Zeniq Technologies lies about securities fraud in Dubai
In response to a securities fraud warning issued by Dubai, Zeniq Technologies has trotted out the “we’re not doing the thing we’re doing” defense.
Zeniq Technologies is the shell company behind Zeniq Coin. Zeniq Coin in turn is used by the Safir International Ponzi scheme.
Safir International solicits investment on the expectation of passive returns, paid through Zeniq Coin.
Obviously this is a financial service (securities offering), thus requiring registration with financial regulator.
Zeniq Technologies represents it is based out of Dubai but isn’t registered to offer financial services in Dubai.
This led to the Dubai Financial Services Authority’s securities fraud warning on December 5th.
In response to the DFSA’s warning, Safir Technologies issued a press-release on December 23rd.
Following inquiries with the Dubai Financial Services Authority (DFSA) regarding the possible registration or regulation of ZENIQ Technologies, the DFSA has issued a clarification in this regard on its website on 5 December 2021.
In this, it is stated: “… that ZENIQ Technologies is not, and has never been, authorized by the DFSA to provide financial services in or from the DIFC.”
This is also completely correct as ZENIQ Technologies does not do this or intend to do this in any way.
We aren’t doing the thing we are in fact doing.
Zeniq Technologies then doubles down on misrepresentation of the DFSA’s warning, claiming
There is no WARNING from the DFSA in respect of ZENIQ Technologies, but rather a CONFIRMATION of its registration as a proper company!
In late December UAE authorities threatened to start jailing “cyber criminals promoting cryptocurrency scams”.
Over the past few years Dubai has emerged as the worldwide capital of MLM crypto fraud.
Whether the crime-riddled emirate starts holding companies like Zeniq Technologies accountable remains to be seen.
Update 21st October 2022 – Zeniq Technologies has deleted the cited press-release from its website.
This article originally contained a link to the press-release but I’ve now removed it.
Today, the answer from MLM Zeniq hub vendors concerning the “non regulated” Zeniq company is:
However, since the first presentations in September, ZENIQ MLM vendors were claiming Zeniq to be regulated by DFSA.
They also claim they are partner with OCS which is regulated !!!
Zeniq == Safir == securities offering.
You can’t pseudo-compliance your way out of securities fraud.
Can see they are panic-selling every excuse possible haha.
Is Zeniq the smartest scam ever ?
Unlike Onecoin, Bitconnect,…, Zeniq is not promising their client any fast income based on any indicated value or growth.
ZENIQ don’t have to pay back their client with anything, anytime soon.
Zeniq is selling a “Hub” that is supposed to create ZENIQ Coins, where the value of the Coin is displayed as a token on Nomics :
Today’s value of ZENIQ coin (Token) is 0.17$.
The owners of ZENIQ hub can only claim to sell their Coin at the value indicated on Nomics.
Therefore, a ZENIQ client who has purchased 4 hubs in September has already paid 6000 € and “minted” so far 1000 Zeniq coins.
He can claim today by selling his coins (Tokens) 0.17$ x 1000 = 170 $ !!!!!
ZENIQ client can do this process from their SAFIR back office.
If the value of the ZENIQ coin (Token on Nomics) never rises (even after 20 years), the clients of ZENIQ will never have the right to claim anything more than Nomics value, or complain about anything.
ZENIQ has plenty of time for selling as many HUBS they want without worrying to be caught by justice.
ZENIQ jut have to keep a bit of Cash for paying the clients who are selling their ZENIQ coins (or Tokens).
So, nobody can complain ???
Is there anything that can stop the Scam ?
According to Oz’s original review, they were promising €750 a month on a €1,500 investment, and multiples thereof.
That very much is “fast income”. 50% per month returns compounded would make you the richest person in the world within a few years.
If they’ve now reneged on that promise that’s not being “smart”, that’s a get-rich-quick Ponzi collapsing as all Ponzi’s do.
Leaving the 50% monthly return aside, it’s a safe bet that the tokens were promoted on the basis of “gonna be the next Bitcoin bro”.
Failing to deliver on that promise and falling back on “we never said there was no risk, shouldn’t have invested money you couldn’t afford to lose” also isn’t smart, it’s just a standard Ponzi endgame cliché.
I followed dozens of Zeniq presentation for understanding what they are talking about.
When I asked explanations about this 750€ monthly revenue, the answer is:
Then they explained that the minting rate is decreasing by the years, but the value of the Coin will increases certainly.
(look at minute 17′.36″) Asker Sakenmaz is very clear on the 750 € revenue assumption.
In the following youtube presentations of SAFIR N°1 ASKER is clearly mentioning that ZENIQ is in the pre-pre launch phase !!! and nothing is ready yet.
At 13’30”, ASKER is clearly stating that ZENIQ has nothing, and are just preparing everything.
They have nothing !!!!!
At the minute 11’30”, asker is contradicting this revenue of 750€ by demonstrating it is mandatory to wait for making money as the Zeniq value is only 0.3€
They are very cautious on the revenue previsions they claim.
They mislead the clients with the real status of the “licensed partner bank”, the royal family partnership, the fact that ZENIQ will be the Crypto money of Dubai, their blockchain …
Legally in France today, nobody could bring Zeniq to justice.
There is no contract binding Zeniq to pay anything to the Hub owners.
However, MLM members who are promoting and selling Hubs can be jailed for 5 years and have 350.000 € fine.
In France, it is illegal to give Financial investment advices without official license.
So, the French Victims of Zeniq will risk jail, while Zeniq management living in Turkey and Dubai will be free of any law suit.
It is clearly a SCAM, but I don”t see what can stop them before a long time.
Trust me bro, it’s dUh BlOcKcHaIn!
How long can ZENIQ MLM sales last? What can stop it?
Dubai isn’t going to stop it. Withdrawals exceeding new investment probably will.
Recruitment into any MLM Ponzi scheme inevitably collapses. Trying to figure out when is a fool’s game.
ZENIQ clients can’t withdraw anything. And they know it.
– The HUB is not refundable.
– Only selling the “minted” Coins (at the token value on Nomics) can be claimed.
(which is today around 2% of Zeniq clients investment).
Who is determining the Zeniq Value on Nomics ?
The most spectacular event of the year …in Dubai!
December? Recruitment has tanked outside of Germany, Austria and Russia.
Unless they find new victims Safir/Zeniq isn’t going to be around come December. Or maybe that’s the plan.
Here they are. They want to do like “Omegapro” with sparkling global events in Dubai.
Ir seems they gave up with the blanket (I-fiber) and the wonderful Coinway world payement system…
Ah. Well for enough cash I’m sure Eric Worre can fit them into his schedule.