The regulator for France’s stock market, Autorité des marchés financiers (AMF), has issued a public warning against a cryptocurrency-related company called Kuvera LLC and Kuvera France for promoting trade in “highly speculative products and more specifically targeting young people”, including high school students.

This company offers training courses and software solutions supposedly for investing in the foreign exchange (forex) market and crypto assets. In what sounds like a pyramid selling scheme, it also offers its subscribers compensation that automatically increases with the number of subscribers recruited.

AMF stated that Kuvera has no authorisation in France to operate any activity that it regulates on French territory. This appears to be an American company based in Salt Lake City, and is a wholly owned subsidiary of Investview Inc that focuses on technology, market research and education products. Kuvera LLC changed its name from Wealth Generators in February last year.

In the US, the Commodity Futures Trading Commission (CFTC) ordered legal proceedings against Kuvera last September. CFTC said that between January 2016 and March 2018, Kuvera had offered trading advice on retail forex transactions and binary options to paying customers who were not deemed to be “eligible contract participants”. CFTC said Kuvera then acted as their Commodity Trading Advisor (CTA) despite not being registered with CFTC as a CTA.

AMF has been alerting the French public about suspicious crypto-related projects. Last December it blacklisted four such companies for unauthorized investment products. A few months earlier in September last year, it also blacklisted 21 other investment websites, which included crypto-related ones such as iminage.com, elos-patrimoine.com, infoconso.info, and live-crypto.com.net. To be compliant, a company must apply for a license through AMF and include detailed information of its offerings and issuers before any token issuances.