Legal Concerns: The Regulatory Status of GSPartners Global
GSPartners Global operates under the GSB Gold Standard Bank Ltd umbrella, akin to GSTrade, with registration in the Union of Comoros – specifically the Autonomous Island of Moheli. It possesses a local banking license from the Mwali International Services Authority and suggests an affiliation with Swiss Valorem Bank, which holds the mentioned license.
Despite having a banking license, such authorization does not extend to providing investment services internationally. Nonetheless, the company purports to offer blockchain-based banking and digital asset investment services, which would require regulatory compliance with the financial authorities in each country where they operate.
In essence, without a proper license for trading securities in a client’s country, individuals are unable to lodge complaints with a Financial Ombudsman or seek restitution from a compensation fund. Hence, confirming the legitimacy and regulatory compliance of any investment firm is crucial before committing funds.
In May 2023, the British Columbia Securities Commission in Canada corroborated concerns by issuing an official alert against GSB Gold Standard Bank Ltd and its affiliates for engaging in securities trading and advisory services without the necessary authorization. This warning was further echoed by the Canadian Securities Administrators on a national level, answering the pressing question of GSPartners Global’s legitimacy.
GSPartners Global Operational Regions – Identifying Potential Victims
GSPartners Global has been actively marketing its offerings in several countries, including:
- United States,
- Canada,
- South Africa,
- United Kingdom.
The gspartners.global domain was officially registered with GoDaddy’s WHOIS database on April 9, 2020. Since then, the entity has been recruiting clients without possessing the necessary authorization for its services. Notably, US regulations prohibit investment with any entity lacking a local office, CFTC, or SEC endorsement.
Client Feedback – Accounts from Users
Client opinions on GSPartners are far from flattering. The company has been a topic of scrutiny on Reddit, where users have dissected its operations and highlighted its predatory tactics. Trustpilot features a mix of reviews, with numerous insincere endorsements overshadowing genuine client feedback. However, those who have shared detailed experiences often describe the company as a Ponzi scheme.
Additionally, GSPartners Global has misused the logo of BDSwiss, a broker regulated by CySEC, claiming a partnership. In January 2023, BDSwiss refuted any association with Gold Standard Bank or its affiliates.
A significant concern is the absence of direct contact information for GSPartners Global; the sole method of communication provided is a form on their website, which may not guarantee a response. Considering these factors, it would be prudent to exercise caution and consider avoiding involvement with GSPartners Global.
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