New Zealand Regulator Issues Warning: Uncovering Unauthorized Financial Marketing Schemes
The New Zealand FMA warning recently issued a warning regarding a marketing scheme called XPro, noting that it promotes financial services without proper registration and is linked to false promises and misleading claims.
According to the regulator, several promoters have been actively operating this scheme locally, urging investors to stay vigilant.
XPro has been working with several affiliated entities, including Shiiro Academy, B2Pay, and Homnifi, to market financial products and services.
However, none of these organizations are registered on New Zealand’s Financial Service Providers Register (FSPR) or authorized to operate in the country.
What is particularly noteworthy is that these affiliates are not part of any approved dispute resolution scheme, leaving participants at risk with no formal channel to lodge complaints.
XPro Operating Model Analysis
XPro attracts participants with a subscription-based reward program, claiming that commissions can be earned by selling products from partner firms or recruiting new members.
However, many of its partners’ financial products lack transparent oversight, with some even using exaggerated claims of returns.
For instance, Shiiro Academy claims to provide forex derivatives “trading signals” without holding the proper financial advisory license; B2Pay has introduced a cryptocurrency payment card but fails to comply with local anti-money laundering regulations; Homnifi’s digital wallet services also lack the necessary authorization to operate legally.
High-Risk Financial Products Warning
The regulator specifically highlighted that forex derivative products are extremely high-risk investment instruments, with market volatility capable of causing significant losses.
Regarding claims that are not reasonable such as “get rich quick” or “earn tens of thousands of dollars in a single day”, the FMA stressed that such promises are often misleading, urging investors to assess carefully.
In addition, cryptocurrency-related services that have not undergone proper compliance reviews may conceal issues such as opaque fund flows or vulnerabilities in transaction security.
Institution Information Disclosure
To help the public identify potential risks, the following summarizes the available information on the related entities:
XPro Official websites: Xpro.gitbook.io, Xbackoffice.myxpro.app
Shiiro Academy Official website: Shiiro.com Email: support@shiiro.com Social media: YouTube @ShiiroGlobal; TikTok @shiiro.global; Instagram @shiiro_global; Telegram group shiiroglobal
B2Pay Official website: B2Pay.app Email: support@b2fintech.com Social media: TikTok @b2pay; Instagram @b2fintech; Facebook page B2Fintech; Threads @b2fintech
Homnifi Official website: Homnifi.com Social media: YouTube @Homnifi; Instagram @officialHomnifi; Facebook page Homnifi; X @Homnifi; Telegram group Homnifi
Investment Safety Recommendations
The FMA urges the public to carefully evaluate any financial schemes involving multi-level marketing, paying particular attention to whether the entities are listed on the FSPR register and have proper dispute resolution channels.
For business models that emphasize “passive income” or “downline profit-sharing”, it is especially important to scrutinize their funding sources and regulatory compliance.
Cashback Island reminds you that legality and transparency should always be the top priorities when choosing financial services.
Cashback Island remains committed to lawful registration and transparent operations, strictly vetting the compliance of partner brokers to ensure full protection of user rights.
Through a well-structured cashback mechanism and robust risk control system, we are dedicated to providing a safe and reliable financial environment.
