Wewe.Global, previously flying under the radar, has recently come into the spotlight due to reports and complaints suggesting the company’s involvement in a potential scam. Investors are enticed by promises of substantial returns, a common characteristic of schemes that warrant scrutiny in the financial sector. Read this comprehensive WeWe Global Review to know why we add this broker as a scam.
Website – https://wewe.global/
Official Address – NA
Warning – Financial Markets Authority (New Zealand)
Regulation Status- Unregulated
About WeWe Global Scam
WeWe Global has experienced its third collapse, marking a significant downturn in its operations. The suspension of withdrawals, initiated after an unscheduled “extraordinary maintenance,” has now been extended for a month. The first instance of withdrawal restrictions occurred on August 11th, affecting WeWe Global investors.
In response to the crisis, WeWe Global has taken a drastic measure by disabling affiliate investors’ ability to convert LFI (internal Ponzi points) to bitcoin (BTC) and cash out. Instead, investors are limited to converting LFI to WEWE-C, with the condition that it must be reinvested back into the WeWe Global system.
The disabling of withdrawals has effectively led to the collapse of WeWe Global. Rather than transparently addressing the situation, WeWe Global appears to have employed a KYC exit scam, leaving investors with unanswered questions and concerns about the integrity of their investments.
Warnings Issued Against WeWe Global
The Financial Markets Authority (FMA) is cognizant that WEWE Global (also identified as The Blockchain Era) and LYOPAY are promoting cryptocurrency products and services through webinars and public events in New Zealand. Notably, these entities are not enlisted on the Financial Service Providers Register or subject to regulation for delivering their offerings to New Zealand retail clients, contravening the stipulations of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and the Financial Markets Conduct Act 2013.
Is it safe to invest with WeWe Global?
WeWe Global is not undergoing any upgrades, and there appears to be a lack of concern regarding Know Your Customer (KYC) procedures. Even if one were to entertain the notion of falling for an exit scam deception, the notion that it takes 30 days to upgrade servers and conduct a KYC check seems dubious, especially considering that WeWe Global had previously implemented KYC measures to delay withdrawals.
In a legitimate business setting, any upgrades typically occur in a staging environment before being seamlessly integrated into the live service. When executed correctly, users shouldn’t notice any disruptions. It is disconcerting to witness WeWe Global investors using regulatory compliance as an excuse for the suspected exit scam.
Securities fraud regulations are generally straightforward – a business is either registered with financial regulators, filing audited financial reports or operates as a Ponzi scheme. Presenting regulatory compliance as a barrier to legitimate operations raises concerns about the transparency and authenticity of WeWe Global’s business practices.
Is WeWe Global a Ponzi scheme?
WeWe Global is unmistakably operating as a Ponzi scheme, lacking any substantiated origins of external income. Following the collapse of its initial 2021 Ponzi model in 2022, WeWe Global introduced LyoFi and LyoPay as apparent additions to its structure.
Essentially, any measure is taken to halt withdrawals, with the expectation that sufficient new funds continue to flow in, making the act of siphoning money through WeWe Global still financially viable.
WeWe Global Review: Conclusion
If you’ve fallen victim to a WeWe Global scam or any other form of deceitful activity, you can take action by filing a complaint against the unscrupulous broker. Simply complete a complaint form on our Scam Helpers website to initiate the process. Our team of experts is prepared to provide a free consultation on the fund recovery procedure.
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Note: The information provided in the above WeWe Global review is based on existing WeWe Global reviews. It is important to note that we are not responsible for any legal action taken by WeWe Global company. For any inquiries or concerns, please contact us via email at [email protected].