Bavarsis has received a securities fraud warning from Australia.

As per the Australian Securities and Investment Commission’s August 22nd warning, Bavarsis

is likely to be offering financial services to Australian consumers.

It does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorised by a licensee.

Offering securities without registration with ASIC constitutes securities fraud under Australian law.

In addition to “bavarsis.com”, ASIC cites the following domains as being part of Bavarsis’ fraud:

  • bavarsis-exchange.com
  • bavarsis.click
  • bavarsis.biz and
  • bavarsis.cc

Bavarsis’ official FaceBook page, Telegram and YouTube channels are also cited.

Bavarsis was a Boris CEO MLM crypto Ponzi fronted by an actor playing “Owen Mitchell”.

Part of Bavarsis’ Ponzi ruse was representing fictional ties to Australia:

Typically Boris CEO Ponzi schemes are run by Russian scammers. To that end the Central Bank of Russia issued a Bavarsis pyramid fraud warning in February 2024.

Possibly aware it was under investigation in Australia, Bavarsis disabled withdrawals in early August. Bavarsis then pulled its websites on or around August 22nd.

The majority of Bavarsis victims appear to be from Europe and Vietnam. As of July 2024, SimilarWeb tracked top sources of Bavarsis website traffic as Germany (40%), Vietnam (30%), Ukraine (17%) and Lithuania (7%).