WeWe Global and LyoPay have received a “ponzi and pyramid” fraud warning from New Zealand.
As per the Financial Markets Authority’s February 8th warning;
FMA are aware that WEWE Global and LYOPAY are offering cryptocurrency products and services via webinars and public event in New Zealand.
We note they are not registered on the Financial Service Providers Register or regulated for providing their services and products to New Zealand retail clients, as required by the Financial Service Providers (Registration and Dispute Resolution) Act 2008 Act and Financial Markets Conduct Act 2013.
We recommend exercising caution when dealing with these entities.
The
FMA’s warning
cites WeWe Global and LyoPay, operating from the domains:
wewe.global
lyopay.com
lyowallet.com
lyobanq.com
lyotrade.com
lyomerchant.com
lyopay.pro
lyotravel.com
lyotechlabs.com
LyoSwapBot (Telegram group) and
lyocredit.io
BehindMLM
reviewed WeWe Global
in July 2021. The first incarnation of the scam revolved around WEWEX Ponzi points.
In 2022 WeWe Global
expanded its Ponzi scheme with LyoFI and LyoPay
. This introduced LYO token to replace WEWEX.
LYO collapsed towards the end of 2022, prompting the
launch of LFI token
.
The FMA’s WeWe Global and LyoPay fraud comes amidst a February 4th to 15th “
Oceania Tour
“.
The “tour”, which consists of various marketing events targeting Australia and New Zealand, is headed up by Diego Endrizzi.
Diego Endrizzi, WeWe Global Presidential Ambassador & Global Master Distributor, was involved with this unique project since its inception and is touring Australia and New Zealand in February 2023. At these events Diego will unveil the Vision, Mission and Road Map to what promises to be one of the most compelling business opportunities of our life time.
Before pushing MLM crypto Ponzi schemes, Endrizzi was
Jeunesse Global
and
Organo Gold
distributor.
Originally from Italy, Endrizzi transition to crypto fraud coincided with him relocating to Dubai.
Dubai, a notorious crime den that harbors wanted fugitives, is the
MLM scam capital of the world
.
David Farrier from Webworm has been tracking WeWe Global promotion in New Zealand.
In a
February 1st Webworm article
, Farrier cited Jonathan Callinan as one of WeWe Global’s New Zealand promoters.
After his “Online Business Accelerator” business failed, Callinan seems to have gotten into MLM crypto fraud sometime last year.
Farrier noted Callinan running a “WeWe Global Opportunity & Training Session” last November. He also reached out for comment;
I am currently looking in the Wewe MLM, and understand you recruited people into WeWe.
I wanted to know if you are still involved in recruiting for this scheme, and if so, are you bothered by the pyramid scheme nature of this business.
To which Callinan replied;
None of your business.
Two days after publishing his WeWe Global article, Farrier
received a cease and desist from Callinan
. In the notice Callinan alleges “defamat
🤖 Quick Answer
What is the FMA's warning regarding WeWe Global and LyoPay?New Zealand's Financial Markets Authority issued a fraud warning on February 8th against WeWe Global and LyoPay for offering unregistered cryptocurrency products and services. Both entities operate without proper registration on the Financial Service Providers Register and lack regulatory approval to serve New Zealand retail clients, violating applicable financial legislation.
Which domains are associated with the warned entities?
The Financial Markets Authority identified multiple domains linked to WeWe Global and LyoPay's operations: wewe.global, lyopay.com, lyowallet.com, and lyobanq.com. These websites serve as platforms for distributing cryptocurrency products through webinars and public events targeting New Zealand consumers without proper authorization.
What legal frameworks are being violated?
WeWe Global and LyoPay's operations breach the Financial Service Providers (Registration
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