Key Data

• Trading Name: Bancor
• Legal Entity: BProtocol Foundation
• Activities: Blockchain Platform
• Location: Switzerland
• Regulations: none
• Key People: Galia Benartzi, Guy Benartzi, Eyal Hertzog, and Yudi Levi.

Offering

Bancor is a platform to create smart coins and give liquidity and asynchronous pricing to these coins. It allows users to create smart coins that can be instantly exchanged for other crypto coins.

There is no need to search for a buyer or seller with a matching need. In addition, new coins can be traded as soon as they are created. New coin creators do not have to wait until they are listed on an exchange and interest in their coin arises.

Bancor paves the way for intelligent coin exchange.

Compliance Problems

In July 2018, a cryptocurrency wallet on Bancor’s network was hacked, resulting in the theft of $12.5 million worth of Ethereum and $1 million worth of Pundi X. The hackers originally stole $23.5 million, but $10 million was recovered, and no customer wallets were compromised.

BProtocol Foundation was one of seven crypto companies facing court in New York following a series of lawsuits(selling unlicensed securities without broker-dealer licensing) filed in April 2020.

People

The Bancor Protocol was first introduced in February 2017 by founders Galia Benartzi, Guy Benartzi, Eyal Hertzog, and Yudi Levi.

Conclusion

Based on their sale of unlicensed securities without a broker-dealer license and their appearance on the Offshore Alert website, we rate them RED.