GSPro Faces Backlash for Terminating US GSPartners Investor Accounts 2023
In a surprising turn of events, GSPro announced the closure of all GSPartners investor accounts. This notable update followed unexpected website maintenance which happened on 20,Dec 2023.
This week, US investors could visit GSPro’s website. An “alert” there stated that GSPartners was only closing accounts in states where it received cease and desist orders.
GSPartners, including associated entities and individuals (referred to collectively as “The Companies”), do not conduct business in Alabama, Arizona, Arkansas, California, Florida, Kentucky, New Hampshire, Texas, Washington, and Wisconsin. We do not provide services, participate in transactions, or accept funds from residents of these U.S. states.
BehindMLM labeled this declaration as the onset of GSPartners’ downfall.
After GSPro’s recent website maintenance, it seems that access from the US has been restricted.
Those trying to visit GSPro’s site from the US are now greeted with a new “alert” message:
GSPro Faces Backlash
GSPartners along with related entities and individuals (collectively, “The Companies”), have been served with cease-and-desist orders and other legal process by the U.S.
The Companies have ceased doing business in the United States.
We are not offering any services to, engaging in any transactions with, or accepting any funds from U.S. customers. No new U.S. customers will be permitted to register.
In just under three days, GSPro shifted from evading state regulators to a complete withdrawal from the US. This move isn’t surprising, considering that state securities laws in the US align closely with federal regulations.
From a business perspective, GSPro’s decision to withdraw GSPartners from the US poses a significant challenge. Following the trend from Karatbars International, the majority of GSPartners investors are US residents.
To potentially mitigate a surge of complaints to regulators, especially the SEC and CFTC, GSPro is promoting refunds for US GSPartners investors.
We are currently in the process of closing all U.S. customer accounts, as well as any accounts lacking proper “Know Your Customer” documentation.
Withdrawals or refunds are available upon request for eligible U.S. customers whose accounts have been closed.
The criteria for eligibility for a refund for US GSPartners investors remains undisclosed.
Notably, during the corporate call on Monday, there was no mention to US investors about the closure of their accounts.
Neither GSPartners or GSPro have addressed securities fraud warnings issued in Canada, South Africa or Australia.
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In less than three days, GSPro swiftly transitioned from evading state regulators to a complete withdrawal from the United States. This unexpected move aligns with the harmonization of state and federal securities laws, prompting GSPro’s preemptive exit to sidestep potential national legal issues. This shift reflects a significant change in GSPro’s global strategy, especially in managing legal challenges and regulatory compliance.
The recent actions of GSPro (formerly GSPartners) raise concerns about their operations. The rapid transition from avoiding state regulators to exiting the US market suggests potential involvement in dubious activities, notably in circumventing legal frameworks.
The decision to block US visitors from the GSPro website implies an attempt to evade scrutiny under US law—a tactic commonly associated with entities operating on uncertain legal grounds.
Furthermore, GSPartners and GSPro’s behavior patterns point towards a potential Ponzi scheme. Their focus on attracting international investments raises red flags, as Ponzi schemes rely on constant new investments to pay returns, leading to collapse when new funds diminish—a scenario known as a “rug pull.”
Given these indicators, GSPro’s eventual collapse under its unsustainable business model appears likely. Caution is advised, especially for prospective investors considering involvement with GSPro. This case underscores the risks tied to unregulated and opaque investment schemes, particularly in the volatile realm of cryptocurrency.