The Central Bank of Uruguay has issued a securities fraud warning to Mine (BCU).
The BCU is Uruguay’s primary financial regulator.
According to the BCU’s June 13th warning, the firm known as “Academia” or “MINED Academy,” which advertises its services through networks, is not registered with the Central Bank of Uruguay and does not even have permission to operate from the Superintendence of Financial Services.
In other jurisdictions, this is equivalent to a security fraud warning.
Mined Academy is a product of the Mined MLM company.
Daniel Cueva Rodriguez launched Mined in mid-2021. Mined Academy offers forex training as well as pyramid recruitment.
Mined Academy was inspired by Rodriguez’s previous company, IM Mastery Academy.
During my review of Mine Academy, I found no evidence of securities fraud. The Central Bank’s warning could be based on unsubstantiated income claims made to promote the Mining Academy.
We frequently see security fraud warnings in connection with MLM Ponzi schemes. Investment laws can differ slightly from one country to the next.
According to SimilarWeb, the top sources of traffic to Mined Academy’s website are Mexico (40%), Peru (22%), Argentina (13%), and El Salvador (6 percent).
Mined Academy is also not registered with any of these countries’ financial regulators.