Regulatory Alerts2024-01-24
Added · Updated
Public Notice No. 1 of 2024 – Beyond Trading, Billionaire Traders & Ben Mel Trading
The Securities Commission of The Bahamas warns that Beyond Trading, Billionaire Traders, and Ben Mel Trading are unregistered and unlicensed entities operating in violation of Bahamian securities and financial laws. These entities are accused of offering illegal investment schemes promising 100% returns on investments between $1,000 and $100,000 within 45 days, alongside operating an unauthorized cryptocurrency exchange. Any activities conducted by these entities or their agents in The Bahamas constitute criminal offenses subject to prosecution and regulatory sanctions.
SECURITIES COMMISSION OF THE BAHAMAS PUBLIC NOTICE No. 1 of 2024 24 January 2024 RE: BEYOND TRADING, BILLIONAIRE TRADERS & BEN MEL TRADING This NOTICE is issued by the Securities Commission of The Bahamas (the Commission) pursuant to its authority under the Securities Industry Act, 2011, the Investment Funds Act, 2019, the Financial and Corporate Service Providers Act, 2020 and the Digital Assets and Registered Exchange Act, 2020 (the Acts). It has come to the attention of the Commission that persons’ unknown, operating under the names BEYOND TRADING, BILLIONAIRE TRADERS and BEN MEL TRADING may be carrying on activities, in or from The Bahamas, that are either registrable/licensable or illegal under one or more of the Acts. The Commission hereby advises the public that these entities and their agents/representatives are not registered with/licensed by the Commission. Additionally, these entities have not made the requisite applications to be registered/licensed by the Commission. Therefore, any registrable/licensable activity conducted in or from The Bahamas, by these entities or their agents/representatives is in violation of one or more of the Acts. If these entities or their agents/representatives claim to be legally authorized or licensed to engage in any aspect of the securities industry in or from The Bahamas, they have committed an offence and are liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas. BACKGROUND BEYOND TRADING and BILLIONAIRE TRADERS claim to be able to provide a 100% return to investors on investments from $1000 to $100,000. The entities also claim to operate a cryptocurrency exchange platform. Further, a typical investment period required to generate the 100% return is 45 days. Investors are also advised to encourage at least four (4) new individuals to join the investment program. BEN MEL TRADING appears to be a spin-off of, or is somehow affiliated with, BILLIONAIRE TRADERS. WARNING Individuals who have invested, or are desirous of investing, with these entities or their agents/representatives, should be cognizant that they are doing so with entities and/or agents who are not authorized or regulated by the Commission and their actions are potentially criminal in nature under one or more of the Acts.
2 Listings of the Commission’s registrants and licensees who are authorized to engage in securities, investment funds, or the financial and corporate services business, in or from The Bahamas, may be found on the Commission’s website at https://www.scb.gov.bs/registrant-licensee-search/ . Anyone who has a complaint and/or information pertaining to the subjects of this Notice should contact: Gawaine Ward Senior Manager Enforcement Department Securities Commission of The Bahamas e-mail: info@scb.gov.bs or enfdept@scb.gov.bs