UAE authorities have issued a warning to Zeniq Technologies about possible securities fraud.
There is a shell business called Zeniq Technologies behind Zeniq Coin. The Safir International Ponzi scheme uses Zeniq Coin as a currency. Erwin Dokter, who relocated to Dubai in mid-2021, is in charge of all three enterprises. In light of the DFSA’s Dec. 5th notice, Zeniq Technologies has “legal status” under the DIFC’s jurisdiction and is licensed by the DFSA, according to a number of websites.
According to the Financial Conduct Authority (FCA), Zeniq Technologies is not authorized by the DFSA to provide financial services in or out of the DIFC. DIFC is an abbreviation for “Dubai International Financial Centre.” Located in Dubai, the special economic zone has an independent, globally controlled regulator and judicial system, common law framework, worldwide financial exchange, tax-friendly environment, and a substantial corporate community.
Although Zeniq Technologies has some basic DIFC incorporation, it has no bearing on the company’s ability to provide financial services. For non-financial services activities, Zeniq Technologies is a firm that is incorporated in the DIFC and is authorized to operate in or from the DIFC. It’s not allowed to provide financial services in or out of the DIFC because the company is not regulated by the DFSA. Norway (26%), Saudi Arabia (6%), and India (4%) are the top three countries that provide traffic to Safir International’s website, according to Alexa (6%).
The majority of Zeniq Coin’s website visitors come from Saudi Arabia, India, and Vietnam (3%). Zeniq Technologies’ website receives no traffic at all. Dubai is the world’s MLM scam capital.
However, if you claim to be registered to provide securities in the DIFC (which most MLM Ponzi schemes operating out of Dubai don’t), the DFSA may eventually expose you to the public.