TriumphFX has received a securities fraud warning from Seychelles’ Financial Services Authority (FSA).

As per
the FSA’s May 20th TriumphFX warning
;

This notice is hereby issued by the Financial Services Authority (“FSA”) drawing attention to … Triumph Int’l Co., Ltd. previously incorporated under the International Business Companies Act.

The FSA wishes to advise the public as to the fact that the company does not, nor has it had any authorisation to operate under the Virtual Asset Service Providers Act, 2024 and was simply incorporated.

The company has since been struck off and was dissolved as of the 1
st
 January 2022, and is therefore no longer a legal entity.

A visit to TriumphFX’s website reveals it still falsely claims to be “incorporated in the Republic of Seychelles” as Triumph Int. (SC) Limited.

TriumphFX is a long-running Ponzi scheme that primarily targets Malaysia.

BehindMLM 
first came across TriumphFX
 back in 2017. Since then we’ve reported on TriumphFX

getting 
banned in Indonesia
 in 2021 for investment fraud

receiving a 
securities fraud warning from Singapore
 in 2021

receiving 
two securities fraud warnings from Indonesia
 despite being banned there

receiving a 
securities fraud warning from Malaysia
 in 2022

receiving a 
securities fraud warning from Australia
 in November 2023

The current status of TriumphFX is a bit murky.

In 2018 Singapore-based scammer Leong Koon Wah, aka Hermes Leong (right), was
arrested on charges
 related to Triumph Global, an earlier iteration of TriumphFX.

Then in October 2022, TriumphFX 
collapsed
 following non-payment of withdrawals for weeks.

In January 2025, Hermes Leong was convicted and
sentenced to ten years and six months in prison
.

Despite all of this, TriumphFX persists, albeit barely. SimilarWeb tracked ~4900 monthly visits to TriumphFX’s primary “tfxi.com” domain in May 2025.

38% of TriumphFX’s May 2025 website traffic originated from Malaysia, followed by 17% from the UK, 17% from Singapore, 13% from Vietnam and 10% from Australia.

🤖 Quick Answer

What is the TriumphFX securities fraud warning from Seychelles?
The Financial Services Authority (FSA) of Seychelles issued a securities fraud warning regarding TriumphFX on May 20th, stating that Triumph Int'l Co., Ltd. never held authorization to operate under the Virtual Asset Service Providers Act, 2024, was merely incorporated, and was dissolved as a legal entity on January 1, 2022.

Why did the Seychelles FSA issue a warning against TriumphFX?
The FSA issued the warning because TriumphFX's parent entity, Triumph Int'l Co., Ltd., had no authorization to conduct regulated financial or virtual asset services in Seychelles. The company had been struck off the registry and dissolved in January 2022, yet TriumphFX continued representing itself as a Seychelles

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