Behind the scenes of crypto with Julien Vallet on LEGEND Business

A phone that hadn't been connected to the internet since 2017, a crypto wallet worth €266.000 recovered, and a police visit that ended with a thank-you. On LEGEND Business, Julien Vallet, our CEO and Co-Founder, shares some of the unexpected situations that come with running Finst.

During the interview, which lasts over an hour, he discusses launching the platform in the aftermath of the FTX collapse, preventing crypto scams, and the decisions he's made as an entrepreneur. His stories offer a glimpse into what it takes to run a crypto platform that clients trust with their assets.

€266.000 recovered thanks to an old phone

One day, a client in his sixties walks into the Finst office in Amsterdam carrying an old phone. The device hasn't been connected to the internet since 2017. He knows it could give him access to some cryptocurrencies, but he has no idea which ones, how much they're worth, or how to recover them.

Julien takes the time to help him. After nearly an hour of searching, they manage to restore access to the wallet. A balance appears on the screen: €266.000. The client bursts into tears.

A few weeks later, he returns with a bottle of champagne and a promise. He may never become Finst's biggest client, but he intends to remain a client for the rest of his life.

For Julien, the experience is a reminder that the size of someone's first deposit should never determine how much attention they receive.

"Every big client started out as a small client."

Self-custody and the responsibility of managing access

The story of the forgotten phone also highlights something unique about cryptocurrencies. With a personal wallet, investors can maintain control over their private keys and transfer their assets without relying on an intermediary. This is known as self-custody.

That independence comes with the responsibility of protecting access to the wallet. If private keys and recovery information are lost, access to the funds may be lost permanently. The same challenge can arise when someone passes away, particularly if their family is unaware that the wallet exists or doesn't know how to access it.

Choosing between self-custody and holding assets with a custody provider therefore involves different responsibilities. Julien's story shows just how important managing access can become, even years after an initial investment.

Launching Finst after the FTX collapse

Finst launched in early 2023, just weeks after FTX filed for bankruptcy in November 2022. Trust in crypto platforms had been severely shaken.

During the interview, Julien explains how the collapse reinforced his belief that the crypto industry needed platforms operating with standards closer to those of traditional financial institutions.

Segregating client assets from company assets, transparent pricing, security, and regulatory compliance became central to Finst's approach. That commitment to transparency is also reflected in its pricing, with trading fees of 0,15% per transaction and no added spread.

A suspicious transaction that led to a police visit

Fraud prevention is another important part of the team's daily work. Julien recalls the case of a woman in her seventies who deposited a substantial amount of money before attempting to transfer it almost immediately to an external wallet she had never used before.

The unusual activity raised concerns. While reviewing the identity verification information, the team also noticed another person sitting next to her. Fearing a potential scam or a situation involving coercion, they contacted the police.

An hour later, Finst received a phone call. The person at the woman's home turned out to be her son, who had come over to help her open an account. Upset that the police had arrived at his mother's house, he initially expressed his anger.

The following day, however, he called back to apologize and thank the team. Although the alert turned out to be a false alarm, he understood why the team had taken action.

In other cases Julien discusses, unfortunately, those suspicions turn out to be genuine attempts at fraud.

How scammers build trust

The episode also features a lawyer specializing in cybercrime and cryptocurrencies. The discussion covers fake financial advisors, fraudulent investment platforms, identity theft, and so-called "pig butchering" scams, in which criminals gradually build a relationship of trust with their victims.

The pattern is often similar. Victims are persuaded to invest through a fake platform, where their accounts display profits that don't actually exist. Scammers may even allow them to withdraw a small amount to build confidence and encourage them to invest more.

When victims eventually try to withdraw all their money, however, the withdrawals are blocked. The scammers then demand additional payments, claiming that taxes or release fees must be paid first. Having already invested substantial amounts, victims may feel compelled to pay even more in the hope of recovering their funds.

These examples highlight why it's important to verify who you're dealing with and remain cautious of promises of exceptionally high returns.

Customer support with real people

Julien also discusses a decision he feels strongly about: keeping customer support personal. At Finst, clients can reach the team by phone, chat, or email.

"I hate bots."

His message is straightforward. When someone trusts a platform with their money, they should be able to speak to a real person if something goes wrong. The story of the forgotten phone is a good example of what that kind of support can mean to a client.

A direct company culture and an unusual approach to team travel

After spending more than ten years in the Netherlands, Julien wanted to bring certain aspects of Dutch workplace culture into Finst. The company has a relatively flat hierarchy and encourages direct communication. Anyone on the team can openly tell him they disagree with a decision, regardless of their role.

That approach is accompanied by a strong focus on business continuity, even when organizing the company's annual ski trip.

The evening before the first trip, Julien realized that almost the entire company was scheduled to travel on the same plane and then in the same minibus. The following morning, he decided to change half of the flight tickets.

The team was divided into two groups, each containing the people and skills needed to keep the business running. The same principle was applied to the minibuses. Since then, the entire team no longer travels together on the same plane, train, or in the same vehicle.

It's an unusual precaution, but one driven by a practical question: how could Finst continue operating if an accident affected several members of the team?

A European ambition beyond crypto

Toward the end of the interview, Julien shares his longer-term vision. He wants to build a European investment platform offering multiple asset classes, based on the same principles that shaped Finst: low fees, transparency, security, and a simple user experience.

His ambition is to create a credible European alternative to the major American and Asian financial platforms.

Watch the full episode

Watch Julien Vallet on LEGEND Business to hear these stories in full and discover what goes on behind the scenes at Finst.

Want to discover Finst for yourself? Open your free account and access over 400 cryptocurrencies with trading fees of just 0,15% and no added spread.