TriumphFX Fraud Warning Against Seychelles
On May 20, 2025, the Seychelles Financial Services Authority (FSA) issued a securities fraud warning against TriumphFX fraud, specifically targeting Triumph Int’l Co., Ltd. The FSA clarified that the company, previously incorporated under the International Business Companies Act, was never authorized under the Virtual Asset Service Providers Act, 2024. Dissolved on January 1, 2022, TriumphFX is no longer a legal entity, yet its website falsely claims it is “incorporated in the Republic of Seychelles” as Triumph Int. (SC) Limited.
TriumphFX’s Troubled History
TriumphFX, a Ponzi scheme primarily targeting Malaysia, has faced multiple regulatory actions since BehindMLM first reported on it in 2017:
- Banned in Indonesia in 2021 for investment fraud.
- Received securities fraud warnings from Singapore (2021), Malaysia (2022), and Australia (2023).Issued two additional fraud warnings in Indonesia despite the ban.
In 2018, Singapore-based scammer Leong Koon Wah, alias Hermes Leong, was arrested for ties to Triumph Global, an earlier version of TriumphFX. The scheme collapsed in October 2022 due to non-payment of withdrawals. In January 2025, Leong was convicted and sentenced to 10 years and six months in prison.
Current Status
Despite its collapse and regulatory scrutiny, TriumphFX lingers with minimal activity. In May 2025, SimilarWeb recorded ~4,900 monthly visits to its “tfxi.com” domain, with traffic from Malaysia (38%), the UK (17%), Singapore (17%), Vietnam (13%), and Australia (10%).
Investor Alert: Avoid TriumphFX and verify brokers with reputable regulators like the FSA to steer clear of scams.
