Is TAGZ a Scam? We have taken a deeper look into the Australian ICO.
As one becomes involved in cryptocurrencies, they soon realize the risks in the transactions. Different from market volatility, scams are all over the place. As you think about investing you must consider the possibilities of losing your assets. As a rule of thumb, check that the startups, companies, experts, and people involved with the cryptocurrency you want to work with have solid business plans and that they solve real problems. They should also specify their currency liquidity ICO rules. Consider also, their registration and compliance with regulations.
What is TAGZ?
TAGZ is a dual gateway exchange that is based in Australia. It focuses on protecting users by monitoring trading activity and eliminating spoofing, pump & dumps, flash crashes, and fake volumes. The exchange also offers protection from data security breaches. The platform provides access to derivative futures and traditional crypto and the ability to trade them together at once.
TAGZ is currently in the pre ICO-phase which will last until May 20, when the main token sale starts. The token sale will last until June 30, or the 7.5 million USD hard cap has been raised.
Is TAGZ a scam?
Many accusations have been made calling the platform a scam. To those, one must respond by looking at the facts to decide for themselves and here are the facts:
Any Australian company should be registered with the Australian Securities and Investment Commission and should have certification to show for it. One can obtain a copy of the certificate by downloading the whitepaper here.
The official registration for TAGZ Group Ltd can be seen with a simple manual lookup in ASIC’s database here.
The company is also actively registered for Goods and Services Tax (GST) on the Australian Government Business Register, accessible here.
For an exchange in Australia to operate legally, it must have AML (Anti-money laundering) and CTF (counter-terrorism financing) financing rules in place. TAGZ is fully regulated and AML/CTF compliant. The platform’s registration numbers that are active include:
ASIC Registration: ACN 632160920
Remittance Dealer: IND 100598185–001
Digital Exchange: DCE 100598185–001
You can see the platform’s compliance here.
Any exchange in Australia must register with the Australian Transaction Reports and Analysis Center (AUSTRAC), and TAGZ registration can also be seen on the white paper.
Another thing to consider when assessing a project’s legitimacy is the team members of the said company. TAGZ has a dedicated team with years of experience which you can find listed on the website.
In the media, the project has been discussed in different publications that you can get links to by interacting with the official links which include:
Should you invest in TAGZ?
Ultimately, the decision to invest is one you must make on your own. However, the facts presented point to the company being poised to leap forward into the crypto space.
As to the accusations, in view of the facts, one can only conclude that they are attempts against the brand without merit. It could be that they come from exchanges who are scared of losing market share or players who do not like that TAGZ has first mover advantage.