass more thorough background checks.

There is much more to it than this but I couldn't find any good articles about it. I might've got some details wrong but that's the gist of it.
 

FinTech Avenger

FinTech Guru
Well, now they claim no Comoros or African (I suppose it was Gambian one - same piece of worthless paper as Comoros one and even more fake).

However, take a look at their regulation page...

They claim to have around 20 licenses/registrations in total, however, what's worth your attention is the fact that they have 2 same type licenses in Canada and 4 VASP licenses in Lithuania.

Decentralization for the sake of stability if one of the licenses is gone? Liability shift ti make you sue 10 entities at once if exchange ceases operation? That kind of setup seems strange and unjustified.
 

uplana

Corporate Services
Mentor Group Gold
But so far no one has reported anything unusual with them other the fact they incorporated in Comoros !
 

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