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Binaxx- Fraud Alert- Review

Binaxx’s website makes no mention of the company’s ownership or management. This company’s site does include links to its social media accounts. Sann Rodrigues hosts Binaxx’s official YouTube channel, where we can see the company’s corporate marketing videos being distributed.

As a corporate representative, Binaxx’s Zoom account name is “Binaxx.” Rodrigues, however, has been personally promoting Binaxx on social media since October of last year. On August 31st, 2021, Binaxx’s website domain (binaxx.com) was privately registered. Rodrigues is evasive when asked about his role at Binaxx. He’s either in charge of it or closely collaborating with whoever is.

Sanderley Rodrigues De Vasconcelos, better known as Rodrigues, is a well-known promoter of TelexFree. The TelexFree Ponzi scheme defrauded investors out of $3.6 billion. Over $3 million went to Rodrigues. Rodrigues paid $1.7 million to the SEC in 2017 to settle TelexFree fraud charges. According to rumors, the disgraced con artist has relocated to Portugal.

Rodrigues is currently under investigation by Brazilian authorities. In February 2020, it was revealed that Rodrigues had escaped Brazil and entered the United States with the help of Federal Police. Rodrigues was prevented from leaving the country at the time of the criminal proceedings against him. Two people had been taken into custody by Brazilian authorities as of July 2020: one was a police officer and the other was an attorney. The seizure of over $340,000 worth of cryptocurrency was also made.

In the wake of TelexFree, Rodrigues went on to promote iFreeX, BitinForex (Top10Cap), and Clube365. Ponzi schemes were the culprits in all of these cases. In early 2020, Clube365 appeared. The website domain “Clube365.com” is for sale on the scam’s website.

Binaxx’s MLM opportunity will be thoroughly examined in the following paragraphs. Products from Binaxx Binaxx does not offer any resaleable items or solutions. A Binaxx affiliate membership is the only thing that can be promoted by affiliates on behalf of Binaxx.

Profitability is guaranteed by the “no limit” passive returns promised by Binaxx affiliates when they invest in tether (USDT) or bitcoin (BTC). In order to determine the amount of fees Binaxx charges on returns, an investment is tied to a yearly fee. Binaxx charges a 50 percent ROI fee for C5 and C10 annual fees. A20 and A30 annual fees are $20 and $30, respectively. A70 and A70 annual fees are $70 and $70, respectively. C5 and C10 annual fees are $5 and $5, respectively. A10 and A10 annual fees are $10 and $10, respectively. A20 and A20 annual fees are $20 and $20, respectively. A30 and A30 annual fees are $30 and $30, respectively. A70 and A70 annual fees are $70 and $70, respectively.

Commissions for Referrals On the initial fee payments, Binaxx pays referral commissions, and ROI fees levied on downline affiliates are also paid out by Binaxx. A unilevel compensation structure is used to keep track of referral commissions. When an affiliate recruits new members, they are placed at the top of their unilevel team (level 1), and each new member is placed directly below them. Affiliates recruited by level 1 members are placed on the second level of their unilevel team.

In theory, there are an infinite number of levels of affiliates that can be created if affiliates at level 2 recruit affiliates at level 3, and so on. There appears to be a limit on the number of paid unilevel team levels that Binaxx will accept. Payout rates and levels of referral commission are determined by the fees a Binaxx affiliate pays.

There is no referral commission for C5 affiliates. Affiliates in the A10 tier earn 10% of the annual level 1 fees (personally recruited affiliates) Annual fees and ROI fees are paid across levels 1 to 10 for affiliates ranked in the A20 tier. A30 tier affiliates earn 20% on annual fees and 14% for ROI. A50 tier affiliates earn 25% on annual fees and 20% for ROI. A100 tier affiliates earn 30% on annua fees and 20% for ROI, paid across levels 1 to 10 for affiliates ranked in the A70 tier.

Binaxx’s MLM potential is not entirely clear. It’s my belief that 30% of fees paid are distributed to the commissions, no matter what the level. As a result, affiliates at the top of the affiliate ladder can keep the difference in commissions from affiliates at the bottom of the pyramid. For example, if a member of your downline is an A30, they earn 20% and 14%. 30 percent and 22.5 percent are earned by A200s.

Assuming there is no higher tier between you and your A30 downline, you will receive the 10%/12.5 percent difference in commissions they earn. Until the full 30% of ROI fees are paid out, an affiliate or affiliates higher than A200 in the upline would collect the difference (at A200 the full 30 percent on annual fees paid has already been paid out to you).

Income Restriction Binaxx has a profit cap of 300 percent, but it’s not clear what this means. In light of the fact that returns are supposed to be limitless, I believe that the 300 percent earnings cap also applies to commissions. There are two options for this: a daily, weekly, or monthly subscription-based limit. Neither Binaxx nor I know which of these the earnings cap is. It’s more likely that the latter is the case, so the “annual fee” concept only applies to those who aren’t recruiting.

Binaxx affiliate memberships range from $5 to $1000 per year. The lower ROI fees an affiliate must pay, and the more money they can make, rise in direct proportion to the amount of fees they pay. After reaching the 300 percent earnings cap, it’s unclear whether membership fees need to be repurchased.

Conclusion of Binaxx, Sann Rodrigues is back with a “lulz can’t touch our money!” Ponzi scheme after failing miserably with basic crypto Ponzi schemes. A major selling point for these schemes is the fact that they cannot directly access funds held in a third-party exchange account. They don’t have to, in reality. Binaxx has complete control of affiliates’ funds via a bot.

Binaxx created the bot and it follows their instructions exactly. This can be changed at any time. There’s no way Lulz can get their hands on our money! The bot is used in Ponzi schemes to move money around from one account to another.

This is a form of trading, but it’s not actually profitable. “lulz can’t touch our money!” fraud fails and affiliate accounts are depleted as a result. This is being hidden behind a slew of rationalizations. “Technical error,” as iQuandex dubbed it. In a “rare black swan market condition,” Digital Profit referred to the situation.

In the end, it was the same outcome. It was the administrators of the scams who stole the money from the affiliates. MLM companies that offer passive investment schemes must be registered with the Securities and Exchange Commission (SEC). They are not registered to sell securities in any jurisdiction.

In his TelexFree settlement, Rodrigues was specifically prohibited from committing any further acts of securities fraud. At the time of this writing, Binaxx’s website is ranked 8 million by Alexa. Indicating that the number of people applying for jobs is increasing, this number is rising. Binaxx’s demise will be similar to that of iQuandex and Digital Profit.

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