Recently, Kelvin Tang Scam has been an ongoing scandal in the forex market. In the shady world of Forex trading, Kelvin Tang has built a reputation as a key figure, claiming to be the co-founder and CEO of AximTrade. While he quickly gained a reputation as a business leader by connecting with the Forex industry, the truth about him is far more than what people expected. It turns out that AximTrade is not what it first appears to be, and Kelvin Tang is merely the public face of this complex scheme, which Sherwin Quiambao, a mysterious investor, is running.
This comprehensive investigative report delves extensively into the intricate network of deception and fraudulent activities. This report reveals the story behind Kelvin Tang and the rise of AximTrade in the forex market.
Kelvin Tang’s Professional Career in Forex
Kelvin Tang’s journey into the world of forex began innocuously enough with a stint as a partnership manager at Exness, focusing on the Chinese market. Yet suspicions arose as significant sums of money mysteriously vanished through a local payment channel operating under the guise of Alogateway, the company owned by Sherwin Quiambao.
This payment solution was notorious for facilitating illegal activities such as online gambling, pornography, and cryptocurrency exchanges, making it the preferred choice for companies banned in Asian markets. This dark money trail led Kelvin Tang into an ominous alliance with Sherwin Quiambao. In 2020, they agreed to establish the offshore broker AximTrade.
According to Forex market insiders, Kelving Tang has been appointed CEO and will be the face of the broker, while Sherwin will remain in the shadows. Kelvin Tang quickly became well-known among Forex partners and event organizers. He heavily invested in building networks in Vietnam, Thailand, and Malaysia. The rumors in the market have been spreading, and the perception was that Kelvin Tang was throwing money and promising a very high commission for partners. Furthermore, he used to organize expensive parties for partners. These rumors attracted a huge number of forex scammers, who started marketing Kelvin’s name as that of a successful CEO.
Kelvin Tang Scam and The Fabricated Claims
AximTrade, according to its official website, boasts a license in New Zealand under the name “Huntington Service Limited.” However, we uncovered the truth upon investigation by our on-ground reporter in New Zealand. AximTrade is an IBC-registered entity authorized as a Financial Service Provider (FSP) with license number FSP6317469, operating from 27 Tainui Street, Raumati Beach, Paraparaumu, 5032, New Zealand. This revelation raises questions about the legitimacy of AximTrade and its relationship with the mysterious director, Russell Warren Lousich, who was found to be using his name for licensing purposes at a staggering monthly cost of $70,000.
Surprisingly, AximTrade has removed this license from its official website due to the warnings it received from authorities and denied its relationship with Huntington.
In 2021, Kelvin Tang announced on LinkedIn that AximTrade had managed to gain the ASIC license. The word has circulated in the forex market quickly. However, after an investigation, several insiders in the Forex industry announced that this was fabricated news by Kelvin Tang.
According to AximTrade’s official website, there is information on the license from the Australian Securities and Investments Commission (ASIC) under AFS Representative No. 1294600 and AFS License No. 435746, with an address at 103 566 St Kilda Rd, Melbourne VIC 3002. However, after checking the official website of ASIC, we discovered the truth. AximTrade merely operates as a service representative and lacks a legitimate Australian ASIC AR regulatory license. Intriguingly, AximTrade shares the same license number as HLK Group Pty Ltd. (435746), the company appointing AximTrade as a financial services representative. Despite this, HLK Group remains tight-lipped about customer complaints.
HLK Group Pty. Ltd. has a long history of providing shady forex brokers with legal coverage. Previously, we researched the Australian company’s activities in the following report: How HLK Group Facilitates Shady Forex Brokers in Asia.
AximTrade on The News
According to WikiFX, on September 15, Fiona, a customer service representative for the forex broker AximTrade, posted a message that shook the trading community. The message stated that AximTrade had entirely ceased operations due to a financial crisis. This shocking discovery has thrown many investors into a state of despair, with their hard-earned money in jeopardy. More about this on WikiFX.
Over the course of the last few months, traders have been reporting issues with withdrawals. The reviews reached a new level in August and September, and they triggered extensive discussions on famous forums such as Forex Peace Army.
The Hidden Identity of Kelvin Tang
But the intrigue doesn’t end there. Kelvin Tang, the supposed mastermind behind AximTrade, is not who he claims to be. In reality, he goes by the name “Tang Yong Shun”.
Kelvin Tang is a Singaporean citizen with a history in the motorcycle resale business. As he has always been involved in trouble, he always uses the name Kelvin Tang and avoids using his real name. Kelvin main business activity in Singapore includes the motorbike distribution of The Jekill and Hyde Company, operating under the commercial name “Jekill & Hyde Garage Lion City” which is located at 58 Senang Crescent, Singapore, with the contact email Kelvin.sg@jekillandhyde.com.
According to resources, the garage has been closed for several months due to fraud cases reported by the customers. Based on the client’s feedback, Kelvin Tang disappeared after refusing to refund their money after buying products that had been illegally imported to Singapore. Therefore, the Jekill & Hyde official website has removed the contacts of Kelvin Tang’s entity from their website and discontinued the collaboration. Kelvin Tang is also connected to another Jekill & Hyde distributor in the Philippines at the address: 145 Kamias Road 1101 Quezon City.
Based on official documents, another motorcycle company, AXIM PTE. LTD. was incorporated under his name and other associates in Singapore on August 29, 2019. He is also a partner in another company under the name of AXMarketing Private Ltd. (UEN: 202000778G). That’s not where his business ventures stop. Recently, Kelvin has been joining a new business with an automotive repair shop for supercars under the name DAILY EXOTICS PTE. LTD. (202101522H) located at
60 Jalan Lam Huat, #02-29, Carros Centre, Singapore.
His new venture is registered under the names of different associates, similar to most of his businesses, where he leverages his relatives and network of friends. Due to his complicated situation, Kelvin Tang avoids using his name officially, and therefore he is using his wife’s name and her relatives’ names for his accommodation.
Tang Yong Shun and AximTrade
Initially, his advancement within AximTrade was notable for its success over the previous three years, primarily as a result of high leverage and the ability to operate with fewer restrictions in comparison to regulated brokers. However, Kelvin Tang’s skills were limited to lavish spending on parties and extravagant promotions.
Within the company, operations initially ran smoothly, attracting top talent and forging strong partnership programs. However, the tide began to turn as Kelvin Tang mismanaged funds and drained liquidity to benefit his elusive boss. A series of unfavorable changes in the partnership program resulted in a decline in trading volume in 2023. Thus, this exposed Kelvin Tang’s inadequacy as a leader and led to significant delays in client withdrawals. Internal sources also revealed the company’s failure to cover essential expenses, including invoices and staff salaries.
This summer, a torrent of official complaints flooded the authorities in the Philippines and Singapore. Kelvin Tang, the self-proclaimed industry leader, proved incapable of handling the mounting issues and opted to vanish into obscurity, hoping the storm would pass. It’s now evident that he was just a pawn in a larger scheme.
The truth about AximTrade owners
Sherwin Quiambao, the elusive investor manipulating the strings from the shadows, has a dark history. Authorities in the Philippines are searching for him due to a fraudulent case from 2013 that led to the issuance of an arrest warrant. Quiambao is a clever investor, using aliases such as Kelvin Tang, and several other names.
The AximTrade scandal is a tangled web of deception, and the truth is far from what appears on the surface. As authorities close in on the perpetrators, the forex trading community prepares for the repercussions of this audacious scheme. Read more about AximTrade and the Manila Network in our investigation report for more information.