iBANLY Under Scrutiny: Allegations, Anonymity Red Flags
A Cautionary Insight by TheFinRate
In an era where fintech is shaping the future of global finance by offering online Bank accounts or IBAN for individuals and corporations, trust and transparency remain non-negotiable pillars. At TheFinRate, we are committed to helping users navigate the complex world of financial service providers with clarity and caution. Recently, concerns have come to light regarding iBANLY, a fintech platform offering IBAN accounts and facilitating global fund transfers, positioning itself as a global IBAN solutions provider. This article highlights our findings, whistleblower feedback, and research-based observations to help you make informed decisions.
Allegations from Whistleblowers
Following the platform’s earlier feature on our site, we received reports from two independent whistleblowers raising serious concerns about iBANLY’s operational practices. Here’s what they shared:
- Heavy Setup Fees: Whistleblowers reported being charged a substantial setup fee under the name of “approval.” Normally, banking or fintech providers should not demand significant fees before onboarding a client.
- Funds Allegedly Withheld: After onboarding and approval of their business accounts, whistleblowers claim that iBANLY, despite receiving all requested documentation, continued demanding unrelated additional documents, thereby delaying or denying access to user funds without clear justification.
- Lack of Direct Support or Accountability: Users reported an inability to reach any accountable representative. Customer support inquiries were often met with vague responses, frequently blaming unnamed “third-party partners” without offering defined timelines or resolutions.
Research Findings Raise Questions
In response to these alerts, we conducted a deeper investigation into iBANLY’s digital footprint and legitimacy. Our findings raise critical red flags:
Absence of Authentic Online Presence
- No Verified Reviews: Platforms like Trustpilot show virtually no credible, verified reviews from real users validating iBANLY’s services.
- No Clear Team Identity: While iBANLY maintains a LinkedIn page, further checks revealed that there is a lack of genuine employee profiles or substantial network activity usually seen with real, operating fintech companies.
Questionable Location & Business Structure
- iBANLY claims to have a Canadian address; however, evidence suggests it is a virtual office. We found no proof of a physical office, staff presence, or actual operational base in Canada.
- Based on digital-only operations and the absence of identifiable local employees, it is likely that the team operates remotely from outside Canada, possibly from Europe or another location.
Regulatory Warning by FMA
Adding to these concerns, we discovered that the Financial Market Authority (FMA) has issued a public warning against IBAN Transfer Limited, the legal entity behind iBANLY. This further validates the need for vigilance.
Our Stand at TheFinRate
We want to be clear:
We are not making definitive accusations, but we are sharing this information in good faith, based on whistleblower accounts and publicly available research. Our role is to ensure users have access to all available facts to make informed decisions before engaging with any financial service provider.
A Call for Transparency
We encourage iBANLY to respond to these concerns. Transparency builds trust, and we welcome their side of the story. If provided, we are willing to publish their response to maintain fairness and balanced reporting.
Final Advice to Our Readers
If you’re considering working with iBANLY or any similar platform:
- Perform comprehensive due diligence.
- Verify regulatory approvals in the country they claim to operate from.
- Seek authentic user reviews from trusted platforms.
- Avoid platforms lacking transparent leadership or verifiable operational structures.
Stay informed. Stay cautious.
TheFinRate – Your Trusted Source for Fintech Transparency.