Indonesian authorities have banned TriumphFX, a financial trading platform, for operating without a permit from the Commodity Futures Trading Regulatory Agency (CoFTRA). This lack of authorization is classified as investment fraud under Indonesia's national Commodity Futures Trading law. The ban was first reported in April when TriumphFX’s website was blocked nationwide.
The company, which BehindMLM reviewed in May 2017 and identified as a pyramid scheme with questionable trading opportunities, has attempted to circumvent the Indonesian blockade. In November 2020, TriumphFX launched an alternative domain, tfxi2.com. Traffic data indicates Malaysia is the primary source of visitors to this new site, accounting for 88% of users. The original website also sees significant traffic from Malaysia (45%), followed by Singapore (22%) and Hong Kong (17%).
TriumphFX is not registered to offer securities in Malaysia. Despite this, Malaysian authorities have not taken action against the company or its anonymous owners. On June 5, 2022, Indonesia’s Financial Services Authority (OJK) issued a further warning regarding TriumphFX's fraudulent investment activities.