Be Membership has obtained a securities fraud warning from New Zealand’s Monetary Markets Authority (FMA).
As per the FMA’s October eighth, 2024 Be Membership warning;
BE isn’t authorised to offer any monetary companies or merchandise beneath New Zealand legislation and could also be working in breach of honest dealing provisions beneath Half 2 of the Monetary Markets Conduct Act 2013.
The FMA cites two Be Membership web site domains (“beclub.com” and “be.membership”), in addition to “affiliate” area “wowpowers.com”.
Wowpowers seems to be a streaming platform tied to Be Membership:
Be Membership is run by former OneCoin Ponzi scammers Monir and Moynul Islam. They’re joined by their brother Ehsaan Islam.
Particular to Be Membership’s enterprise mannequin, the FMA advises;
BE promotes buying and selling platforms and apps for buying and selling in high-risk merchandise, together with binary choices, cryptocurrency, shares, and foreign currency trading. Its web site creates an general, deceptive impression that its buying and selling platform and software program could make buying and selling simpler and safer, even in complicated and dangerous merchandise like binary choices.
We’re involved the general public could also be misled into taking part in its multi-level advertising scheme, anticipating to earn unsubstantiated excessive passive earnings.
BehindMLM just lately reviewed Be Membership and located unregistered securities supplied by way of its SageMaster platform. This tracks with the FMA’s findings.
Presently Be Membership seems to be all however lifeless exterior of Columbia and Italy. SimilarWeb tracked simply ~2600 month-to-month visits to Be Membership’s .COM area for September 2024 (the .CLUB area is sub 200 month-to-month visits).
As of September 2024, SimilarWeb tracked 77% of Be Membership’s web site site visitors originating from Columbia. The remaining 23% is from Italy.
The FMA’s warning suggests native promoters could be attempting to get Be Membership off the bottom in New Zealand.