Evo binary financial pyramid scam (Evobinary.com - EvoBinary)
Analysis of Evo binary (Evobinary.com - EvoBinary) financial pyramid and fraudulence and reviews of the investors who do not wish to lose their money in another scam and those of patient participants for the purpose not to spread the scam on the territory of Ukraine and EU member states:
This con has many different names: evobinary, Evo binary, “ЕвоБинари” in Russian, evo binary nedir, evo binary deutsch, Evo Binary FX - behind all of them, there is a scam with website Evobinary.com. Now, as far as we know, this scam was dragged into the territory of Ukraine and the CIS, it was dragged by the speculators who once advertised and tried to attract people to the Helix scam (by Dmitriy Petrovich Naguta). Well, of course, how can the company from Dubai-Portugal operate without the money of third-world countries? However, mostly, the swindlers are aimed at the EU market - there, the purchasing capacity of people is higher and the people are (sorry) a little dumber.
Let’s start the discussion with Evobinary.com web-site, which, although it has existed since 2015, really only operates from 2016, and in 2015, Evo binary (Evobinary.com) looked very different (and had completely different goals, plans, amounts, packages) - all of that can be checked in the web-archive via the link here, and the old presentation can be downloaded here (note, how quickly the scammers have changed the work profile and its legend), the project has received its the current image and the fictional legend only by the beginning of summer:
Surprisingly, “whois” shows the address in Dubai, although the swindlers rented an office in Portugal - it can happen, because in the United Arab Emirates, they even bough a company, but more on that later. Before the scam, Google does not know anything about the gentlemen Ramon Alcantara and Wenderson Rodrigues Malheiros, it is understandable, because in the modern world of know-how and even in the field of Forex, each unemployed and homeless actor can come up with something, and the registration telephone number +351.221201644 is yet in Portugal, this is how “nicely” two countries are tied into a single bunch, aimed to deceive investors:
Lack of financial (brokerage) license from Evo binary (Evobinary.com): Evo binary (Evobinary.com - EvoBinari) operates in the market under the company registration “Evo Binary International DWC LLC” (LLC indicates that there are several owners). Yes, as many realize, the registration of Evo Binary in the offshore (onshore) zone of the United Arab Emirates, which, by the way, implies a number of restrictions on the company, such as (see here):
IT IS FORBIDDEN: 1) to rent an office inside the country; 2) to conduct its business in the country and to receive wire transfers from legal entities registered in the UAE; 3) to receive a residence visa (rather impossible than forbidden); 4) to be engaged in banking, financial and insurance activities without a special license.
Therefore, Evo Binary International DWC LLC does not have an office in Dubai, the license which is displayed on the website is not a financial license, it is neither forex, nor a broker license. Computer Software Trading (commerce and software) license type is issued for one year, usually it implies an ordinary license (neither specialized, nor economic or financial) and the right of the company to be engaged in the sale and development of IT solutions - that’s all, this license does not provide any other rights. Evo binary (Evobinary.com - EvoBinary) scam is not a broker or a financial company to be a broker (or financial company, that possesses the right to attract investment or to operate funds), the license must be obtained from the Financial Services Authority of Dubai (FSA) which governs the main regulator of the Dubai International Financial Centre (DIFC).
Brokerage license in Dubai: Getting a brokerage license in Dubai is a complex process that requires specific knowledge and experience. For this reason, it is important to seek help from the legal consulting company, which would familiarize You with all the requirements necessary to obtain a license in Dubai. Professional consulting services also allow to reduce the time for issuing a license for brokerage activities in Dubai. The Financial Services Authority of Dubai (FSA) is the main regulatory body, which carries out control of the financial sector and issues brokerage licenses to Forex companies.
In addition, the Financial Services Authority regulates all activities of Dubai International Financial Centre (DIFC). The main objective of this body is to regulate all services related to securities, trusts, collective investment funds, asset management, banking, credits, currency exchange, insurance, Islamic finance system, commodity futures and international stock exchange trading in derivative securities. Before you start providing mediation services, it is necessary to apply to the Financial Services Authority for obtaining a brokerage license in Dubai.
It should be considered that the Authority is guided by very strict rules when issuing brokerage licenses and monitoring of operations in the foreign currency exchange market. Dubai International Financial Centre offers interested parties a full set of laws related to applying for, obtaining and maintaining brokerage licenses in Dubai. When applying for a brokerage license, the use of professional help ensures a positive outcome. To obtain a license, you need to register a brokerage Forex company in Dubai, to confirm the presence of minimum assets and to collect a complete set of documents, which includes the Memorandum of Association and the Statute of the company, the Certificate of conformity, the Manual of internal and external operations of the company, the conclusion of professional competence and a detailed business plan.
The procedure for applying and obtaining a brokerage license is related to solving complex legal issues. The use of professional consulting services facilitates successful issuing of a brokerage license in Dubai due to the implementation of all requirements of the Financial Services Authority.
There is an open registry of the Financial Services Authority of Dubai (FSA), main and the only regulatory authority of the UAE in the financial sector (finance, investment, real estate, brokers, insurance companies) - Dfsa.ae, checking of the company with the name of Evo Binary International DWC LLC (Evo Binary International DWC, Evo Binary International) with license number 5069 and registration number 4687 gives no result. The conclusion is obvious: Evo binary (Evobinary.com - EvoBinary) has neither the financial or brokerage license, nor the right to be engaged in investing or sell “investment packages”:
Fraudulent activities of Evo binary (Evobinary.com): - Computer Software Trading (Commerce Software) license type allows the development and sale of their software, but the company even failed to do so, but uses MetaTrader 4 application from the third-party company MetaQuotes Software Corp, which clearly warns users on its website:
Warning: MetaQuotes Software Corp. develops software and does not provide any investment or brokerage services in the financial markets.
- The company promises a guaranteed stable income of more than 27% from trading in the Forex market, any broker, trader, or a person who is at least a little bit familiar with Forex would understand that such statistics and promises (guaranteed monthly income with specified rates) are non-existant in nature or on our planet. Obviously, this type of Evo binary (Evobinary.com) activities is not licensed (even as trust management), and all the more so it is not regulated and is not proved by anyone. There is no data on traders, there is no data on transactions, there is no data on independent monitoring of accounts, there are no statements in the real-time regime. There is nothing to prove not only activities of the company, but also successful operations. Although, I repeat, in the UAE, the financial activities, such as trust management of funds and brokerage activities, must be licensed and supervised by the regulator, but Evo binary (Evobinary.com) fails to do so. The company promises that the deposit can be withdrawn any day - if the money really works on Forex, it is not possible to withdraw them by the request, otherwise the trading should be closed (besides, it can be non-profitable at the particular time of operation) and so the investor will be able to withdraw only the loss, but not the deposit. That is a clear lack of understanding of the processes of Forex market operations in terms of trade, or rather the absence of trade as such.
- Separation of the investor’s deposit (investment, which goes to the package purchase) confirms the financial pyramid (model) and that the partnership program (network marketing - MLM) only emphasizes the fraudulent structure of the fictional broker Evo binary (Evobinary.com) or the fund Evo binary (Evobinary .com) with fictional activities of investors’ capital trust management. There is a large number of lies in the financial pyramid (read and trust reviews) Evo binary (Evobinary.com), it is no exception that the lies and cheating are spred by the partners (network leaders, MLM leaders) using by any deception tools to sell the package to the investor in order to obtain their profit rates from the sale. As a rule, all network leaders have been involved in other fraudulent companies that went bankrupt and left investors without any funds. That is another confirmation of the fraudulent structure and fraudulent intentions of Evo binary (Evobinary.com).
For example, this is how the brokerage trade license looks like in Dubai, it can be compared with the license of Evo binary (Evobinary.com) and you can see the difference:
If you check out the data from Alexa.com portal, once the company started, we can see a pattern familiar to us (that says about the real owner of this fraud - Russia, Ukraine, Germany). There is every reason to believe that the project has its roots in Russia or Ukraine, and we even can identify person Vadim Novosad - Ukraine - one way or another related to the project by the numerous markers of data occurrence at the start of the scam; recruited puppet-actors or fraudulent partners “from Portugal and Brazil” can be considered as an enactment and a screen for frauds with the investors’ money. Such companies “from Portugal and Brazil” were already present at pseudo-investment market, i.e. TelexFree, Talkfusion, Univerteam, BBOM and results of their operations is unfortunate:
Payment details of Evo binary (Evobinary.com) scam:
- If you try to refill the account through a bank or credit card, a charming message is issued: It was not possible to perform the operation at this time. Please try again tomorrow . - If you try to request an invoice for Swift payment (via bank), you get “This payment option is temporarily unavailable”. - According to numerous statements, invoices, payments and payment systems - all of them do not work with investment as such. And the company (as a consequence, its website) Evo binary (Evobinary.com) is registered as an online store (!) and based on this they are receiving funds from investors (under the guise of buying a package), which is a violation of all rules of the banking structure, payment systems and credit card pressing.
Reviews of fraudulent product Evo binary (Evobinary.com):
Not using much imagination in creation of certain products, the fraudsters have created service plans (they called them Plans) and these plans (literally, deposits) are the product of the company. That is, in other words, Evo binary (Evobinary.com) does not have its own products at all, as well as own software technology (the activities of which have been licensed), but raises funds just under trust management. Even in such small details, lies and deceit of members and investors are visible.
Investigation findings: - the mentioned company is 100% financial scam (pyramid) - the company’s activities are carried out without the necessary license (financial, brokerage, license for asset/trust management) - the company does not have an international fund/broker status, although it has positioned itself as such - the substitution of activities for payment systems (cards, banks) to receive funds from investors, cash payments through “leaders” - the use of image deception and signs of false positioning (some mentioned payment methods are not available, the promise to receive a brokerage license) - the promise of improbable and/or guaranteed return of 27% per month, the yield is not confirmed by anything - multi-level referral system, all elements of fraudulent-network type of investment attraction, the presence of substantial bonuses to attract customers - promotion of the project on dubious resources and projects using financial pyramid schemes, as well as through “scam leaders” with dubious merit in other fraudulent projects - a symbiosis between the structure of MMM and MLM fraud - illegal activities in the CIS countries, Ukraine, Russia, EU and other countries - the use of the company without authorized capital and assets, the lack of objective guarantees of payment - lack of the supervising authority and license, monitoring, company audits, transparency and reliability of the operation, trade confirmation and reality of traders, non-transparent work with finances using “legends” - pseudo activities under the guise of trade in the Forex market - illicit private activities, laundering of illegally obtained money, tax evasion
Active action against the financial pyramid scheme Evo binary (Evobinary.com - EvoBinary): In respect of the financial pyramid and pseudo-broker Evo binary (Evobinary.com - EvoBinary), LC AI “Profit” is planning the following actions:
- Informing law enforcement and prosecution agencies of Portugal and the United Arab Emirates on the activities of swindlers - Informing the authorities and law enforcement agencies, tax and fiscal authorities of Portugal and the UAE on the creation of the financial pyramid and funds laundering - Collection and publication of data about the creators, in the framework of openness and information support of this financial scam’s investors - Other actions which are not planned to be publicized but will result in work suspension on the territory of Ukraine - Work on information support and ensuring the formation of the correct (true) image of the scam in mass media and social networks - Checking and publication of all information about the persons and companies related to Evo binary - Blocking accounts that the fraudsters use to receive money by informing banks and payment pressures of illegal activities in the area of finance - Blocking of accounts in EPS on the same basis - Informing foreign companies (banks, regulators) in Portugal and the United Arab Emirates on the establishment of a financial pyramid and illegal actions with customers’ finances (including tax evasion, cashing fees, legalization of funds obtained by criminal means)