The Norwegian Consumer Authority and the Norwegian Financial Supervisory Authority warn against Better Experience. Recently, the Norwegian Consumer Authority has received many inquiries about Better Experience (BE). Many ask if it is an illegal financial pyramid that targets children and teenagers.
Read also: Easier punishment for violations of commercial transport rules
Based on information about the company's activities, we see that it recruits participants via social media and meetings in Norwegian cities. Products are sold whose value is uncertain, but high earnings are promised. This includes, but is not limited to, apps with investment advice related to cryptocurrency trading and stock indices.
We have not yet carried out an inspection and have not come to the conclusion that BE is an illegal pyramid scheme, but based on the information received, we see that the company's activities have many features in common with illegal financial pyramid schemes, the Norwegian Consumer Authority informs.
Features of the financial pyramid
The Norwegian Lottery Authority has previously warned against participating in this and similar concepts, as they have characteristics of a pyramid scheme. The Norwegian Consumer Authority took over the supervision of pyramid schemes from January 1, 2023 and also shares this assessment.
The Norwegian Financial Supervisory Authority has received information that BE offered investment services to Norwegian investors and notes that the company is not authorized to provide investment services in Norway. The company does not have the required authorization under Norwegian law, nor is it registered as a company for the exchange and/or storage of virtual currency. This means that The Norwegian Financial Supervisory Authority does not control the company's activities or endorse the services it offers.
Like us on Facebook and share our post with others. Thank you.
Source: Norwegian Consumer Authority
Read and learn more: Greater control of foreign drivers performing assignments in Norway
