Today Belgium became the third country, who’s financial regulator has warned of the company Kuvera. Following previous warnings from the French supervisory authority and Spain’s Comisión Nacional del Mercado de Valores (CNMV) the company has been identified as a possible pyramid scheme.
As is many cases relating to providing financial services in specific European countries, Kuvera does not have any authorization from local regulators to provide its services to Belgium residents. The same is true for France and Spain as well. While such situations are commonplace these days in Europe, it must be pointed out that the national regulations governing financial services are not new and firms operating in Europe should review such information prior to offering services.
Nonetheless, in the case of Kuvera it seems that the company has been knowingly operating under the regulatory radar, as the parent company Investview, has previously already been fined by the US Commodity Futures Trading Commission (CFTC) back in 2018 for $150,000 for illegally offering binary options to retail investors in the United States.