WILLEMSTAD – The Centrale Bank van Curaçao en Sint Maarten (CBCS) has issued a public warning about several investment programs being promoted through social media, including Quick Promo, Korsou Legacy Capital Group and Elite Wealth Forum.
In a notice issued Thursday, September 17, the central bank urged residents of Curaçao and Sint Maarten to exercise caution before participating in these or similar business initiatives.
According to the CBCS, some of the latest investment offers it has observed involve subscription-based participation, rewards for recruiting new members, incentives involving digital tokens and compensation systems with multiple levels.
The central bank said these are characteristics commonly associated with pyramid schemes, which it described as high-risk and unsustainable structures that frequently result in significant financial losses for participants.
The warning comes amid growing attention in Curaçao to online platforms and investment-style programs that promise participants opportunities to earn money through referrals, memberships or digital activities.
The CBCS stressed that consumers should be especially cautious when compensation depends on recruiting additional participants or when promised returns are not accompanied by a clear explanation of where the income actually comes from.
Other warning signs include digital tokens without a transparent method for determining their value, crypto assets or electronic wallets without a clear regulatory status, complicated bonus or referral structures and business models that do not clearly explain how they generate revenue.
The central bank also raised concerns about programs involving virtual or crypto assets. According to the CBCS, some of these financial activities may be subject to regulatory requirements. Conducting regulated financial activities without complying with applicable laws and regulations can result in enforcement action.
Importantly, the CBCS warned that people should not assume an investment opportunity is legitimate simply because it is widely promoted on social media or appears professionally presented online.
The central bank said it actively monitors activities that show characteristics of pyramid schemes, unauthorized investment operations, unauthorized virtual-asset or cryptocurrency activities and other potentially illegal financial services in Curaçao and Sint Maarten.
If the CBCS determines that financial activities are being carried out without the required authorization or in violation of applicable legislation, it can take regulatory and enforcement measures. These can include administrative sanctions, regulatory intervention and referrals to other competent authorities. Cases may also be referred to law enforcement agencies or the Public Prosecutor's Office.
The CBCS is advising consumers to verify whether a company or investment provider is authorized before transferring money or participating in an investment program.
Check the CBCS register of supervised institutions
People who suspect fraudulent investment schemes or unauthorized financial activities can also report them to the CBCS through the bank's website.