WeFi has received a securities fraud warning from Germany’s BaFin.

As per BaFin’s February 3rd WeFi warning;

BaFin is warning against offers on the website wefi(.)co. According to the financial supervisory authority, banking transactions and cryptocurrency services are being offered there without authorization.

According to available information, promotional events have been held in Germany, at least in the past.

The companies responsible for operating the website and providing the services offered are Wefi Payments Limited, Calgary, Canada; SRL, San José, Costa Rica; Nordpal Holding Limited; and Quantum Capital Holdings Limited, both of Hong Kong.

WeFi is an unregistered MLM crypto investment scheme based out of Dubai. In an attempt to downplay ties to Dubai, WeFi is run through Costa Rica and Hong Kong shell companies.

Fronting WeFi is tether founder and former CEO Reeve Collins.

Maksym Sakharov and Roman Rossov are random Ukrainian crypto bros. Khaled Suleiman is believed to be WeFi’s money guy and Yusuf Mirakhmedov is a wanted fugitive.

As of December 2025, SimilarWeb was tracking ~407,000 monthly WeFi website visits.

Top sources of WeFi website traffic are France (28%), the US (23%), Italy (19%), Japan (9%) and Germany (5%).