FX United warning issued by New Zealand’s FMA
BehindMLM reviewed FX United back in February.
With a passive 150% ROI offered on $300 to $10,000 investments, FX United raised some serious compliance issues.
The sum total of (FX United) is an opportunity that comes off as pretty suss. You don’t really know who’s running it, from where, or what they’re doing with your invested funds.
That’s not smart business, making FX United an opportunity you should probably stay clear of.
As is common with schemes run by anonymous admins, FX United claimed to be registered in an out of the way jurisdiction.
That jurisdiction is New Zealand, who have little to no track record of MLM regulation.
Despite that, New Zealand’s Financial Markets Authority (think SEC) still took it upon themselves to issue a warning against FX United.
An FMA warning is triggered when a company, who is registered on the Financial Service Providers Register, is
the subject of complaints about loss of investor funds, or other serious misconduct that suggests customers may lose money.
Upon receiving a complaint about a company on the FSPR, the FMA ‘will ask for an explanation, and expect a response.‘
If a company does not respond or provide a “satisfactory response”, the FMA issues a warning.
On the 4th of May the FMA added FX United to their “Businesses to be wary of” list. The regulator claims they have
received reports that United Global Holdings Limited, trading as FX United, has been falsely claiming that the FMA has endorsed the company as being legitimate and highly regulated.
Like regulators the world over, the FMA do not certify legitimacy of companies.
The FMA does not confirm legitimacy or endorse any entity in this manner. We recommend NZ consumers exercise caution when dealing with any business claiming to be endorsed by the FMA.
Seeing as FX United management are in hiding, perhaps an affiliate can explain to us why a legitimate MLM opportunity is running around telling porky pies about regulators…