TriumphFX banned in Indonesia for investment fraud
TriumphFX has been banned by Indonesian authorities due to investment fraud.
As reported by Ekonomi Bisnis, back in April TriumphFX’s website was blocked nationwide by the Commodity Futures Trading Regulatory Agency.
The stated reason for the ban is TriumphFX does not have a permit from the CoFTRA. CoFTRA equates this to investment fraud.
Investment fraud is illegal in Indonesia as per national Commodity Futures Trading law.
Possibly in anticipation of further regulatory action, TriumphFX set up an alternative domain, “tfxi2.com”, in November 2020.
At the time of publication, Alexa ranks Malaysia as the primary source of traffic to TriumphFX’s alternative domain (88%).
Visitors to TriumphFX’s primary website domain originate from Malaysia (45%), Singapore (22%) and Hong Kong (17%).
BehindMLM reviewed TriumphFX in May 2017. We found a pyramid scheme attached to a shady trading opportunity.
TriumphFX is not registered to offer securities in Malaysia. Unfortunately Malaysian authorities have failed to take action against TriumphFX or its anonymous owners.
Update 5th June 2022 – Indonesia’s OJK has issued an additional TriumphFX investment fraud warning.
Nice move!
Hi, Thank you for reviewing Triumphfx . I just want to share with you information to clarify the facts for you.
Triumphfx is a legit and licenced broker based in Cyprus and regulated by Cysec which is the top tier regulators in the world. Any brokers who wants to tap on European market must get a Cysec Licence.
However they are not based in Malaysia or Indonesia and do not need any licence from security commissions in Indonesia and Malaysia.
The Security Commissions in Indonesia and Malaysia ONLY have jurisdiction to govern any ONSHORE investments within the country, They have NO power to regulate any Offshore Investments outside the country. But the government do not encourage their OWN citizens to invest outside their country and will effect the capital outfow.
That is why Triumphfx website is blocked from being accessed in Malaysia and Indonesia. Outside the countries no problem, Or if you download VPN no problem too.
In Malaysia, also triumphfx is in the alert list but that does not mean they are scammers. (Ozedit: derails removed)
The Security Commissions in Indonesia or Malaysia CANNOT call it as a scammer list and can only call it as Alert list because they can be charged with Defamation in the International Court. (Ozedit: derails removed)
Triumphfx is (Ozedit: a scam, see below.)
No clarifications needed. TriumphFX is a scam committing securities fraud all around the world.
1. Cyprus is a scam-friendly jurisdiction.
2. TriumphFX has no business operations in Cyprus.
1. TriumphFX is very much a Malaysian scam run by Singaporean scammers.
2. Where the scammers behind TriumphFX register shell companies doesn’t matter. You need to register with financial regulators in the jurisdictions you solicit investment in.
At the time of publication Alexa ranks Malaysia, Hong Kong and Australia as the top sources of traffic to TriumphFX’s website.
TriumphFX isn’t registered to offer securities in any of these jursidictions.
MLM + securities fraud = scam
Not withstanding TriumphFX is a Malaysian scam run by Malaysians, this is false. Securities regulators can go after any scam soliciting investment in their country – as Indonesia has done.
Since the Indonesian ban, Indonesian recruitment by TriumphFX scammers has tanked.
Not getting banned by regulators yet != legitimacy.
TriumphFX operates illegally the world over.
1. There is no “international court of defamation”.
2. The Malaysian Securities Commission could peg TriumphFX for securities fraud, they just don’t. Due to lack of effective regulation Malaysia has been a scam-friendly jurisdiction for years.
If it wasn’t obvious, we have a TriumphFX scammer here talking out their ass.
A Genuine Investment platform will always comply and meet the requirement of the regulator. This is too ensure integrity and transparency.
TriumphFX lack of transparency on company details and shareholders, not having proper and approved license by the SC are signs of a possible scam in progress.
If you have invested in TriumphFX,give yourself a hug. You need it once you realise it is a scam.
I have approached by a triumphfx introducer saying the rerun in triumphfx is not high, 6-8% so it is safe?
Introducer keep on saying he trade forex with 20% return in 2 weeks.
If he can made so high return, what he want risk his money in yrimpugfz ???
I think you answered your own question.
Hi, I just want to know if the Alexa based info is still verifiable since the website has stopped working (or so I found), thanks.
Cited Alexa statistics are time specific. After Amazon shut Alexa down I now use SimilarWeb.