National Bank of Slovakia : NBS warning about the CROWD1 platform

03. 12. 2020 | Press Release of the NBS

Národná banka Slovenska (NBS) warns the public about the activities of CROWD1 Network Ltd and Impact Crowd Technology S.L., companies that conduct their activities predominantly through mobile applications, through the CROWD1 platform at https://crowd1.com/, and through their individual members who promote investing via these companies.

The companies are not subject to supervision by NBS; they are not authorised by NBS to conduct any activity in the Slovak financial market, nor are they recorded in any register maintained by NBS.

Funds invested through these companies are not covered by Slovakia's Deposit Protection Fund[1]or Investment Guarantee Fund[2].

Supervisory authorities in several countries (New Zealand[3], Mauritius[4], South Africa[5], the Philippines[6], etc.) have already issued warnings about theCROWD1 platform and have defined the activities of the two companies as a form of a pyramid or Ponzi scheme.

In its effort to protect financial consumers, NBS is committed to warning people about risky financial practices and about companies performing unauthorised or banned activities in the financial market. It has also published a warning about pyramid and Ponzi schemes.

NBS continues to warn consumers interested in investing in the financial market to consider carefully before concluding a contract with a financial services provider and to check the provider against the list of authorised providers listed on the NBS website.

The company CROWD1 Network Ltd. has its registered office at HDS Tower, Unit No 3408, Jumeirah Lakes Towers, P.O. Box 393243 Dubai, the United Arab Emirates. The company Impact Crowd Technology S.L. is registered at Calle Velazquez 86, Portal A, 1 derecha 28006, Madrid, Spain.

[1] In accordance with Act No 118/1996 on the protection of deposits (and amending certain laws), as amended.

[2] In accordance with Act No 566/2001 on securities and investment services (and amending certain laws), as amended.

[3] https://www.fma.govt.nz/news-and-resources/warnings-and-alerts/crowd1-and-impact-crowd-technology-s-l/

[4] https://www.fscmauritius.org/media/84895/investor-alert-against-crowd1.pdf

[5] https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20FSCA%20statement%20on%20Crowd%201%2023%20June%202020.pdf

[6] https://www.sec.gov.ph/wp-content/uploads/2020/05/2020CDO_Case-No.-05-20-064-Crowd1-CDO.pdf

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