New Zealand’s Financial Markets Authority (FMA) recently issued a warning against a marketing scheme called XPro, pointing out that it is promoting financial services without being legally registered and is involved in false promises or misleading advertising.
It is understood that the authority has found several promoters actively operating this scheme locally and urges investors to be vigilant.
XPro promotes financial products and services to the public by collaborating with several associated entities, including Shiiro Academy, B2Pay, and Homnifi.
However, none of these entities are registered on New Zealand’s Financial Service Providers Register (FSPR), nor are they authorized to operate in the country.
More importantly, these partners do not participate in any approved dispute resolution scheme, leaving participants at risk with no recourse for complaints.
XPro attracts participants with a subscription-based reward program, claiming that commissions can be earned by selling products from partner organizations or recruiting new members.
However, the financial products of its partner organizations often lack transparent regulation, and some involve exaggerated claims of returns.
For example, Shiiro Academy claims to provide “trading signals” for foreign exchange derivatives without having a financial adviser license; B2Pay offers a cryptocurrency payment card but does not comply with local anti-money laundering regulations; and Homnifi’s digital wallet service has not obtained a legal operating license.
The regulatory authority specifically highlights that foreign exchange derivatives are extremely high-risk investment instruments, and market volatility can lead to significant losses.
Regarding unrealistic promises such as “get rich quick” or “earn tens of thousands of dollars in a single day,” the FMA emphasizes that such statements are often misleading, and investors should evaluate them cautiously.
Furthermore, cryptocurrency-related services that have not undergone compliance reviews may hide issues such as non-transparent fund flows or transaction security vulnerabilities.
To help the public identify risks, the following is a compilation of public information about the relevant entities:
The FMA urges the public to carefully evaluate any financial schemes involving multi-level marketing, especially by confirming whether the entity is listed on the FSPR register and has a dispute resolution process.
For business models that emphasize “passive income” or “downline commissions,” a deeper examination of their funding sources and compliance is necessary.
Cashback Island reminds you that legality and transparency are the primary considerations when choosing financial services.
Cashback Island consistently adheres to legal registration and transparent operations, strictly reviewing the compliance of partner brokers to ensure that user rights are fully protected.
Through a comprehensive cashback mechanism and risk control system, we are committed to providing a safe and reliable financial environment.
