I have read all the comments here and would like to draw the attention of the readers to a review of AMFEiX I wrote about 19 days ago here. Please read it before proceeding with my observations below.
If you click on the "Company Registration" link in my post referred to above, you will notice that AMFEIX was originally registered in UAE as a "one owner company". However, if you now click "Company Registration" link on the AMFEIX website it shows the company is currently registered in Indonesia as a "two owners company". AMFEIX needs to explain this change in registration and explain why they are not choosing countries with strict financial supervision requirement.
The registration document is in Indonesian language. I would expect any serious business catering for the worldwide audience to provide a legal and official translation of the said registration document from Indonesian to English at the least. I am sure most of AMFEIX investors don't understand Indonesian.
It appears from registration document that AMFEIX has registered a private limited company in Indonesia with a paid-up capital of less than $9000. The company has one director and one commissioner, which are minimum requirement under Indonesian law to have a private limited liability company. Under the Indonesian law a commissioner is someone who advises and supervises the board of directors. The commissioner need not be a shareholder. In my opinion, for a company that accepts deposits for investment, a paid-up capital of less than $9000 is simply ridiculous.
It is my understanding that if a company conducts financial services in Indonesia it is required to have a license issued by the Financial Services Authority of Indonesia (known as Otoritas Jasa Keuangan or simply OJK in Indonesian). There is no evidence that AMFEIX has obtained such license. If there is an exemption granted to AMFEIX, that exemption letter should be displayed on the website for the sake of transparency.
With regards to obtaining licenses, I would like to refer readers to another of my instructive post here. Please note that even in a first world country like Switzerland investors were duped into investing and lost money. Indonesian laws are definitely not as stringent as that of Switzerland. Indonesia is an emerging market as per MSCI market classification, which simply means their market regulations are not as good as a developed country.
In its reply to a comment by @ew-and-patterns, AMFEIX said "Traders names are not public as it is in the best interest of AMFEIX that they stay with us." This is truly a lame excuse. If AMFEIX wants to retain their "skilled traders and analysts" they could do so with contractual stipulations such as paying bonuses and incentives in staggered manner, say 50% in January and the balance 50% in June. Staff who resign earlier would lose the bonus. This is just one proven method to retain good staff. There should be others.
Although the names of the commissioner and the director are given in the registration document, no details of their credentials are made available. Surely the investors are entitled to know this because they are asked to trust these guys with their money.
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Seriously amazing comment @devann
Thx for sharing with us.
The reason for this is Indonesian Law did not allow company to be held by one person only, doesn't matter how much you pay or set up, there will be no room at all for any company to be held by one person, since its a branch of AMFEIX it should not be a problem who is the owner of the branch as long as AMFEIX central issued a legal appointment. The 1st observation is answered by itself, we just obey the rules of Indonesia with no any side agenda or whatsoever. AMFEIX didn't change the registration from UAE we have both and will have more in the future such as AMFEIX Malta. So there has been no change in registration as both are still valid.
It doesn't matter what language the registration is in as long as its regulated (which it is) it shouldn't matter.
Again, this is how Indonesian regulation works, you can't really argue about it actually, the way the government handles things is different, with that capital we can legally do business with any amount of money, we are obeying the Indonesian rule. If for the company deposits we had to pay more we would, but if that amount of paid up capital is enough for us to do business why do we have to put more when we don't get any more benefit from it.
The important thing is we work with btc capital not fiat, and in Indonesia we still don't have any legal paperwork to do business with btc capital, as we continue our business, AMFEIX is on process negotiation with several official government and religious organisations in order to get more legal protection and sense of security for our investors. Due to local regulation that will take time and the right partner to do so. Even for the local company to get approved by OJK takes quite some time and effort to do so, AMFEIX is in the process as we speak.
At AMFEIX we've never compelled people to deposit capital, we are trying to get all the documents and licenses ready at the earliest time possible, but during due time it is investor's self policy to deposit capital or not, we give a lot of proof of work unlike many of the other companies, we are happy to support the decision made by our prospective investors.
Our traders will be made public this month to further improve our transparency. We have done a fund audit which we have seen very few to no other crypto companies do successfully this is very important as this proves all trades are actually being made and increases investor confidence. All BTC managed by AMFEIX has been proven and shown to investors.
We are waiting and preparing our company to have more legal protection than we will announce the credentials for the owner of the company. AMFEIX is ready to reveal everything, when the time is right, and it is needed going to do so. As for how we invest we have shown more transparency than any other company and will continue to do so. AMFEIX is going to be here as one of the leading crypto companies in the near future, we will continue to strive in that path.
By and large, you have not answered the issues raised directly and explicitly. You have skirted around the issues and have obfuscated, either by design or sheer ineptitude, your readers rather than enlighten them with your purported answers.
It is clear from your purported answers that you have not even understood many of the issues raised. Engaging with you in a discussion is akin to dealing with a person lacking in comprehension and therefore will only lead to more balderdash from your side and frustration on my and the readers' part.
Personally, I would like to see you providing information such as that provided by gemini.com here. In addition, I would also like you to appoint one of the Big4 auditors as your auditor and produce monthly attestation reports similar to this to show proof of funds and that your accounts are audited in accordance with acceptable international auditing standards, and that you mean business.
Yes, these are the things that ought to be done to instill confidence in the investors and to show that AMFEIX is professional in its dealings. Plus Amfeix should keep client's assets not in active trade with a licensed custodian for maximum security.
Thanks @devann for the well articulated comments.
The reason for this is Indonesian Law did not allow company to be held by one person only, doesn't matter how much you pay or set up, there will be no room at all for any company to be held by one person, since its a branch of AMFEIX it should not be a problem who is the owner of the branch as long as AMFEIX central issued a legal appointment. The 1st observation is answered by itself, we just obey the rules of Indonesia with no any side agenda or whatsoever. AMFEIX didn't change the registration from UAE we have both and will have more in the future such as AMFEIX Malta. So there has been no change in registration as both are still valid.
It doesn't matter what language the registration is in as long as its regulated (which it is) it shouldn't matter.
Again, this is how Indonesian regulation works, you can't really argue about it actually, the way the government handles things is different, with that capital we can legally do business with any amount of money, we are obeying the Indonesian rule. If for the company deposits we had to pay more we would, but if that amount of paid up capital is enough for us to do business why do we have to put more when we don't get any more benefit from it.
The important thing is we work with btc capital not fiat, and in Indonesia we still don't have any legal paperwork to do business with btc capital, as we continue our business, AMFEIX is on process negotiation with several official government and religious organisations in order to get more legal protection and sense of security for our investors. Due to local regulation that will take time and the right partner to do so. Even for the local company to get approved by OJK takes quite some time and effort to do so, AMFEIX is in the process as we speak.
At AMFEIX we've never compelled people to deposit capital, we are trying to get all the documents and licenses ready at the earliest time possible, but during due time it is investor's self policy to deposit capital or not, we give a lot of proof of work unlike many of the other companies, we are happy to support the decision made by our prospective investors.
Our traders will be made public this month to further improve our transparency. We have done a fund audit which we have seen very few to no other crypto companies do successfully this is very important as this proves all trades are actually being made and increases investor confidence. All BTC managed by AMFEIX has been proven and shown to investors.
We are waiting and preparing our company to have more legal protection than we will announce the credentials for the owner of the company. AMFEIX is ready to reveal everything, when the time is right, and it is needed going to do so. As for how we invest we have shown more transparency than any other company and will continue to do so. AMFEIX is going to be here as one of the leading crypto companies in the near future, we will continue to strive in that path.
I had Bit coin connect wallet last year.how do I transfer my funds to a different coin?. I'm a sports card collector / blogger I like talking about sports cards
I had Bit coin connect wallet last year.how do I transfer my funds to a different coin?. I'm a sports card collector / blogger I like talking about sports cards