Belgium’s Financial Services and Markets Authority (FSMA) has issued three MLM related fraudulent trading platform warnings.

In a
warning published on March 14th
, the FSMA “strongly advises against responding to any offers of financial services made by” CosCoin, Onewiex and FVP Trade.

These platforms act very aggressively. They often claim to hold an authorization by a fake financial authority, displaying it so as to seem trustworthy.

Scammers even try to persuade the victims to allow them to take control of their computer remotely in order to make certain money transfers.

The fraudsters also try to convince the victims to invest increasingly higher amounts of money.

They also make promises of repayment in exchange for one last money transfer. This is a technique to collect even more money from their victims.

These are most likely cases of investment fraud. Fraudsters not only act without the necessary authorizations, but they also divert the investors’ funds.

In such cases, investors are unable to recover their money because these illegal service providers are generally located abroad.

FVP Trade
was a Boris CEO Ponzi scheme launched in mid 2020.

The scam is believed to have originated out of Asia with possible ties to Dubai.

BehindMLM documented 
FVP Trade’s collapse
 in July 2022, a few weeks after we published our review.

To date FVP Trade’s original website remains offline. A reboot or recovery scam was launched in early 2023 from the domain “fvptrade.info”.

Hosting on that domain has since been disabled.

Onewiex
 surfaced in mid 2023 and is believe to be the unofficial successor to 
Quwiex
. Both Ponzi schemes are believed to be run by Russian scammers.

The first iteration of Onewiex operated from the domain “onewiex.com”. It 
collapsed
 in August 2023.

A reboot launched on the domain “onewiex.org” but has since also collapsed.

CosCoin
is attached to
COS
, aka Cosetek, a “click a button” app Ponzi launched last year.

Following a 
regulatory fraud warning
 from Washington in September, COS went on to 
collapse
in November 2023.

Despite all three MLM Ponzi schemes having collapsed last year, FSMA cites FVP Trade, Onewiex and CosCoin as “new trading platforms [that] have appeared on the internet in recent weeks.”

🤖 Quick Answer

What fraudulent platforms did Belgium's FSMA warn against in March?
Belgium's Financial Services and Markets Authority issued warnings against CosCoin, Onewiex, and FVP Trade on March 14th. These MLM-related platforms operate aggressively, claiming false authorizations from fake financial authorities to appear legitimate and trustworthy.

What tactics do these scam platforms use?
The fraudsters request remote computer access for money transfers, persuade victims to invest increasingly larger amounts, and promise repayment contingent on additional transfers. These techniques exploit trust and financial desperation systematically.

Why should consumers avoid these platforms?
These unregulated trading platforms lack legitimate financial authority and employ deceptive practices. They target vulnerable investors with false credentials and sophisticated manipulation tactics designed to extract maximum financial loss.

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