iGenius & GameChangers Face FMA Caution in New Zealand
On July 4, 2025, New Zealand’s Financial Markets Authority (FMA) issued a caution against iGenius, promoted by GameChangers, for potential pyramid scheme activities, per BehindMLM. GameChangers, operating from gamechangersww.com (privately registered in 2020), is led by Rakan Khalifa, Vlad Bulban, and Armin Tabrizi, all based in Ontario, Canada.
The FMA cited fraud warnings from Poland’s UOKiK (2023) and Quebec, noting iGenius’s securities fraud issues, per fma.govt.nz. iGenius settled with the Ontario Securities Commission (OSC) in 2024, blocking Ontario residents from its site, per its SEC 10-K report.
Regulatory Scrutiny and Background
GameChangers, tied to iGenius since its Kuvera Global days, promotes unregistered MLM trading schemes, including AkashX, which received an FMA fraud warning in May 2025. Poland’s UOKiK charged iGenius with operating a pyramid scheme, per fma.govt.nz. X posts highlight iGenius’s deceptive social media promotions, while others warn of MLM risks. iGenius’s Platinum Ambassador, Vlad Bulban, and founder Khalifa push high-return claims, raising red flags, per reddit.com.
Sentiment and Risks
X posts show concern over iGenius’s legitimacy, with some calling it a “crypto scam.” Investors face risks from unregistered securities and potential fund lockups, as seen in similar MLMs like TriumphFX, per BehindMLM. Regulatory actions in New Zealand, Poland, and Quebec signal increasing scrutiny, which could lead to bans or fines. The FMA advises checking the Financial Service Provider Register (FSPR) before investing, per fma.govt.nz.
Action for Investors
iGenius & GameChangers’ FMA caution and global fraud warnings suggest high risk. Investors should avoid engagement, verify FSPR registration, and monitor regulatory updates for potential shutdowns.