SCAM WARNING: Beware of UOBE FX that Lure You into Romance Scams

BrokersView exposed the scam broker UOBE FX in August and received many reports and complaints from victims of this fraudulent company. Although we have helped some potential victims avoid this scam, this broker still exists in the market. Many people have been kept in the dark, becoming victims of investment fraud.

UOBE FX's website is full of false and misleading statements

BrokersView thoroughly reviewed UOBE FX's website and found that the broker is pretending to be a legitimate company through false or misleading statements, while it has actually been warned by an enforcement agency and reported by many victims.

In terms of regulatory licenses, UOBE FX claims to be located in London but also claims to be "regulated by U.S. MSB," which is very contradictory. It is worth emphasizing that the US MSB license is not financial, and the Financial Crimes Enforcement Council (FinCEN), which issued the license, is not a financial regulator. No such thing as being "regulated by the US MSB" - this is just one of the misleading statements made by the company.

As UOBE FX mentioned two jurisdictions, we searched the websites of the Financial Conduct Authority (FCA) and the National Futures Association (NFA) to avoid missing information. However, no regulated company named "UOBE FX GLOBAL LIMITED" was found.

Moreover, the UOBE FX website, established in June this year, has only been operated for less than four months. Applying for licenses in these two countries requires several years of rigorous scrutiny, which makes it impossible for UOBE FX to be a legitimate broker belonging to these countries.

In addition, the Criminal Police Bureau of the Taiwan Metropolitan Police Department blocked local users who attempted to access the UOBE FX website to prevent visitors from being defrauded, displaying a warning pop-up alerting visitors that the website was involved in a fraudulent scheme.

UOBE FX victims increase

According to numerous complaints and reports about UOBE FX, this broker is very good at finding potential victims through dating apps, which is known as a "romance scam" or "pig butchering."

Another victim recently told us how she was scammed by UOBE FX. According to the user, on August 18, 2023, she met a man on Tinder and exchanged WhatsApp numbers. After they became familiar with each other through chatting, the man talked about investment and persuaded the user to invest some money to see if she could make money. The user did as she was told and made a little profit.

This profit led the victim to become more trusted in the man and his introduction of investment opportunities. She did not realize that the whole thing was a complete fraud.

The victim said the scammer followed up and urged her to invest more to earn more. She then traded on UOBE FX's App after converting euros into USDT through cryptocurrency platforms Bybit and Bitpanda. She even paid the "taxes" required to withdraw without realizing that there were more "bills" waiting to be paid.

1 Security Deposit 43000USDT

2 Cryptocurrency Security Certification Fee 38000USDT

3 Platinum Membership Fee for large withdrawals 39000USDT

The company lied to make it look like the client's account had many problems that needed a "paid" resolution.

Finally, the customer submitted a withdrawal request to withdraw all the balance to her TRUST wallet address. However, after 48 hours, the request was still in process.

Faced with such an unreasonable processing time, she was very dissatisfied and filed a complaint. The company replied and said there were still a lot of pending withdrawal requests, and hers was listed on the 380th. If she wanted it to be processed immediately, she could pay for "Fastlane withdrawal access."

However, the victim said that after paying 29,800 USDT to open this so-called "access", she was surprised to find that the account she was using had been cleared and replaced by a new account. Although the balance of the old account was transferred to the new one, the problem of not being able to withdraw money still exists without any improvement.

UBOE FX explained that her account was "temporarily frozen" so she was unable to trade, withdraw funds, etc. To unfreeze her account, she had to pay 5,000 USDT as a deposit and provide other materials such as a selfie with her hand holding her ID.

The victim later found that she had fallen victim to the scam and immediately reported the case to the relevant agencies and the local police station. At the same time, she shared her experiences with BrokersView in the hope that we could alert others to avoid becoming victims of the UOBE FX scam.

The UOBE FX website was created less than 4 months ago, but there are many people who have been scammed.

BrokersView would like to alert as many investors as possible to the truth about UOBE FX so that innocent investors do not lose money.