While many of the experts say, Bank Bene Merenti is a crypto Ponzi scheme, in fact it is far-more dangerous than even thought. It is clearly a fraud cartel, run by a group of thugs, including Dan Settgast. If anyone will search the internet, they will find many fraudulent websites promoting YEM coin or other scamming ventures of Bank Bene Merenti and Dan Settgast rackets. In one such website, we have found the following information:
Your Everyday Money (YEM) is described as one of the few digital currencies for the only purpose of payments and financial transactions. Since 2018, YEM runs on its own blockchain, the YEMCHAIN. For every transaction, there is not only the value in YEM but the reference value in USD as well as the transaction value in both fiat currencies of sender and receiver stored on the blockchain. Additionally, a reference for payment is stored as well. This makes YEM the ‘authority friendly’ digital currency because every transaction can be properly reported and taxed (if necessary).
YEM is controlled and represented by the YEM Foundation, a non-profit INGO (International Non-Governmental Organization) by the statues of the United Nations. YEM Foundation is proud to be listed at the Union of International Organizations (XM7617). The UIA is a leading provider of information about international non-profit organizations.
People who are lured by YEM coin first of all try to know about it by surfing on the net. Most of the people, by Googling the word ‘YEM’ would first find a United Nations website that mentions YEM to be a project of it. But, in fact, this ‘YEM’ of the UN has nothing to do with the fraudulent YEM coin. This UN project is called Youth Employment in Mediterranean (YEM).
YEM is a 36-month regional project funded by the European Union (EUR 2M) and implemented by UNESCO over the period of 2018-2020.
It is neither a project or affiliate of YEM coin Ponzi scheme.
Secondly, YEM coin scam cartel has many other similar scam projects, such as Rainbow currency. In various fraudulent websites Rainbow currency is projected as “universal expedient household digital money”.
It would further say, “More than 3,000 co-founders, spread across 157 countries, have formed the Rainbow Foundation. Together, these co-founders have invested in more than 30 billion Twinkles, the terminology that refers to the Rainbow coins”.
In a bitcoin discussion site, someone asked in April 22, 2020: “I have Rainbowcurrency/YEM. Can I convert in Bitcoin?”. The answer was, “As far as I know … NO!
That PERNUM wallet is shit (just a list and nothing more) and could not find YEM listed on any sort of exchange. If you find a way let me know as I have a friend who owns a few of those”.
But, Dan Settgast of Bank Bene Merenti gave a false description of YEM and Rainbowcurrency on a website named Cyber Bump to prove it legitimate, which was later removed.
On this Blockspot website people will not find any information either on Rainbowcurrency or YEM coin.
YEM coin claims to be an affiliate of YEM Foundation. On its website, YEM Foundation claims to be “Registered as a Nonprofit Corporation # E0553072017-8 under the Laws of Nevada, USA. International Non-Governmental Organization (INGO) # XM7617 at the Union of International Associations Legal Regulatory Authority for YEM Currency”.
This website of YEM Foundation has no office address, no contact details or list of people involved in it.
YEM coin uses the symbol of Japanese Yen. But, according to international law, it is a serious crime. The Bank of Japan can sue the entire gang of Bank Bene Merengti, YEM coin and other affiliates of this scam racket for violating law by using the sign on Japanese Yen in its logo.
To be continued
Next installment: Pakistani man behind Bank Bene Merenti crypto scam cartel