Belief Your Universe has acquired a securities fraud warning from Germany’s Federal Monetary Supervisory Authority (BaFin).
As per BaFin’s December twenty second client safety discover;
Suppliers of banking transactions or monetary companies in Germany require a license underneath the KWG .
BaFin clarifies that Universe Buying and selling LLC doesn’t have a license underneath the KWG to conduct banking enterprise or present monetary companies.
(Belief Your Universe) is providing banking transactions and monetary companies in Germany with out permission.
The is the equal of a securities fraud warning in different jurisdictions.
Belief Your Universe is a Dubai-based MLM crypto Ponzi run by German nationwide Dada Pey.
BaFin’s warning is according to BehindMLM’s Belief Your Universe evaluation, revealed October 2022.
Austria additionally issued a Belief Your Universe securities fraud warning final month.
As of October 2022, 100% of Belief Your Universe’s web site site visitors originated from Indonesia.
Since then, Belief Your Universe recruitment in Indonesia has collapsed. At present SimilarWeb tracks a unbroken general decline in Belief Your Universe web site site visitors.
As of February 2023, high sources of Belief Your Universe web site site visitors are:
- Switzerland – 55%, up 40% month on month
- Germany – 36%, down 50% month on month
- Eire – 5%, no change
- Austria – 4%, down 57% month on month
From this we are able to conclude that Belief Your Universe recruitment in Germany and Austria has additionally collapsed. New victims are being recruited in Switzerland, exterior of which there isn’t a lot happening.
One different notable change is Belief Your Universe shifting shell incorporation to Thailand.
Final October Belief Your Universe represented it was run by means of Universe Buying and selling LLC, a St. Vincent and the Grenadines shell firm.
Whereas St. Vincent and the Grenadines remains to be cited within the footer of Belief Your Universe’s web site…
We, Universe Buying and selling LLC (“TrustYourUniverse”), are offering brokerage companies and may achieve this as set by the Authorities of St. Vincent and Grenadines laws.
…an handle in Thailand is now offered for Universe Buying and selling LLC. Whether or not this variation is said to a regulatory crackdown or not is unclear.
One other entity to notice is “A-Ebook Dealer LLP”.
TrustYourUniverse is operated by Universe Buying and selling LLC which is the first service supplier and web site operator.
We’re contracting with A-Ebook Dealer LLP, which is offering all companies regarding buying and selling / MT5 entry / to hold out buying and selling companies that we provide.
A-Ebook Dealer LLP is regulated by the Ministry of Finance (License No. KZ25UWX00002083), authorizing the corporate to offer Prime Brokerage Companies and Straight-By Processing.
A-Ebook Dealer LLP seems to be a shell firm arrange in Kazakhstan. A-Ebook Dealer LLP’s web site area was solely not too long ago registered on October sixth, 2022.
Issues get much more murky when A-Ebook Dealer LLP refers to itself as “BlackGateBroker” on its web site.
BlackGateBroker is a totally licensed and controlled entity. We possess a monetary service license which permits straight by means of brokerage.
Firm: BlackGateBroker LLP.
License Quantity: KZ25UWX00002083
Authorised by: Nationwide Financial institution of Kazakhstan
Regulated by: Ministry of Finance
For sure no matter shenanigans are happening, Belief Your Universe isn’t registered to supply securities in any jurisdiction. Random shell corporations in Kazakhstan doesn’t present Belief Your Universe any authorized legitimacy.
Since publication of BehindMLM’s Belief Your Universe evaluation, Dada Pey has deleted his beforehand lively and publicly accessible Instagram account.
I did discover an alternate account that’s lively (@pey_trade), however I’m undecided if it’s truly run by Pey. Pey deserted his FaceBook account in August 2022.
Sadly German authorities have a poor observe document regulating German nationals operating MLM Ponzi schemes.
Pey is assumed to nonetheless be hiding out in Dubai. Whether or not German authorities take additional motion towards him stays to be seen.
