Following a series of scam projects, there are signs of scam in the cryptocurrency market; Today, AZCoin News will mention a new project called PayAsian.
What is PayAsian?
PayAsian’s website domain is payasian.co. It was registered in April 2018. According to the whitepaper, this is an MLM project run by Hero Vu. Besides, other co-founders were not disclosed.
Hero Vu is a missionary, researcher on Blockchain, and Bitcoin with over 15 years of experience in the field of Fintech. He is also a consultant for financial companies in Singapore.
Hero Vu, PayAsian’s co-founder, and CEO
PayAsian is not Vu’s first MLM venture. In March 2018, Vu was promoting the MLM SunCoin project, primarily targeting Cambodian investors. However, this project has collapsed and has been attached to SunPay – seems to be the forerunner of PayAsian.
Less than a month after Vu started promoting SunCoin, the domain of PayAsian’s website was registered (April 9). By the end of April and early May, the promotions of this project have started to launch.
How is PayAsian showing signs of an MLM?
In terms of the regulatory framework, PayAsian has attracted attention from SEC Philippines. They even issued the securities fraud warning on November 14, 2019. Also, PayAsian does not release available products or services. Affiliates may only market affiliate members of PayAsian.
PayAsian’s compensation plan
PayAsian affiliates are required to invest in PAYA tokens with the promise of tremendous returns.
- S1: Investing $ 100 to $ 1000.
- S2: Invest $ 1001 to $ 5000.
- S3: Invest $ 5001 to $ 10,000.
- S4: Invest $ 10,001 to $ 25,000.
- S5: Invest $ 25,001 to $ 100,000.
- S6: Investing $ 100,001 or more.
There are also merchant-linked investment floors available:
- V1: $ 1000.
- V2: $ 5000.
- V3: $ 10,000.
- V4: $ 20,000.
- V5: $ 30,000.
- V6: not disclosed.
However, like Cloud Token or WoToken, they pay all commissions and bonuses with the PAYA token.
Guaranteed profit
Profits from this project will be paid on the PAYA balance as a guaranteed profit. Specific details are not provided, in addition to guaranteed benefits regardless of an affiliate’s investment tier.
Referral commission
PayAsian affiliates appear to earn referral commissions down two recruitment levels.
- 30% made at level 1 (personally recruited affiliates).
- 20% made at level 2.
Ranking of achievements
There are five levels in PayAsian’s compensation plan:
- L1: You need to recruit at least ten investment branches and generate at least 30,000 PAYA guaranteed profits.
- L2: There are three branches rated L1 on both sides.
PayAsian’s awards for eligible affiliates ranked from L1 to L5 are as follows:
- Eligible to be L1 and receive 3% of PAYA orders and $ 200.
- Eligible to be L2 and receive 6% of PAYA orders and $ 500.
- Eligible to be L3 and receive 9% of PAYA orders and $ 2000.
- Eligible to be L4 and receive 12% of PAYA orders and $ 10,000.
- Eligible to be L5 and receive 15% of PAYA orders and $ 50,000.
PAYA orders are not specified but are thought to be PAYA investments directly under the downline of PayAsian branch.
Regulations for participating in PayAsian membership
To become an affiliate of PayAsian, you need a minimum investment of $ 100 in the PAYA token. The more PayAsian affiliates invest, the higher their earning potential.
Conclusion
Under the guise of people who bring wealth to Asia, PayAsian plays a significant role in racist targeted marketing. The Asian standard payment coin is guaranteed. Below the words, though, we have the same old MLM shitcoin chart.
PayAsian’s PAYA token has no value. PAYA is trading at 0.000017 BTC (12 cents) and doesn’t have much value internally. PayAsian is just a simple MLM model. Besides, this is just an excuse to cover real money transfers from gullible affiliate investors to Hero Vu and anyone he works with. Commissions and bonuses are paid with PAYA. Therefore, almost PayAsian does not take any cost.
Perhaps at the moment, PayAsian is still enriching for some people. However, when PayAsian collapses, the largest holders of PAYA will lose money when the sell-off comes, and the PAYA token will drop to $ 0 – just like its actual value.
This can happen in internal exchanges. Or later on, a public exchange if enough investors jump on board. The remainder of the PayAsian business model is a pyramid scheme since nothing is sold or sold to retail customers.
The only thing that is marketed in PayAsian is the PAYA token. PayAsian is not currently registered to offer securities in Singapore, or anywhere else in the world. They only register with SEC Philippines, but only as a retailer and wholesaler of goods.
PayAsian operates on a referral reward option model. This option will allow investors to make money from referring others to participate in the project. An investor has the right to receive passive income from the collected investment group, while proactive income comes from the recruitment bonus. That quite clearly sets out the investment plan and pyramid composition.
In short, the only funds paid on PayAsian’s internal exchange are from new investors. This is the classic MLM / MLM pyramid business model. As with all such programs, most participants will undoubtedly lose money.
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