Bogus Cryptocurrency Platform- Paragonix Earn

This notice is issued by the Isle of Man Financial Services Authority (“the Authority”) in accordance with the powers conferred upon it under Section 30 of the Financial Services Act 2008.

 

 

www.paragonix-earn.com

www.kentsauna.com

 (“the websites”)

 

 

The Authority has become aware of the websites listed above that are promoting the cryptocurrency trading scam Paragonix Earn.

 

The websites purport to represent the business Paragonix Earn and are promoting its use on the Isle of Man. The address quoted on the website is a PO Box address in Douglas, Isle of Man, as far as we can ascertain they are not known to anyone genuinely associated to that address. 

 

The Authority wishes to draw attention to the following observations:

 

The Authority has failed to establish any association between the websites and any genuine Isle of Man companies or businesses.

 

As far as we can ascertain the websites nor those behind them are not known to anyone genuinely associated with the aforementioned Isle of Man PO Box address. 

 

To offer the financial services and products mentioned within the websites in or from the Isle of Man, would require them to be licensed or registered by the Authority.  Paragonix Earn is not  licensed or registered with the Authority. 

 

A list of all entities licensed or registered by the Authority can be found at: https://www.iomfsa.im/register-search/

 

Under the circumstances, the Authority is concerned that any person who has accessed the websites may potentially become the victim of fraud, or it may be an attempt at gaining personal data from the browser in order to steal their identity.

 

The Authority would urge the public to be wary of cryptocurrency fraud and be aware of the following warning signs:

  • the use of bogus celebrity or high-profile individuals to promote a platform
  • cryptocurrency platforms advertised via social media or online
  • being contacted out of the blue for an investment opportunity
  • the promise of unrealistic investment returns
  • platforms that pressure or rush you into making a quick decision
  • platforms that ask for more money before transferring any profit (advance fee fraud)

 

For further information on cryptocurrency fraud please visit the following website: https://www.actionfraud.police.uk/cryptocurrencyfraud

 

Any persons who are already involved in any dealings with the websites should consider notifying their local Police, bringing to their attention the contents of this notice.

 

Anyone with general concerns concerning any individual or company holding themselves out as conducting a regulated activity in or from the Isle of Man without the requisite licence should contact the Enforcement Division at the Authority on +44 1624 689311 or by e-mail to enforcement@iomfsa.im for advice.

 

 

Authority Reference:  CK/11/2024 – 30 October 2024