The Norwegian Gambling Authority has warned Daxio that it is a pyramid scheme (Lottstift).
Lottstift warned about Daxio fraud in a letter sent to “Daxio Norge” on May 20. Frode Jorgensen is identified as Daxio’s CEO.
Lottstift says that he has written to Jorgensen before about the Global Game Arena (GGA) in 2019.
GGA was a Ponzi scheme Jorgensen launched in 2019.
After GGA fell apart three times, Jorgensen started it up again as Daxio in the middle of 2020.
After confirming that Daxio is “a continuation of Global Game Arene Ltd,” Lottstift says they are writing to Daxio to “tell everyone in the business about the rules for pyramid schemes.”
The letter goes on to say that it seems like Lottstify is looking into Daxio.
The Norwegian Lotteries Authority will make sure everyone follows the Lottery Act.
The Lottery Act says that it is illegal to make, run, take part in, or spread a pyramid scheme or a similar system.
The Lottery Act bans pyramid schemes and trading systems that are similar to pyramids. This includes direct sales where more than half of the income comes from things like membership fees.
In other words, the business must sell real goods or services, and the money made from these sales must make up at least 50% of the business’s income. This is to make sure that it is not an illegal pyramid-style turnover system.
According to BehindMLM’s review of Daxio, the company does not have any products or services that can be sold.
The Norwegian Lotteries Authority thinks that the company’s activities are set up like a pyramid, with several levels where people can make money by bringing in new people at lower levels.
We’ve kept track of the fact that there have been meetings for Norwegians to get information and that people from Norway are hired by the business.
We think the company is a pyramid scheme based on what we know about it.
You find people to join and sell investment products whose value is uncertain but which promise high income.
People should stay away from pyramid schemes, investment fraud, and other scams like them and not bet or invest money in them.
Based on what we know, it looks like Daxio also helps set up gambling that isn’t allowed in Norway.
The Lottery Act and the Gambling Act say that people can’t offer, market, or help with gambling that isn’t licensed in Norway. This includes helping people pay for gambling.
Since this letter is for everyone who has anything to do with the company’s operations in Norway, we expect you to give it to everyone.
Lottstift tells Daxio that it should stop doing business in Norway right away.
Daxio is run by a “shell company” that was set up in the British Virgin Islands.
BVI is a place where scams are common, so any MLM company that says it has ties to it should raise red flags right away.
The websites “daxio.com” and “mydaxio.com” are where Daxio does business.
SimilarWeb says that over the past three months, traffic to both domains has gone down. So far as Daxio is active in Norway, it doesn’t seem like many people are joining.
Malta (36%), Vietnam (30%), and Sweden (15%) are the top three places where people visit “daxio.com.” Most people visit “Mydaxio.com” from Sweden (45%), Hungary (18%), and Moldova (17%).
Frode Jorgensen lives in Thailand and is a Norwegian citizen.