Spain’s Comision Nacional del Mercado de Valores has issued a securities fraud warning against UGPay.

UGPay is a Swiss shell company, used by Andrew Khovratov to run EvoRich through.

As per the
CNMV’s October 4th warning
UGPay Group A.G. is an “unregistered firm”.

This means

UGPay Group A.G. is not authorised to provide the investment services set out in Article 140 of the Spanish Securities Markets Act, which include investment advice.

This is the equivalent of a securities fraud warning in other jurisdictions.

Spain is the third jurisdiction to issue EvoRich with a securities fraud warning, following
New Zealand
and
Latvia
earlier this year.

EvoRich
is a spinoff of the long-running
Skyway Capital
Ponzi scheme.

EvoRich is your typical crypto shitcoin scam. Affiliates invest in CRU/WCRU tokens, something something, sorry for your loss.

With nothing marketed or sold to retail customers, the MLM side of EvoRich operates as a pyramid scheme.

Outside of Russia, which makes up 80% of its website traffic (Alexa), there doesn’t seem to be much going on with EvoRich globally.

🤖 Quick Answer

What action did Spain's securities regulator take against UGPay?
Spain's Comision Nacional del Mercado de Valores issued a securities fraud warning against UGPay Group A.G. on October 4th, classifying it as an unregistered firm unauthorized to provide investment services under Spanish Securities Markets Act Article 140, including investment advice.

What is the relationship between UGPay and EvoRich?
UGPay is a Swiss shell company utilized by Andrew Khovratov to operate EvoRich. The entity serves as the legal vehicle through which EvoRich conducts its business operations and financial activities.

How many jurisdictions have issued EvoRich with securities warnings?
Three jurisdictions have issued EvoRich with securities fraud warnings: Spain, New Zealand, and Latvia. These warnings were issued at different times throughout the year in response to regulatory concerns.

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