BitPlam provides no information on its website about who owns or runs the company.
BitPlam’s website domain (“bitplam.com”), was privately registered on August 30th, 2021.
Based on BitPlam’s Twitter profile, the company launched on September 17th.
In an attempt to appear legitimate, BitPlam provides a UK incorporation certificate for Bit Plam LTD on its website.
An MLM company operating or claiming to operate out of the UK is a red flag.
UK incorporation is dirt cheap and effectively unregulated. On top of that the FCA, the UK’s top financial regulator, do not actively regulate MLM related securities fraud.
As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.
For the purpose of MLM due-diligence, incorporation in the UK or registration with the FCA is meaningless.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BitPlam’s Products
BitPlam has no retailable products or services.
Affiliates are only able to market BitPlam affiliate membership itself.
BitPlam’s Compensation Plan
BitPlam affiliates invest USD and/or cryptocurrency, on the promise of an advertised 4% to 5% daily return.
- Lite – invest $25 to $4999 and receive 4% a day for 30 days (220% ROI)
- Plus – invest $5000 to $200,000 and receive 5% a day for 40 days (300% ROI)
Note that withdrawal prior to the above plans expiring is possible for a fee:
- affiliates who withdraw within 14 days of investing are penalized with a 25% fee
- affiliates who withdraw after 14 days but before their plan expires are charged a 15% fee
Referral Commissions
BitPlam pays referral commissions on invested funds down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 5%
- level 2 – 2%
- level 3 – 1%
Joining BitPlam
BitPlam affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $25 investment.
BitPlam solicits investment in USD and various cryptocurrencies.
Conclusion
BitPlam is a simple low-effort Ponzi scheme.
BIT PLAM LTD is a company consisting of very talented traders who use professional tools mainly in the cryptocurrency markets.
BitPlam combines the “crypto trading” cliche, with a templated website and bogus UK incorporation.
As far as Ponzi schemes go, this is as cookie-cutter as you can get.
There is no evidence of BitPlam trading cryptocurrency or otherwise.
Notwithstanding anyone legitimately generating 5% a day isn’t selling you access for $25.
The only verifiable source of revenue entering BitPlam is new investment.
Using new investment to pay daily returns makes BitPlam a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve BitPlam or ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.