TriumphFX has received a securities fraud alert from the Australian Securities and Investments Commission (ASIC).

ASIC added TriumphFX to its “investor alert list” on November 22nd, 2023.

Entities placed on ASIC’s list are “likely to be offering financial services to Australian consumers”, while “not hold(ing) an Australian financial services licence or Australian credit licence from ASIC”.

Under Australian law, offering securities without being registered with ASIC constitutes securities fraud.

Almost all providers of financial services in Australia must be licensed by ASIC.

With respect to entities placed on the Investor Alert List, ASIC warns;

If someone contacts you to offer an investment opportunity, or you find a suspicious website, be wary. It could be a scam.

This investor alert list can help you know which companies, businesses and websites (or ‘entities’) are not to be trusted.

TriumphFX is a long-running Ponzi scheme that primarily targets Malaysia.

BehindMLM first came across TriumphFX back in 2017. Since then we’ve reported on TriumphFX

The current status of TriumphFX is a bit murky.

In 2018 Singapore-based scammer Hermes Leong (right) was arrested on charges related to Triumph Global, an earlier iteration of TriumphFX.

Then in October 2022, TriumphFX collapsed following non-payment of withdrawals for weeks.

Despite these two significant events, TriumphFX persists. SimilarWeb tracked ~153,000 visits to TriumphFX’s “tfxi.com” domain in October 2023.

55% of that traffic originated from Malaysia, 19% from Taiwan, 8% from Australia and 4% from China.