Welcome to My PayAsian Review!
Today, we’re going to talk about a crypto investment opportunity called PayAsian, posing as a multi-level marketing (MLM) company.
With a lot of crypto investment scams, it’s really hard to find a legit one. More than a dozen of what we’ve already discussed are nothing but scams while some of it may have not been proved yet but obviously, these programs are questionable.
PayAsian Review Summary
Founders: Hero Vu
Product Type: Multi-Level Marketing
Price: $100 For The Minimum Investment
Quick Summary: PayAsian is a crypto multi-level marketing company that runs in an investment scheme by letting people invest real money in exchange for their rubbish crypto called Paya Tokens.
The only revenue here is the new investments made by the affiliates, thus making them work like a Ponzi scheme. It’s even already facing allegations in the Philippines and the country’s SEC ordered Payasian/Paya Coins to immediately cease-and-desist all operations.
Overall Rating: 1/10
So what about PayAsian? How is it any different? Is it even legit in the first place?
Well, you’ll know as we will discuss more information about this opportunity in my unbiased PayAsian review.
What Is PayAsian About?
PayAsian is a multi-level marketing (MLM) company that comes with a crypto investment scheme. It lets people invest real money in exchange for their crypto called Paya Tokens.
As the name depicts, PayAsian targets people in Asia.
Operating since 2018, PayAsian has not provided information on its website about who owns or runs the company but they provided a whitepaper link that cites Hero Vu as PayAsian’s co-founder and CEO. However, other co-founders are not disclosed.
Hero Vu is apparently based in Singapore. He is a Bitcoin evangelist and researcher on Blockchain with over 15 years of experience in the Fintech field. He is also a consultant for financial firms in Singapore.
It may seem that PayAsian is his first MLM venture but he might have been associated with another crypto MLM, as a post of him was seen promoting SunCoin in March of 2018 but it seemed SunCoin never got off the ground and it collapsed.
SunCoin primarily targets Cambodian investors and when the program failed to take off, Vu was said to exit and scammed them with their money.
SunCoin was apparently associated with SunPay, which appears to be the predecessor of PayAsian.
PayAsian’s website domain was registered in April, which was less than a month after Hero Vu’s SunCoin promotion in March. In May, they already started their PayAsian promotion.
Vu might have hoped that nobody remembers SunCoin but apparently, references of it, along with SunPay are found in PayAsian’s published whitepaper. These suggest that both are very much associated and most probably, that the scam is on the move again.
Also in the Philippines, regulators have already issued a fraud warning against this company on November 14, 2019, and the SEC (Securities and Exchange Commission) have even ordered a cease-and-desist for PayAsian on March 20, 2020, for “further engaging in, promoting, and facilitating selling and/or offering for sale securities in the form of investment contracts and/or other activities/transactions.”
PayAsian Product Line
Basically, there's no product or service to sell in PayAsian other than the investment opportunity that comes with it, which is tied to recruitment.
Is PayAsian A Scam?
Yes, it is completely a scam!
With a lot of major red flags including not being completely transparent on who are the other founders, the cited co-founder’s bad record of scamming on a previous crypto MLM scam, and that it’s not properly registered in any country thereby, it is committing security fraud.
It is also undergoing scrutiny from the Philippines’ SEC that has issued a fraud warning against PayAsian and have even ordered a cease-and-desist for it.
Is PayAsian A Pyramid Scheme/Ponzi Scheme?
PayAsian is considered a pyramid scheme since there's no service or product offered.
What is really promoted is an investment opportunity that comes with affiliate memberships, which is basically tied with recruitment. So apparently, recruitment is going to be the only way to make money here.
Yet they're misleading those who want to invest in terms of NOT telling where the revenue is really coming.
And also, all this PAYA token is worthless because getting this doesn't mean you get more money.
This kind of scheme eventually collapses when recruitment slows down or when people cash out their PAYA tokens. There are tons of similar programs where people on the higher tier get all the money, leaving those most affiliates without getting paid.
You can watch the top crypto companies that ended as crypto scams below:
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PayAsian Compensation Plan
Basically, PayAsian’s compensation plan works just like most typical crypto investment MLM.
PayAsian affiliates invest in PAYA tokens on the promise of “guaranteed profit”. PayAsian refers to returns paid on PAYA balances as “guaranteed profit”.
- S1 – invest $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 – invest $100,001 or more
There are also merchant affiliate investment tiers available:
- V1 – $1000
- V2 – $5000
- V3 – $10,000
- V4 – $20,000
- V5 – $30,000
- V6 – not disclosed
How much a PayAsian affiliate invests directly impacts how much PAYA they can trade in PayAsian’s internal exchange; receive in commissions and bonuses; and withdraw (sell/transfer) through the exchange. All commissions and bonuses in PAYA tokens.
- Referral Commissions - Affiliates earn referral commissions down two levels of recruitment.
30% is earned on level 1 (personally recruited affiliates)
20% is earned on level 2
- Residual Commissions - PayAsian pay’s residual commissions via a binary compensation structure. This is where the majority of the money is made from. Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow. At the end of each day, PayAsian tallies up guaranteed profits earned on both sides of the binary team, and affiliates are paid 30% of guaranteed profits generated on the weaker binary team side.
- Rank Leader Bonus - Affiliates earn a 10% Rank Leader Bonus based on generated weaker binary team side guaranteed profit volume.
- Rank Achievement Bonus - There are various ranks you can achieve at PayAsian and you get a bonus when you reach the ranks and you can earn up to 15% on PAYA orders and $50,000.
Here are the following ranks on their compensation plan: (L1 – recruit at least ten investing affiliates and generate at least 30,000 PAYA in guaranteed profits on your weaker binary team side; L2 – have three L1 ranked affiliates on both sides of)
- Qualify As L1 And Receive 3% Of Paya Orders And $200
- Qualify As L2 And Receive 6% Of Paya Orders And $500
- Qualify As L3 And Receive 9% Of Paya Orders And $2000
- Qualify As L4 And Receive 12% Of Paya Orders And $10,000
- Qualify As L5 And Receive 15% Of Paya Orders And $50,000
How Much To Join PayAsian?
Joining as a PayAsian affiliate is tied to a minimum investment of $100 in PAYA tokens.
Apparently, the more an affiliate invests, the higher the income potential will be.
As discussed above, here are the affiliate memberships and the corresponding costs of investment:
- S1 - Invest $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 - Invest $100,001 Or More
Nothing is desirable in this opportunity. It’s a Ponzi scheme and not a legit MLM opportunity, thus it’s illegal. The major red flags alone are enough reason to flee from this opportunity!
PAYA coin has no real value because it's not accepted anywhere. Why would you invest in something that has no worth? If I were you, I’ll better not invest or choose to lose my investment.
Ordered To Cease
As discussed, PayAsian has faced allegations in the Philippines that started as a fraud warning and then, later on, came into an order to cease. Governing authorities are already on the move and it won’t take long for it to eventually shut down.
Since this is a passive income investment opportunity, it's thereby a “security” and in most countries, laws are requiring to register such platforms to operate legally and since PayAsian is not properly registered in any country, it’s committing securities fraud!
Association With A Previous Scam
As mentioned, PayAsian’s founder was associated with SunCoin where he exited and scammed the affiliates. Also, this one’s allegedly interrelated with SunPay, which is a precursor of PayAsian.
Recruitment Is The Key
Since there are no real products, PayAsian is tied into recruitment as it becomes the sole pool of income.
They mislead people with the truth, thus validating all the more that PayAsian is completely a scam!
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I can’t see much information about this but apparently just like most crypto MLM opportunities, joining as an affiliate in PayAsian, you’ll also basically have access to their back office and with some resources and materials, you’ll need.
To sum it up, PayAsian is indeed one of those crypto MLM investment scams we’re always warning you about!
There’s nothing to like about it. It’s committing securities fraud which makes it illegal! So why join something that is not legally accepted? Unless you’re fine with getting involved with scams or losing money, then you should not join the program at all costs!
It’s also a Ponzi scheme, making it unsustainable and is bound to collapse or even shut down for good, soon. So my verdict is no!
Definitely not recommending a scam like this.
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Thank you for reading my PayAsian Review!
I hope this has enlightened you and if you have questions or comments, please feel free to drop it down below.