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Caution Investors Forsage – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Explore the potential risks associated with Forsage, a decentralized platform claiming to offer cryptocurrency earnings through smart contracts. Uncover regulatory warnings, customer reviews, and the platform’s lack of transparency. Learn why investing in Forsage may pose threats to your financial security.
Forsage, operating on Ethereum and Binance Smart Chain networks, touts a smart contract-based system for cryptocurrency earnings. However, regulatory bodies such as the SEC in the Philippines and the United States have flagged Forsage as a potential scam and Ponzi scheme, citing unregistered securities offerings and fraudulent activities.
Regulation and Compliance:
Both the SEC of the Philippines and the United States have issued warnings against Forsage. Lack of registration and authority to solicit investments raises legal concerns. Investors are cautioned about the risks associated with smart contract schemes, emphasizing the importance of verifying registration status and being wary of promises of high returns with minimal risk.
User experiences with Forsage are varied. While some commend its ease of use and profitability, numerous complaints include a lack of customer support, technical issues, withdrawal difficulties, and reports of scams by affiliates. False promises and misleading information have been detrimental to users’ trust in the platform.
Products and Services:
Forsage’s main offerings, Forsage x3 and Forsage x4, are matrix schemes requiring a cryptocurrency fee for entry. Users earn commissions through recruitment and spillovers, with higher levels unlocking more significant earnings. However, these products lack a foundation in real value or service, relying solely on new funds from recruits. The absence of regulation leaves users without protection in case of fraud or loss.
Forsage operates solely online, lacking a physical address. Limited information about its founder, Lado Okhotnikov, adds to the platform’s opacity. While some sources suggest Okhotnikov is based in Tbilisi, Georgia, this remains unverified by official records.
Forsage’s lack of customer service infrastructure is concerning. With no phone number, email, or chat support, users must rely on social media channels like Telegram, Facebook, Twitter, and YouTube. Unfortunately, these channels primarily serve promotional purposes, offering no assistance or resolution for users’ issues or complaints.
Is Your Money Safe in an Unregulated Company?
Forsage’s unregulated status raises questions about the safety of investors’ funds. Without oversight, the platform lacks accountability and may expose users to heightened financial risks. Investors should exercise caution when considering involvement in unregulated schemes like Forsage.
Forsage poses significant risks as a potentially illegal platform operating without regulatory compliance, transparency, or customer support. Regulatory warnings, mixed customer reviews, and the absence of genuine products or services contribute to the platform’s dubious nature. Investing in Forsage or similar schemes promising high returns with minimal risk is not recommended due to the inherent dangers associated with these platforms. Protect your financial security by steering clear of unregulated ventures like Forsage.