Ukraine’s National Securities and Stock Market Commission (НКЦБФР) added eight cases to the list of unreliable investment projects on December 27.
The regulator warned potential investors of the significant risks associated with investing through persons whose activities lie outside the regulatory and supervisory perimeter in the country.
The regulator regards the following as dubious entities:
- PowerTrend, a trading platform;
- brokers Umarkets, ORA SMART, Grand Capital and Pelliron;
- OST UP CHUK business school;
- WestFitGroup educational and consultancy centre;
- the Bitbon system.
ForkLog has previously reported on the Bitbon project in a separate investigation. In December 2019 the Bitbon project’s backing company Simcord used the logo of the Ministry of Digital Transformation of Ukraine at one of its events without authorization.
The Bitbon system itself employs a multi-level rewards distribution system.
As reported in May 2021, participants in the OneCoin cryptocurrency pyramid spread false information about a partnership with the Ministry of Digital Transformation of Ukraine. The agency denied any such agreements.
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