Bank Bene Merenti, a name flashed during a crypto launch event in Dubai. EcoX event agency launched this event in Grand Millenium Hotel in Downtown Dubai. Another name came into the light the “YEM coin”. They also coined this term with an abbreviation: Your Everyday Money.
EcoX senior management, including Mr. Jorge Sebastiao, was also available during the event to endorse this shady YEM coin’s promoters.
Muzaffar Ahmad Noori Bajwa, Editor of The Eastern Herald news journal was also present at the event to keep an eye on the launch. Ahmad always wants to make crypto space safer for people. He is attending several such crypto events in the same interest.
After extensive research and in-depth investigation, we found no records about the Bank Bene Merenti. But, in the search, we found “Biedrība “SOVEREIGN ORDER BENE MERENTI”, a registered foundation, definitely not any sovereign nation or sovereign nation’s bank or whatsoever.
The YEM coin launch event was organized in a flashy way. A presentation is made in a way that every page has the logo of “Bank Bene Merenti” which upon investigation is found to be found nowhere.
Dubai is working very hard to become the capital of the crypto world. There is a big possibility that many will come and play fraud and scams with ordinary people. This way the name of Dubai can be maligned in such a manner that it might be termed “the dirty capital of the crypto world”. And this doesn’t look nice.
It is very important for Dubai authorities to keep an eye on these events and shady businesses playing around Dubai at least if not the whole UAE.
Sheikh Hamdan, the crown prince of Dubai, is trying very hard to make this space a new success for the future of Dubai. In October, Dubai will be hosting one of the biggest crypto events ever in the world. HH Sheikh Hamdan is the main attraction of this event. His presence makes this event one of the most sought-after in the world.
Bank Bene Merenti
During the YEM coin launch event, organized by ECOx in Grand Millenium Hotel, Dubai, the Bank Bene Merenti was presented as a legitimized central bank of a sovereign nation called “Sovereignty of Bene Merenti” . A big projector screen and a lot of applause made everyone believe in what was being said during the event. Upon further investigation, we found no records of people behind this shady bank . Between 70-100 people registered on the YEM coin website. For the registration and KYC (Know Your Customer) one needs to pay US$ 10 fee. This seemed like a data theft fraud where one has to pay to share his data including his home address and Emirates ID which is critical to the individual’s privacy.
YEM Coin
YEM, an abbreviation for Your Everyday Money, is claimed to be a decentralized cryptocurrency by the organizers. There are several beautiful and flashy images present online for this coin.
If one wants to know about YEM Coin one shall go online and search the term YEM Coin and there are very few results about it. No legitimate website or news publication considered them to be noted on their websites as a legit business.
The only website talking about this shady YEM coin is Safezoneprimer.com. The website wrote about the legal status of YEM as the world’s first Digital Fiat Currency. This website in its about us page wrote that they are “Not An Official Unicorn Network Page” . The website has no physical address or phone number to be contacted, but only a contact us form.
The Eastern Herald strives to safeguard the crypto space in the interest of people. It was very important for us to expose the hidden lies behind the white curtains.
We contacted the SWIFT authorities and they are unable to answer anything about the bank. This is because this bank (Bank Bene Merenti ) is not there on their books. We tried to search for the bank on several search engines including google, bing, and yahoo and we found only one website, www.bbm.money . The Bank Bene Merenti website has only one page where there is just one logo as presented below.
The Eastern Herald team also tried to reach some banks in the European Union and they also reported nothing about this bank.
YEM (Your Everyday Money) coin is found to be nowhere on any legitimized blockchain network. We, during further investigation, found that there is no such coin [YEM Coin] that exists in the real crypto market. In fact, this has also been said during the launch event that the YEM coin is not listed anywhere yet.
How can Dubai authorities track scammers roaming around and promoting their shady projects in this promised land of Dubai?
Government officials should form a reliable watchdog organization to keep track of these activities.
Dubai’s Call for Action
Dubai’s authorities must be proactive in combatting scammers who seek to exploit the city’s growing reputation in the crypto space. Establishing a reliable watchdog organization tasked with monitoring and identifying fraudulent activities can help protect both local and international investors. By taking swift action against unscrupulous schemes, Dubai can maintain its position as a trusted destination for legitimate cryptocurrency ventures.
The YEM Coin launch event in Dubai, featuring Bank Bene Merenti, has raised significant concerns about the authenticity of these entities. The lack of credible records, combined with the absence of YEM Coin on established blockchain networks, strongly suggests that both Bank Bene Merenti and YEM Coin are fraudulent. Dubai’s authorities need to intensify their efforts to combat such scams to safeguard the interests of the crypto community and protect the reputation of the city as a leading hub for legitimate cryptocurrency ventures.
