The story of AximTrade and its main two players, Kelvin Tang, and Sherwin Quiambao, which has been reported by the forex trading community, is still being pieced together every day. This investigative report by our team goes further into the complexities of the scam network, bringing to light new findings about AximTrade.
Kelvin Tang Relocated to Japan
Kelvin Tang has uprooted his life and relocated to Japan in an effort to remain undetected and to steer away from any potential disputes with the law that may arise. According to legal resources, Kelvin Tang is soon to face legal investigations since he is responsible for marketing illegal business activities in several countries.
Based on leaked evidence, Kelvin Tang continues to direct the daily activities of AximTrade, despite the fact that he has not been able to show up publicly for several months. This is a strategic move designed to keep him out of trouble with the authorities and the company partners, both of whom are keeping a close eye on his activities. He is even more concerned about the possibility that the authorities will detain him if he visits countries such as Thailand and Vietnam.
Notably, his financial affairs have been relocated to Japanese banks. According to financial resources, Kelvin has been planning his move to Japan for over a year, and therefore he has been establishing a new entity in Tokyo. By following a diversification path for his fortune, he was able to move a large sum of money to Japan and start a new corporation with Japanese business representatives. Eventually, there is an increasing possibility that this new business will become the target of an investigation. Several legal resources have been tracing his new business entity, and we will soon publish more details.
According to several reports, Kelvin Tang is trying to recover his reputation by moving back to the motorcycle business. After he shut down his garage in Singapore, he proceeded to find new distributors in Japan and the Philippines. These attempts are another tactic to diversify his business portfolio and search for a new safe haven away from Singapore.
4 Cases in the Court
Four former employees of AximTrade are currently in the process of litigation with the Singaporean court, raising claims against the company. This act was conducted after the company failed to respond to the Ministry of Manpower (MOM). Eventually, the situation escalated since the company was still ignoring the former employees’ rights.
AximTrade’s Manila office is undergoing a widespread round of layoffs
While AximTrade was dealing with a slew of legal challenges, one of the most significant events that took place was the widespread firing of staff at their office in Manila. Former employees who left the company after working there for several months without receiving their salaries filed numerous complaints against it. The sudden terminations of employees are a direct result of the financial difficulties plaguing the company. Currently, AximTrade operations are carried out with almost 10% of the workforce the company had six months ago. Thus, the company has officially downsized its operation due to the crisis with financial funds and losing the majority of its clients.
The Search for an Alternative Payment Method in Southeast Asia
Sherwin and Kelvin are currently on a mission to create a new payment channel in Southeast Asia as a direct result of the closure of AloGateway. However, as a result of the damage done to their reputations, they are investigating the possibility of acquiring an already established payment channel or recruiting new business representatives who can legally act on their behalf in order to properly remove themselves from the situation.
AximTrade Withdrawals and Client Funds
The nightmare for AximTrade customers continues while the company is not able to be transparent with customer complaints. Clients who are unable to withdraw their funds have gone to platforms such as Trustpilot, Forex Peace Army, and WikiFX to vent their complaints. The massive issue with client withdrawals has been mounting online every single day. Angry clients are speaking on social media and telegram channels and warning others against trading with AximTrade.
A startling 90% of complaints are about withdrawal symptoms. Traders have highlighted their dissatisfaction with withdrawal troubles, with some waiting for months and exceeding the specified time limit. This has called into question the broker’s operational efficiency and dependability.
To add to the confusion, a trader raised the issue of AximTrade’s unexpected server maintenance. This maintenance was carried out without prior notification to its traders, causing disruptions in trading and adding to growing unhappiness among its client base.
Manipulation of Partners and Independent Businesspeople
Even though Kelvin Tang is no longer active with the general public, he maintains his authority over partners and introducing brokers (IBs). Since June, a large number of IBs have been unable to access the refunds they have earned, and Kelvin has been trying to manipulate them through personal communication. The show is still going on every day as a large number of IBs have been reporting to the Forex community. In addition, based on reports, AximTrade has closed its offices in Singapore and Thailand, most likely to avoid visits from dissatisfied IBs and clients who wish to access their assets.
Unpaid Invoices and an Examination of the Relevant Regulations in Australia
Several business-to-business companies have stated that Kelvin Tang has not paid outstanding invoices dating back to the previous year. Tang has avoided both communication and payment. The relevant Australian authorities are also looking into the company’s operations due to questionable business ties with HLK Group. The inability of Kelvin and Sherwin to pay their employees’ salaries and their poor management have contributed to a major section of the staff quitting their jobs, which has further compounded the situation.
The End of the Partnership Between AximTrade and Alfa Romeo F1
We’ve contacted Sauber Motorsport AG to investigate the nature of their relationship with AximTrade. According to their official response, Alfa Romeo Team F1 has terminated their relationship with AximTrade. Furthermore, the failure of AximTrade to fulfill its sponsorship commitments in 2023 was cited in several news accounts as the reason for the dissolution of the partnership. The removal of AximTrade logos from the Alfa Romeo Team F1 website, as well as the car that was used in the F1 race, is another piece of evidence that the connection has broken down. Eventually, Aximtrade still proclaimed the partnership on their website.
Extended Absence From Kelvin Tang’s Social Media Accounts
Because of the developing conflict, Kelvin Tang has chosen to keep his social media accounts dormant for the past two months as a precautionary measure to avoid potential customers and business partners. His silence does nothing but add another layer of perplexity to the question of AximTrade’s destiny.
As more information becomes publicized about the AximTrade scam, it reveals an increasingly complex situation. Authorities and members of the forex trading community alike are providing more updates on the situation every day.