The Autorité des marchés financiers (AMF) cautions Québec consumers about the activities of BE Factor (also doing business as BE and previously known as Melius). BE Factor is not registered with the AMF in any capacity whatsoever and is therefore not authorized to act as a securities or derivatives dealer or adviser in Québec.
BE Factor is based in Dubai, United Arab Emirates. It is not registered with Corporations Canada or the Québec enterprise registrar (REQ).
Assorted products and services and unrealistic promises
BE Factor products and services include and training on foreign exchange and cryptocurrency trading and the ability to receive trading signals alerting them to trades by alleged experts which they can then instantly copy in their own accounts. BE Factor also offers investments enabling investors to be compensated based on the recruitment of new members (multi-level marketing scheme).
BE Factor products and services are offered over the Internet, including at www.befactor.com.
BE Factor entices people with the promise of acquiring wealth with little effort and no foreign exchange or cryptocurrency knowledge.
A number of individuals and groups operating in Québec have been identified as promoting BE Factor products and services. The AMF is currently taking steps to put an end to solicitation by these individuals and groups, which is being conducted primarily through social media.
The AMF reminds the public that there is no such thing as a high return without a high degree of risk and that foreign exchange and cryptocurrency markets are complex and volatile
The AMF is asking anyone with information regarding BE Factor, BE or Melius to contact the AMF Information Centre.
Don’t become a victim
Offering investments, on the Internet or in person, is a regulated activity. Any individual or firm promoting an investment product must be registered with the AMF or be exempt from the registration requirement. To make sure you don’t fall victim to the type of approach described earlier, check whether the individual or firm is on the Register of firms and individuals authorized to practise .
If you think you have detected a scam or been illegally solicited, please contact the AMF Information Centre. You could help the AMF better protect consumers.
Visit the AMF website to learn about other ways to prevent fraud or for more information about the foreign exchange market.