FinUp has been identified as a risky opportunity by Intelligence Commissioner users. It is connected to Mavie Global. We’ve received over 5 complaints against FinUp.
Mavie Global, known for its involvement in fraudulent schemes, has recently introduced FinUp, its newest project, marketing it as a “AI crypto trading” platform that guarantees substantial passive earnings. FinUp, another questionable financial product from Mavie Global, follows in the footsteps of their previous dubious offerings. This project asserts that its AI-driven technology has the potential to generate monthly returns of approximately 16%. Unfortunately, FinUp does not possess the necessary regulatory licensing, which raises concerns about potential fraud and the possibility of investors experiencing losses.
Get Your Money Back From These Scammers!
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Key Takeaways
Is FinUp Regulated? Do They Have a License?
Mavie Global has a history of being involved in Ponzi schemes, and FinUp is the latest project in a long line of financial work they have done. FinUp is interesting because it is the fourth company that grew out of Mavie Global’s original Ponzi scheme. This continues a trend of questionable financial offers.
Mavie Global has released FinUp as “AI crypto trading,” luring investors in with the promise of big passive returns. This move into crypto trading is said to be driven by cutting-edge AI technologies that Mavie Global says can give its investors monthly returns of about 16%.
Affiliates of Mavie Global must buy rights that cost between 100 and 30,000 USDT (Tether) in order to use FinUp’s services. Creating a tiered investment plan, the size of the investment has a direct effect on the possible returns and lowers the fee percentage.
Mavie Global also encourages more investments by giving rewards on these fees through its multi-level marketing (MLM) system.
The lack of regulation or the presence of poor regulation is a huge red flag. It means FinUp is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of FinUp, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at FinUp
FinUp is said to trade on Binance, a big cryptocurrency market that has recently had problems with the law and running its business. Binance is known as a big trading platform, but it has been in a lot of legal trouble, including a lawsuit from the SEC and criminal charges against its founder, Changpeng Zhao, for money laundering and securities breaches.
Jay Hao, who used to work for OKX, is in charge of FinUp. OKX is controversial because it is registered in the Bahamas, which is thought to be a way for the company to escape fraud charges in the U.S. FinUp and Mavie Global are both not registered to give securities or act as commodity brokers, which shows they are not following the rules set by regulators.
Along with its main trade activities, FinUp offers “pro education” and “market insights,” which seem like shallow attempts to follow the rules. These offerings don’t make up for the fact that the main investment chance is basically a scam.
FinUp is getting the word out through its website, which will go live on June 18th. Jonathan Yelemian Sifuentes Saucedo, a well-known figure in MLM Ponzi schemes, has been named as a FinUp advocate. He is linked to other well-known scams like Xifra Lifestyle and Decentra.
Mavie Global, which is based in Dubai and is run by Michal Prazenica, is notorious for committing theft over and over again. The company’s plan is to keep starting new Ponzi schemes to keep its failing ULX token Ponzi scam going.
Web traffic has been going up and down for this strategy, but recent increases show that it may be working for now to get investors interested.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
FinUp Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
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FinUp Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like FinUp tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust FinUp reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of FinUp, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like FinUp enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “FinUp reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising FinUp.
You should always look out for consumer complaints. In the case of FinUp, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about FinUp? You can share your complaint in the comment section or submit an anonymous tip.
Is FinUp Legit Or a Scam?
FinUp is the latest expression of Mavie Global’s continued involvement in dubious financial schemes, distinguished by its association with the problematic practices of Ponzi systems disguised as AI-powered crypto trading.
The venture’s merger with Binance, a platform now dealing with its own legal issues, undermines the legitimacy of its activities.
FinUp and Mavie Global continue to operate in a way that raises major questions about the legality and ethics of their business activities, including regulatory noncompliance, a lack of formal license, and connections to renowned fraudsters.
Potential investors should proceed with caution, since FinUp’s structural and operational red flags indicate a high chance of financial loss and legal difficulties.
FinUp is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind FinUp can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust FinUp?
All the evidence suggests that FinUp is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The FinUp Online Scam Works
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