ZENIQPrice

(ZENIQ)

ZENIQ faces widespread skepticism, with some sources labeling it a potential scam due to a significant lack of transparency and operational concerns. Public prosecutors have launched investigations into the ZENIQ/Safir/Xera Pro construct, suggesting it may operate as a global scam, largely attributed to dubious multi-level marketing (MLM) sales structures. While some acknowledge no definitive scam indications yet, numerous red flags persist, advising caution against investment. The project has been criticized for operating an unlicensed scheme for months and for its "Non Regulated" status in financial services.

Critics highlight a major red flag: ZENIQ initially lacked a formal whitepaper, which is fundamental for transparency in Web3 projects. Despite claims of developing and running on its own proprietary blockchain, the project's token was identified as an ERC20 token operating on the Ethereum blockchain. This discrepancy between claims of a unique blockchain and the actual token's foundation raised significant questions about the project's technological integrity and transparency.

The ZENIQ Hub is promoted as a hardware device designed to mint ZENIQ coins and manage digital assets, serving as a storage solution. It purports to enable users to generate new ZENIQ tokens. However, significant questions exist regarding the transparency and verifiability of this "minting" process. Skepticism is advised if the minting activity and its underlying mechanics cannot be openly audited or verified on the blockchain, leading to concerns about its genuine functionality versus its claims.

ZENIQ claimed to be a "Limited Liability Company in DIFC Freezone," but investigations revealed its incorporation on May 24, 2021, meaning it operated an unlicensed scheme for several months prior to this date. Furthermore, its license was categorized as "Non Regulated," explicitly stating it was not regulated for financial services. This lack of appropriate financial services regulation and the period of unlicensed operation raised significant concerns about its legal and operational compliance.

ZENIQ's business model is closely associated with multi-level marketing (MLM) sales structures, primarily through SAFIR International. Agents within this network earn commissions by selling investment packages, which reportedly lock up tokens. This structure has led to significant concerns, with accusations from public prosecutors suggesting the entire construct might be a global scam due to its dubious MLM sales approach. Questions persist about the safety of investor funds, as they are not entirely within the investor's direct control.

ZENIQ outlines a roadmap for future applications, including mobile apps and an exchange platform. A key goal is to facilitate the tokenization of various real-world assets such as real estate, art, intellectual properties, and collectibles. This aims to make transactions more efficient and accessible by converting physical assets into digital tokens. The project also intends for its ZENIQ Pay service and ZENIQ Nomo app to enable both crypto and fiat payments within and outside its ecosystem.