WeFi has received a securities fraud warning from Germany’s BaFin.
As per
BaFin’s February 3rd WeFi warning
;
BaFin is warning against offers on the website wefi(.)co. According to the financial supervisory authority, banking transactions and cryptocurrency services are being offered there without authorization.
According to available information, promotional events have been held in Germany, at least in the past.
The companies responsible for operating the
website
and providing the services offered are Wefi Payments Limited, Calgary, Canada; SRL, San José, Costa Rica; Nordpal
Holding
Limited; and Quantum
Capital
Holdings Limited, both of Hong Kong.
WeFi
is an unregistered MLM crypto investment scheme
based out of Dubai
. In an attempt to downplay ties to Dubai, WeFi is run through Costa Rica and Hong Kong shell companies.
Fronting WeFi is tether founder and former CEO Reeve Collins.
Maksym Sakharov and Roman Rossov are random Ukrainian crypto bros. Khaled Suleiman is believed to be WeFi’s money guy and Yusuf Mirakhmedov is a wanted fugitive.
As of December 2025, SimilarWeb was tracking ~407,000 monthly WeFi website visits.
Top sources of WeFi website traffic are France (28%), the US (23%), Italy (19%), Japan (9%) and Germany (5%).
🤖 Quick Answer
What is the BaFin warning against WeFi?On February 3rd, Germany's Federal Financial Supervisory Authority (BaFin) issued a securities fraud warning against WeFi, stating that the website wefi.co offers banking transactions and cryptocurrency services without proper authorization. BaFin identified promotional events held in Germany linked to the platform's unauthorized financial activities.
Which companies are associated with WeFi's operations?
BaFin identified four entities responsible for operating the WeFi website and its services: Wefi Payments Limited based in Calgary, Canada; an SRL entity registered in San José, Costa Rica; Nordpal Holding Limited; and Quantum Capital Holdings Limited, both incorporated in Hong Kong.
What type of scheme is WeFi classified as?
WeFi is classified as an unregistered multilevel marketing (MLM) cryptocurrency investment scheme. Regulatory findings
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