Be Rules has received a scam alert from the Colombian Financial Superintendence.
Be Rules is referred to by several names in the SFC’s warning, including Be, Melius, and Be Factor.
based on the SFC’s warning from December 16;
This supervisory body’s approval is required before any company or platform that is hosted overseas offers goods and services to citizens of the nation that are typical of the stock market.
Be Rules (DOES NOT) CURRENTLY HAVE ANY AUTHORIZATION to DIRECTLY OR INDIRECTLY AND THROUGH ANY MEANS, INCLUDING BUT NOT LIMITED TO THOSE OF THE STOCK MARKET, PROMOTE THEIR FINANCIAL PRODUCTS AND/OR SERVICES TO
Securities fraud before Be was Melius. Early in 2020, Melius crumbled, and Be was launched in the middle of the year.
Be was renamed Be Rules in early 2021 as a result of a fraud alert from Canada in late 2020.
The fact that the scheme refers to itself as Be To Inspire is also known as BehindMLM.
Be Rules hosted an event in Colombia weeks before the SFC issued its fraud warning, as noted on BusinessForHome.
Over 5000 distributors reportedly attended Be Rules’ “Be Unstoppable” event in Bogota.
Co-founders Moyn Islam (President and CEO), Monir Islam (CVO), and Ehsaan B. Islam are in charge of Be Rules (CTO).
Former proponents of the infamous OneCoin Ponzi scam include Moyn and Monir Islam.
The Islam brothers, who were originally from the UK, went to Dubai two months after OneCoin failed.
The SFC reports that twelve people who were promoting shady enterprises were subjected to regulatory action in 2021.
It is uncertain whether Colombian officials will take enforcement action against Be Rule’s distributors.