Be Club has received a securities fraud warning from New Zealand’s Financial Markets Authority (FMA).
As per the FMA’s October 8th, 2024 Be Club warning;
BE is not authorised to provide any financial services or products under New Zealand law and may be operating in breach of fair dealing provisions under Part 2 of the Financial Markets Conduct Act 2013.
The FMA cites two Be Club website domains (“beclub.com” and “be.club”), as well as “associate” domain “wowpowers.com”.
Wowpowers appears to be a streaming platform tied to Be Club:
Be Club is run by former OneCoin Ponzi scammers Monir and Moynul Islam. They are joined by their brother Ehsaan Islam.
Specific to Be Club’s business model, the FMA advises;
BE promotes trading platforms and apps for trading in high-risk products, including binary options, cryptocurrency, stocks, and forex trading. Its website creates an overall, misleading impression that its trading platform and software can make trading easier and safer, even in complex and risky products like binary options.
We are concerned the public may be misled into participating in its multi-level marketing scheme, expecting to earn unsubstantiated high passive income.
Daily Exposed recently
reviewed Be Club
and found unregistered securities offered through its SageMaster platform. This tracks with the FMA’s findings.
Presently Be Club appears to be all but dead outside of Columbia and Italy. SimilarWeb tracked just ~2600 monthly visits to Be Club’s .COM domain for September 2024 (the .CLUB domain is sub 200 monthly visits).
As of September 2024, SimilarWeb tracked 77% of Be Club’s website traffic originating from Columbia. The remaining 23% is from Italy.
The FMA’s warning suggests local promoters might be trying to get Be Club off the ground in New Zealand.
Update 8th January 2025 –
The FMA took down its original Be Club fraud warning and replaced it with a
second warning
, published on December 16th, 2024.
🤖 Quick Answer
What is the Be Club securities fraud warning from New Zealand?The Financial Markets Authority (FMA) issued a warning on October 8th, 2024, stating that Be Club operates without authorization under New Zealand law and may breach fair dealing provisions of the Financial Markets Conduct Act 2013. The FMA identified domains beclub.com, be.club, and wowpowers.com as associated with the entity.
Who operates Be Club?
Be Club is operated by Monir Islam, Moynul Islam, and their brother Ehsaan Islam. Monir and Moynul were previously associated with OneCoin, a documented Ponzi scheme that defrauded investors worldwide.
What financial services does Be Club promote?
Be Club promotes trading platforms and applications for trading in high-risk financial products, including cryptocurrency and derivatives. The FMA warns these services are offered without proper authorization under
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