A netizen posted an online ticket from Guangzhou to Sydney on March 6th, with an accompanying article stating whether they had traveled together to Australia to defend their rights. Flying to Australia to defend rights is quite rare for domestic friends. What platform and what happened that made Huiyou decide to go to a foreign country to protect their rights?
Simultaneous notification of illegal transactions and account freezing
We can see some reasons behind his determination from a speech made by this Huiyou in August last year. Prior to exposure, Huiyou had been trading in Baihui BCR. The problem occurred on June 30th last year, when the official email of Baihui BCR pointed out that there were illegal transactions in 38 transaction orders of Huiyou account, and listed the order numbers. The email did not specify the specific violation, but in this one, Baihui BCR informed Huiyou that "the account has been cancelled and invalid, and the account has been frozen and cancelled. Please withdraw the account balance, and we hereby notify you.
Yes, that's right! At the same time as notifying the violation, Baihui BCR also notified the handling results, without giving users an opportunity to appeal. Importantly, they did not disclose the specific violations.
After seeing the notice, Huiyou replied to Baihui BCR, requesting the platform to indicate the reasons for the violation and not to arbitrarily suspend or freeze the account. Later, through communication with Huiyou, it was learned that Baihui BCR believed that there was hedging behavior in its transactions. However, Huiyou did not believe that there was a hedge in their transaction and requested the platform to provide evidence of their determination of the hedge, but Baihui BCR has never responded.
After unsuccessful negotiations with Baihui BCR, Huiyou attempted to file a complaint with ASIC, the regulatory body of Baihui BCR at the time, but was informed that "Chinese account opening is not under Australian supervision". Perhaps due to the relaxation of the epidemic or the helplessness, Huiyou chose to cross the sea to protect their rights.
Since last year, the reputation of Baihui BCR has deteriorated
Baihui BCR has now been labeled as a "large number of customer complaints" by Tianwang Cha and multiple industry media.
In addition to the exposure of Huiyou mentioned earlier, there are also many other Huiyou who encountered a cash issue at Baihui BCR. Since the second half of last year, the comments section of Baihui BCR has been filled with negative reviews:
Funds can only be lost, not earned. Once earned, accounts will be closed and various restrictions on closing positions will be imposed;
There are so many small actions on the platform, just slip a little when placing an order;
When will I be able to pay back my thousand dollars;
The agent of Baihui BCR also said, "Stealing and transferring clients with large funds under the agent's name is called customer maintenance.
Agents and many trading users believe that there are issues with the platform and believe that Baihui BCR is no longer what it used to be. Investors who are not familiar with Baihui BCR should be vigilant.
From a regulatory perspective, the regulation of Baihui BCR has indeed declined year after year: from the beginning, it was regulated by ASIC; Later, ASIC supervision did not accept customers from Chinese Mainland; Until now, Baihui BCR has lost its ASIC license and replaced it with BVIFSC license in the British Virgin Islands. The continuous decline in the effectiveness of regulatory licenses indicates that Baihui BCR does not intend to adhere to the principles and bottom line of a formal trading platform. For such a platform, Aihuicha advises everyone to stay away. Otherwise, who can guarantee that you won't be the next person to go abroad to defend your rights?
