Kudona 3.8% savings Interest ??

Daliah

Scottex99 said:

jimjames said:

Scottex99 said:

jimjames said:

kudona said:

We genuinely believe in what we are building at Kudona and that a lot of people can benefit from it. If you have any questions or feedback please feel free to contact us directly. We’ll continue to be as transparent as possible

If you really are trying to be transparent then you should get authorised by the FCA. Their reply today confirms that you are not authorised to operate in the UK and have all the hallmarks of a scam.

By the way why does your site make no mention of the risks involved?

He's just said they are going to add info to their FAQs etc.
Not being regulated by FCA doesn't make it a scam

For reference this is the reply from the FCA. I think it's safer to take the response of the FCA (admittedly one of their agents) rather than some random posting on the internet as to the validity or otherwise of an unauthorised investment.

Thank you for your webform. I understand you're raising concerns about a firm you've seen advertising on Facebook that is not authorised. I’m pleased you’ve got in touch about this as I am concerned that this is a scam.
 
Kudona - Is not authorised by the FCA 
 
I’ve searched our Financial Services Register, which is a public database of all the firms we authorise for Kudona and I can confirm that they are not authorised by the FCA.
 
This sounds like a scam
 
From the information you have provided to us about this situation, and that the firm are not authorised by the FCA this has all the hallmarks of a scam. If you do invest money with an unauthorised firm, this could be a scam and if anything went wrong you wouldn’t have any protection in place.
 

Lol what? Some customer service guy from the FCA is able to just call scam like that?

I understand to have UK clients they need to be authorised etc and there won't be deposit protection if they are using stables in the background to generate yield. But none of that makes it a scam.

Fireblocks costs c.3-4k monthly. I know because we use them.

I'm also personally making 10-20% APY on my stablecoins and have been for over a year. 

So yes, its unregulated and they probably shouldn't be pitching to the UK market. But outright scam? No.  

Not sure why you are trying to defend a company which has published demonstrably false information about their licensing arrangements and about the deposit protection they offer.

In my books, it is a scam/criminal if I am told my deposit is protected to CHF 100,000 when this is untrue.

In my books, it is also a scam when a firm uses misleading terminology such as "savings" when in actual fact they are selling high-risk investments.

dunstonh

Lol what? Some customer service guy from the FCA is able to just call scam like that?

So, what do you call a company that does not hold the regulatory permissions to retail financial services products to consumers in the UK, yet is advertising to UK retail consumers?

Or uses marketing that does not describe what it actually is but suggest it is something it isn't?

TheWoodler

A reputable firm would be found elsewhere in any new market, eg in the mainstream press, and not just on a Facebook feed. I find this really alarming as I use social media extensively and never yet seen an advert for a financial offering. It should also be reported to Facebook, if it hasn’t been already.

The way things work with adverts keeping popping up in your social media profile is if someone else in your friends group has also liked or interacted with them - hence the often thematic trends in such feeds. I’d be concerned a friend might have fallen for this - again another reason to report to Facebook.

Reputable licensed born digital / challenger banks and platforms have a news/press section with links to published articles so people can check them out. They have nothing to hide. 

Daliah

They have now removed their false promise that deposits will be protected up to CHF 100,000. But are still using misleading and meaningless weasel words, involving an unnamed "well-established European bank", which has a "Deposit Guarantee and Investor Compensation Scheme". The fact that this scheme is useless for deposits people make with Kudona doesn't seem to deter them from lulling their prospects and investors into a false sense of security.

Scottex99

Daliah said:

Scottex99 said:

jimjames said:

Scottex99 said:

jimjames said:

kudona said:

We genuinely believe in what we are building at Kudona and that a lot of people can benefit from it. If you have any questions or feedback please feel free to contact us directly. We’ll continue to be as transparent as possible

If you really are trying to be transparent then you should get authorised by the FCA. Their reply today confirms that you are not authorised to operate in the UK and have all the hallmarks of a scam.

By the way why does your site make no mention of the risks involved?

He's just said they are going to add info to their FAQs etc.
Not being regulated by FCA doesn't make it a scam

For reference this is the reply from the FCA. I think it's safer to take the response of the FCA (admittedly one of their agents) rather than some random posting on the internet as to the validity or otherwise of an unauthorised investment.

Thank you for your webform. I understand you're raising concerns about a firm you've seen advertising on Facebook that is not authorised. I’m pleased you’ve got in touch about this as I am concerned that this is a scam.
 
Kudona - Is not authorised by the FCA 
 
I’ve searched our Financial Services Register, which is a public database of all the firms we authorise for Kudona and I can confirm that they are not authorised by the FCA.
 
This sounds like a scam
 
From the information you have provided to us about this situation, and that the firm are not authorised by the FCA this has all the hallmarks of a scam. If you do invest money with an unauthorised firm, this could be a scam and if anything went wrong you wouldn’t have any protection in place.
 

Lol what? Some customer service guy from the FCA is able to just call scam like that?

I understand to have UK clients they need to be authorised etc and there won't be deposit protection if they are using stables in the background to generate yield. But none of that makes it a scam.

Fireblocks costs c.3-4k monthly. I know because we use them.

I'm also personally making 10-20% APY on my stablecoins and have been for over a year. 

So yes, its unregulated and they probably shouldn't be pitching to the UK market. But outright scam? No.  

Not sure why you are trying to defend a company which has published demonstrably false information about their licensing arrangements and about the deposit protection they offer.

In my books, it is a scam/criminal if I am told my deposit is protected to CHF 100,000 when this is untrue.

In my books, it is also a scam when a firm uses misleading terminology such as "savings" when in actual fact they are selling high-risk investments.

I’m not defending them, just being objective.

Are they actually even advertising in the UK? I could scroll back to first post to figure out how that guy heard of them but can’t be bothered.

I already get 12% on GBP with Nexo anyway, when my “savings” go to zero, I’ll come back and let you all know 

fwor

Scottex99 said:

I’m not defending them, just being objective.

You're not being objective. You're starting with the mantra that "all crypto is good", and that seems to be stopping you from seeing that this company's products are being promoted (via Facebook, and possibly elsewhere) in a way that they should not be.

They should not be blurring the distinction between savings products - where the saver is protected against loss - and investment products where they are not.

Malthusian

Scottex99 said:

Are they actually even advertising in the UK? I could scroll back to first post to figure out how that guy heard of them but can’t be bothered.

He said he saw their adverts on Facebook. And while the "rep" hasn't reappeared with a verified account, it is notable that their post didn't say "This was a mistake by our social media advertising team, the adverts should never have been targeted at UK residents, we have changed the ad settings so that they only appear in jurisdictions where we hold the required licence to offer securities, and will be training our staff to ensure it doesn't happen again".

I already get 12% on GBP with Nexo anyway, when my “savings” go to zero, I’ll come back and let you all know

That would be a first. People only return to forums in that situation to go "halp halp how do I get my money back" and you don't strike me as the type. The others just disappear.
If you get 12%pa by making ultra high risk loans to crypto bros then all power to you, but it has nothing to do with securities fraud and misleadingly advertising high risk loans as if they are FSCS-protected deposit accounts.

dunstonh

I am just copying and pasting some images for audit trail purposes.....

These were taken from kudona.com on the 25th March at 11.30am




Spot the "Great Britain" reference.

masonic

Grifting of the highest order in action. Statements that are untrue as a matter of verifiable fact, plus an apologist and apparent company representative infiltrating the thread. I'll just leave this here in case anyone needs it.

Scottex99

dunstonh said:

I am just copying and pasting some images for audit trail purposes.....

These were taken from kudona.com on the 25th March at 11.30am




Spot the "Great Britain" reference.

I was going to laugh at Great Britain then saw you pointed it out already