One notable scam that Vankempen thought was worth mentioning is the Ubitex scam. He explained:
Ubitex was the first company to be listed on the now defunct Global Bitcoin Stock Exchange (GLBSE). The business model was simple – provide a service which allows anyone to buy and sell BTCs for cash while charging a small transaction fee. Sounds like a good idea. Ultimately you’re going to want to exchange your BTCs for cash and buy basic things like food, gas, etc. The service ended up raising around 1,100 BTCs before the founder disappeared with the Bitcoins.
The Ubitex scam has done its damage regarding the future of Bitcoin exchanges. In an interview with GLBSE’s founder James McCarthy, Wired wrote:
There have been a number of bitcoin exchanges to emerge in the UK, but they are at risk of being shut down by banks. Even if you manage to open a bank account to receive currency, if banks see lots of money shifting through an account they will investigate. "Banks are really worried about money laundering," McCarthy explains. "You may launch a service and it may become successful but if you are not following the rules you will have to either shut down or face prosecution."