The Financial Supervision Authority of Norway (Finanstilsynet), has issued an investment fraud warning against Be.

As per Finanstilsynet’s March 23rd warning;

Better Experience (BE) does not have approval to operate investment services in Norway, and the company therefore does not have the necessary approval under Norwegian law.

The company is also not registered with the Norwegian Financial Supervisory Authority as a provider of exchange and/or storage services for virtual currency.

This means that Finanstilsynet does not have supervisory control over the company, or has approved the services that the company offers.

It is also prohibited in Norway to offer binary options to non-professionals.

The Norwegian Financial Supervisory Authority is aware that private individuals in Norway who participated in Better Experience (BE) are actively trying to recruit new customers to the company, with the promise of high profits.

The Finanstilsynet reminds that both the provision of investment services without the necessary license and complicity in this is illegal and that the Norwegian Financial Supervisory Authority can impose a fine and/or report it to the police.

Finanstilsynet … advises investors not to enter into an agreement or use the services of Better Experience (BE).

If you do that, you must be prepared to lose all the money you put into the system.

Be is a pyramid scheme run by Monir, Moyn and Ehsaan Islam.

Originally from the UK, Monir and Moyn are former OneCoin promoters. The brothers fled to Dubai after the Ponzi scheme collapsed in 2017.

Be began focusing on Norway after recruitment collapsed in Colombia, Guatemala, Italy and Portugal. Slovakia, India and Germany are also being targeted.

With respect to how Be is being promoted in Norway, E24 reports;

Be is promoted in social media such as TikTok and Instagram.

The company and its members tempt with exotic trips, events with a jubilant atmosphere and the opportunity to earn millions of kroner.

In a video, the company claims that if you recruit enough customers, who in turn recruit others, it is possible to earn around half a million kroner a month in bonuses.

Finanstilsynet’s warning follows Norway’s Gambling Authority revealing they suspect Be is a pyramid scheme.

Be maintains they aren’t a pyramid scheme but when pressed by E24, refused to provide figures on how many recruited affiliates they have versus retail customers.

In addition to Norway, Be has attracted regulatory attention in Canada and Colombia.