Bartex Exposed: Australian Investor Trapped Over US$1.3 Million in Suspected Pig-Butchering Scam – ASIC Issues Warning

An Australian investor has come forward with a stark warning against Bartex, alleging that over US$1.3 million of her personal funds remain frozen – despite two years of active trading and repeated verbal assurances that withdrawals were being processed. She now believes the platform is running a sophisticated pig-butchering scam, a fraud tactic that builds trust before seizing large deposits.

Promised Withdrawals That Never Came

According to the investor’s public account, she transferred funds to Bartex multiple times over a 24‑month period, following every request from the platform.

Throughout this time, she was allegedly assured that her money was safe and that the withdrawal procedure had already commenced. Yet when she finally initiated a full fund recovery, the payout never arrived.

What deepened her suspicion was a document she received during the process – a so‑called Funds Transfer and Withdrawal Assurance Letter, purportedly issued by a registered Money Services Business. The letter was meant to guarantee a secure transfer. However, the investor now states she believes the document was forged, and no legitimate withdrawal followed.

Who Is Behind Bartex? ASIC Steps In

The case has raised urgent questions about Bartex’s legal status. On its website, the broker claims to have offices in the United Kingdom.

Yet public checks of the UK Financial Conduct Authority (FCA) register reportedly show no matching authorisation for Bartex.

Australian regulators have already taken notice. The Australian Securities & Investments Commission (ASIC) has issued a formal warning against Bartex, noting that the entity may be providing financial services or products without the appropriate licence. This official red flag adds weight to the investor’s allegations and signals potential regulatory action.

Brokersview Warning – How to Spot a Pig-Butchering Broker

This incident is a sobering reminder for all traders:

Repeated withdrawal delays are among the strongest early warning signs.

Unverifiable documents used to “explain” delays often indicate deception.

Regulatory status must be confirmed directly on the regulator’s official website – not on the broker’s own page.

Behind a polished interface and persuasive promises of secure fund transfers, a fraudulent scheme may be operating. In this case, the Australian investor says she learned that truth at a devastating financial cost – and now urges others to verify every claim before depositing a single dollar.

Key Takeaways for Investors

Bartex faces public allegations of locking >US$1.3M from an Australian client.

The platform is not verifiably authorised by the UK FCA or ASIC. ASIC has already issued a public warning against Bartex. The investor received a suspicious “assurance letter” – likely forged. Always check a broker’s licence directly with the official regulator before investing.

Where disagreements cannot be resolved directly with the broker, investors may also consider seeking assistance through the broker's dispute resolution process or the relevant financial regulator if applicable.  If still unresolved, file a complaint through the broker’s official channel or the regulator. 

Or you can promptly submit a complaint to BrokersView, and we will assist you in reporting the situation to the relevant regulatory authorities.