A new cryptocurrency named YEM has entered the market with the claims of revolutionizing the fintech economy through its foundation.
In this post, we are going to review YEM Foundation and let you know whether you should invest
What is YEM Foundation?
YEM Foundation is a regulatory digital authority for their own cryptocurrency YEM (stands for Your Everyday Money).
The president of this foundation is Jorge Sebastiao, although the board also contains other important members as well. The headquarters of the YEM Foundation is situated in Las Vegas, USA.
According to SimilarWeb, the total number of visits on its website Yem.foundation is 4k+ and its domain was registered on April 2021.
The YEM foundation has also shell companies and some websites mentioned on their main website, which work solely around its cryptocurrency.
Read: Zoned AI Review
YEM Foundation Review
After investigating this company’s claims on its website and its business model we found several dubious elements in the company. Let’s take a look at it:
1. Legal Warnings in the Past
According to reports, Austria issued a securities fraud warning to Foundation and YEM on May 13, 2022. This isn’t positive for a business that manages a large-scale “regulatory authority.”
Before investing in any type of cryptocurrency, especially recently developed ones, you should keep an eye out for these signs.
2. Fake Claims
Despite the company’s website explicitly stating that it was created in 2017, WHOIS data indicates that the domain was registered in 2021. Its users have a lot of questions as a result.
Why did a company that claims to be working with a digital coin take 4 years to register their domain? 4 years is too long. This action by a tech corporation is questionable.
3. False Address
Simply said, the headquarters’ address listed on their website is wrong. We looked into the address on Google but found no information about the YEM Foundation.
Also, their website is poorly designed and has no presence on social media. These are huge red flags for a technology company like this.
4. Questionable Business Relations
According to earlier reports, the YEM Foundation and the defunct MLM business Wazzhub had a partnership. It was Another anonymously operating Ponzi scheme that ultimately failed and cost its consumers money.
This is a major warning sign for the company, so you should be aware of it and consider whether you can trust it after having business dealings with fraudulent schemes.
5. Lack of Regulations
Despite their claims to be legally registered in Nevada, USA, we can infer that they are not legally registered based on the results of our investigation about the headquarters address they provided.
Users of the site should be aware that any firm seeking investments from the general public must be legally registered in any nation to be subject to regulation by the appropriate authorities there.
Should I Invest in YEM?
No, YEM Foundation is not a place where you should put your hard-earned money since it could cause you to lose a lot of money in the future.
Cryptocurrency is a trending technology and scammers use some fancy keywords to fool people through the internet.
Their main objective is to collect the maximum from people and after a breakeven point, they will collapse and most of the investors will lose their money.
Read: EAconomy Review