Another Regulator Warns Against Kuvera: Belgium’s FSMA
- The entity has the characteristics of a pyramid scheme, according to the Belgian regulator.
The Financial Services and Markets Authority (FSMA) in Belgium has published a warning on its website this Wednesday, flagging Kuvera Global LLC (Kuvera), which according to the regulator, has the characteristics of a pyramid scheme.
In particular, the Belgian regulator highlights that the company irregularly offers investment services in Belgium, via the website www.kuveraglobal.com, with the entity mainly targeting young people.
Namely, the entity offers consumers tools and training, which is meant to help them when trading foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) products, virtual currencies, and equity. According to the warning, the company also claims to offer investment advice to traders through these tools.
“Kuvera is not, however, authorized to offer financial services and products in Belgium. Moreover, the system proposed by Kuvera exhibits features characteristic of a pyramid scheme,” the watchdog said in its statement today.
Furthermore, the Belgian regulator points out that it is not the first authority to warning against Kuvera, with the French supervisory authority the Autorité des marchés financiers and Spain’s Comisión Nacional del Mercado de Valores (CNMV) having both warned against the entity.
“For all these reasons, the FSMA strongly advises against responding to any offers made by Kuvera,” the FSMA concluded.
Claims against Kuvera
AMF’s initial warning against Kuvera stated that the firm operates under two brands, Kuvera LLC and Kuvera France; both are wholly owned subsidiaries of Investview.
As Finance Magnates reported, the French regulator said that they have been providing professional investment services to domestic clients without proper authorization, which is a criminal offense.
Investview was previously fined $150,000 by the US Commodity Futures Trading Commission (CFTC) back in 2018. At the time, the US securities regulator said the company was illegally offering forex and binary options to retail investors in the United States.
However, when Finance Magnates spoke to Investview, the company said that they were unaware of the charges and denied ever supplying unregulated services or, as the AMF stated, working with people under the age of eighteen.
The Financial Services and Markets Authority (FSMA) in Belgium has published a warning on its website this Wednesday, flagging Kuvera Global LLC (Kuvera), which according to the regulator, has the characteristics of a pyramid scheme.
In particular, the Belgian regulator highlights that the company irregularly offers investment services in Belgium, via the website www.kuveraglobal.com, with the entity mainly targeting young people.
Namely, the entity offers consumers tools and training, which is meant to help them when trading foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) products, virtual currencies, and equity. According to the warning, the company also claims to offer investment advice to traders through these tools.
“Kuvera is not, however, authorized to offer financial services and products in Belgium. Moreover, the system proposed by Kuvera exhibits features characteristic of a pyramid scheme,” the watchdog said in its statement today.
Furthermore, the Belgian regulator points out that it is not the first authority to warning against Kuvera, with the French supervisory authority the Autorité des marchés financiers and Spain’s Comisión Nacional del Mercado de Valores (CNMV) having both warned against the entity.
“For all these reasons, the FSMA strongly advises against responding to any offers made by Kuvera,” the FSMA concluded.
Claims against Kuvera
AMF’s initial warning against Kuvera stated that the firm operates under two brands, Kuvera LLC and Kuvera France; both are wholly owned subsidiaries of Investview.
As Finance Magnates reported, the French regulator said that they have been providing professional investment services to domestic clients without proper authorization, which is a criminal offense.
Investview was previously fined $150,000 by the US Commodity Futures Trading Commission (CFTC) back in 2018. At the time, the US securities regulator said the company was illegally offering forex and binary options to retail investors in the United States.
However, when Finance Magnates spoke to Investview, the company said that they were unaware of the charges and denied ever supplying unregulated services or, as the AMF stated, working with people under the age of eighteen.