ASIC has received reports predominantly from overseas investors who invested with Beurax via beurax.com, who are now unable to withdraw their investments. Beurax has stopped communicating with those investors.

ASIC’s concerns

• Beurax promoted deposit plans and claimed investors could earn returns from 1.4% per day on their investments. This is currently an unrealistically high rate of daily return and a warning that the investment is highly speculative and high risk.
• Beurax accepted crypto-assets (or cryptocurrencies) as payment. It is difficult to trace these payments and consumers do not have the same protections as they would if they paid by other means, for example if they paid by credit card where a chargeback may be available.

Company registration is a not a guarantee

Beurax is a registered company. Company registration does not mean a business is viable or that a business model is sound.

Information about what to consider before investing is available on ASIC’s Moneysmart website.

What to do if you invested with Beurax

ASIC is warning consumers against dealing with Beurax. Do not transfer further funds to this entity – even if it is to ‘withdraw funds’.

You do not need to lodge a report with ASIC as we have sufficient information at this time.

ASIC is unable to assist in recovering your funds. Contact your financial institution to see if they can assist in tracing payments made. However, when payments are made via crypto-assets, the likelihood of recovering money may be diminished.