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The Comision Nacional del Mercado de Valores in Spain has issued a fraud alert to Royal Q.
According to the CNMV’s warning of May 9th, Royal Q is not authorized to provide the financial services outlined in Article 140 of the Spanish Securities Markets Act, which includes investment counseling.
In other jurisdictions, this would be referred to as a securities fraud warning.
The Philippines issued a similar fraud alert in October, and Spain’s Royal Q security scam warning is the second in as many months.
Royal Q is an MLM crypto Ponzi scheme based on a mobile application. The con artists are thought to be based in Asia.
Over the next two months, the value of Royal Q is expected to plummet.
According to SimilarWeb, Royal Q’s website receives the most traffic from Italy, India, Brazil, Malaysia, and Colombia, in that order.
Neither Royal Q nor any of the nations mentioned above are licensed to sell securities.
It’s unlawful to run a Ponzi scheme everywhere on the globe.
