YunEx is one of the many cryptocurrency exchanges, registered in the British Virgin Islands. The trading platform was launched on June 6th, 2018 in Hong Kong (although its Twitter profile says it is located in California, USA). At the time of this writing, this is all the background information that the exchange reveals on its website. Aside from the statement that the team members “have many years of blockchain technology accumulation and digital asset investment experience”, YunEx does not reveal any further details about the people running the project. All in all, the website is very limited in terms of information that can help bring transparency around the business and convince investors that the platform is safe-to-use.
At the time of this writing, YunEx does not have a LinkedIn page either, which makes it impossible to track the profiles of the team members. There is no public information about the organization behind the project, as well as the CEO or other members of the managing staff.
The website’s primary language is Chinese, but it also supports English. However, the English version is very poorly translated, which makes most statements meaningless. What becomes clear, though, is that the exchange proclaims that it has “high liquidity” and “an abundance of resources and partners”. This selling point is very hard to believe, considering the fact that, at the time of this writing, the platform’s Telegram channel has merely above 250 members, which is way below the number of users in the communities of most other exchanges.
The FAQ section of the YunEx website is also very limited. At the time of this writing, it lists only nine questions, most of which relate to withdrawals and deposits. Although there is also an article focused on security tips, it includes just a few general pieces of advice regarding the need for the users to protect their passwords and phone numbers. From the FAQ section, we also understand that YunEx supports two-factor authentication. However, according to the information, present at the time of this writing, it seems that this is the only specific security measure communicated by the platform. Although YunEx states that thanks to “top risk management and anti-fraud technology”, it guarantees the safety of its users’ funds, such claims do not help in understanding the concrete security measures and levels of the platform.
YunEx is one of the very few exchanges that, at the time of this writing, has no user reviews or threads on platforms like Bitcointalk, Reddit or Trustpilot. This is a somewhat concerning fact, considering that users are often willing to share their opinions even if they are neutral. The lack of information as well as the almost non-existent reputation of the YunEx exchange rank it among the most anonymous and untransparent trading platforms.
At the time of this writing, there is no information about YunEx Exchange being a subject of government investigations or hacker attacks.Read More