Trust Your Universe has received a securities fraud warning from Germany’s Federal Financial Supervisory Authority (BaFin).
As per
BaFin’s December 22nd consumer protection notice
;
Providers of banking transactions or financial services in Germany require a license under the KWG .
BaFin clarifies that Universe Trading LLC does not have a license under the KWG to conduct banking business or provide financial services.
(Trust Your Universe) is offering banking transactions and financial services in Germany without permission.
The is the equivalent of a securities fraud warning in other jurisdictions.
Trust Your Universe is a Dubai-based MLM crypto Ponzi run by German national Dada Pey.
BaFin’s warning is in line with
BehindMLM’s Trust Your Universe review
, published October 2022.
Austria also issued a
Trust Your Universe securities fraud warning
last month.
As of October 2022, 100% of Trust Your Universe’s website traffic originated from Indonesia.
Since then, Trust Your Universe recruitment in Indonesia has collapsed. Today SimilarWeb tracks a continuing overall decline in Trust Your Universe website traffic.
As of February 2023, top sources of Trust Your Universe website traffic are:
Switzerland – 55%, up 40% month on month
Germany – 36%, down 50% month on month
Ireland – 5%, no change
Austria – 4%, down 57% month on month
From this we can conclude that Trust Your Universe recruitment in Germany and Austria has also collapsed. New victims are being recruited in Switzerland, outside of which there isn’t much going on.
One other notable change is Trust Your Universe shifting shell incorporation to Thailand.
Last October Trust Your Universe represented it was run through Universe Trading LLC, a St. Vincent and the Grenadines shell company.
While St. Vincent and the Grenadines is still cited in the footer of Trust Your Universe’s website…
We, Universe Trading LLC (“TrustYourUniverse”), are providing brokerage services and can do so as set by the Government of St. Vincent and Grenadines regulations.
…an address in Thailand is now provided for Universe Trading LLC. Whether this change is related to a regulatory crackdown or not is unclear.
Another entity to note is “A-Book Broker LLP”.
TrustYourUniverse is operated by Universe Trading LLC which is the primary service provider and website operator.
We are contracting with A-Book Broker LLP, which is providing all services relating to trading / MT5 access / to carry out trading services that we offer.
A-Book Broker LLP is regulated by the Ministry of Finance (License No. KZ25UWX00002083), authorizing the company to provide Prime Brokerage Services and Straight-Through Processing.
A-Book Broker LLP appears to be a shell company set up in Kazakhstan. A-Book Broker LLP’s website domain was only recently registered on October 6th, 2022.
Things get even more murky when A-Book Broker LLP refers to itself as “BlackGateBroker” on its website.
BlackGateBroker is a fully licensed
🤖 Quick Answer
What is Trust Your Universe's regulatory status in Germany?Trust Your Universe, a Dubai-based entity operated by German national Dada Pey, lacks authorization from BaFin (Federal Financial Supervisory Authority) to conduct banking transactions or provide financial services in Germany under KWG regulations, triggering a December 2022 consumer protection warning.
Why did BaFin issue a warning against Trust Your Universe?
BaFin issued a consumer protection notice because Trust Your Universe offers banking transactions and financial services in Germany without the required KWG license, equivalent to securities fraud warnings in other jurisdictions.
What is Trust Your Universe's business model?
Trust Your Universe operates as a multilevel marketing cryptocurrency scheme structured as a Ponzi model, based in Dubai and managed by founder Dada Pey, combining crypto investment promises with MLM recruitment mechanisms.
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