Regulation as a façade – Tag Markets, T.M. Financials and the return of Lyconet and SAFIR/ZENIQ promoters

The expired licence as the core of the problem

In an inconspicuous but legally unambiguous ‘public notice’, the Financial Services Commission (FSC) of Mauritius confirms that investment dealer licence GB21026474 was terminated on 18 March 2024. The licence belonged to Pure North Markets Ltd., was duly returned and has had no legal effect since that date. Anyone who continues to present this number as active regulation is misleading the public – especially investors who are desperate for security.

The misuse of an expired licence by T.M. Financials and Tag Markets

Despite the clear statement, the no longer existing licence continues to be advertised as a mark of quality by T.M. Financials Ltd. and Tag Markets. These companies present themselves as ‘regulated brokers’, although verification shows that neither a current regulatory status exists nor has there ever been a connection between the licence and T.M. Financials. It has also been confirmed that this licence has not been reissued. This constitutes a case of regulatory misrepresentation, which systematically undermines the risk awareness of inexperienced or already aggrieved investors.

The licence in question (GB21026474) was held by Pure North Markets Ltd., returned on 27 March 2024 and has not been reissued since.

FSC-Mauritius-Public Herunterladen

The return of old figures: Werner Kaiser and Marina Graf Two well-known names from the MLM and direct sales scene fit into this strategy.

Marina Graf, publicly presented as the ‘top leader’ of the Lyconet Black Diamond team, has for years been one of those people who appear as strong sales promoters through luxury staging and motivational videos – without ever having held official entrepreneurial responsibility.

Werner Kaiser, a long-time sales executive and former International Sales Director at Lyoness Europe AG, later a prominent face of Safir/Zeniq and XERA/XPRO, is once again appearing as an international recruitment figurehead.

The call on 26 November 2025: Advertising despite a lack of regulation

In a joint call on 26 November 2025, Kaiser and Graf aggressively promoted T.M. Financials Ltd., portraying the company as ‘safe’ and ‘regulated’ and presenting the long-expired licence GB21026474 as proof. The discrepancy between the official FSC announcement and the statements made in the call is striking. Where transparency would be mandatory, a façade was erected that collapses upon closer inspection. The fact that two experienced network personalities of all people are promoting this misrepresentation can hardly be interpreted as a coincidence by many observers.

The ‘recovery’ narrative as a lure for aggrieved investors

Since the end of 2024, Tag Markets has been specifically targeting those affected by the Crowd1, Lyconet, MyWorld, eCredits, Zeniq/Safir and XPRO/XERA systems. The promise is that worthless tokens can be ‘utilised’ at Tag Markets and converted into tradable capital. In reality, the tokens are not traded, exchanged or paid out – they disappear internally (‘burning’) while users have to deposit new capital. The supposed ‘recovery effect’ only exists within the platform and is not based on real assets.

Sales structure: Telegram instead of regulation

Tag Markets is advertised almost exclusively via Telegram, WhatsApp, informal Zoom calls and referral links. There are no traditional, verified sales channels. Tag Markets thus increasingly reproduces the mechanisms of earlier systems from the Lyoness and Safir environment: sales via personalities instead of facts, via emotion instead of regulation, via narrative instead of evidence. The presentation of Kaiser and Graf significantly reinforces this effect, as they consciously or unconsciously act as anchors of trust in a scene that has already been disappointed several times.

International complaints and simulated trading results

Broker review sites and user reports paint a consistent picture: problems with payouts, frozen accounts, unreachable support and profit credits that only exist within the platform. The high return promises propagated in the calls are based less on actual trading volume than on internal simulators. A regulated broker would never accept worthless tokens at face value – Tag Markets, on the other hand, uses precisely this unrealistic offer as a starting point for further deposits.

Overall picture and risk assessment

The combination of an expired licence, offshore structure, manipulative use of ‘recovery’ narratives and the active involvement of former top promoters from the myWorld/Lyconet and Safir environment paints an alarming overall picture. The call of 26 November 2025 illustrates this pattern perfectly: two well-known figures are promoting a company with non-existent regulation and specifically targeting investors who have already suffered massive losses. The official FSC announcement shows how little substance there is behind the shield of trust that is being presented.

Conclusion

Anyone who advertises with a dead licence and emotionally charges it with well-known MLM faces is not selling salvation, but risk. Those affected who enter Tag Markets in the hope of redress are once again led into a system that is neither regulated nor transparent. The warning from the FSC Mauritius is clear. So is Kaiser and Graf’s handling of this fact.

Note:

This article is a journalistic analysis. It is based on publicly available sources (Blocktrade blog, Banxa press releases, Trustpilot reviews, BBB complaint data, MiCA licensing registry information, as of 4 November 2025). It is not a legal assessment or financial advice. All assessments have been researched to the best of our knowledge and are marked as opinions within the meaning of Art. 10 ECHR / Art. 5 GG. Counterstatements will be taken into account in accordance with § 56 RStV.

Sources:

FSC Mauritius – Public Notice (27 March 2024)

Confirmation of the return and termination of licence GB21026474 (Pure North Markets Ltd.).

No longer listed in the current FSC register; no affiliation with T.M. Financials Ltd.

FSC Register of Licensees (as of 26 November 2025)

No active licence GB21026474; T.M. Financials Ltd. not listed as an investment dealer.

Company register

Pure North Markets Ltd.: former licence holder, licence terminated.

T.M. Financials Ltd. (Mauritius): no investment dealer licence.

Tag Markets Ltd. (St. Lucia): IBC without financial supervision.

Primary material (editorial)

Complete recording of the call from 26 November 2025 (Kaiser/Graf):

Advertising for T.M. Financials Ltd. as allegedly ‘FSC-regulated’, use of the expired licence number, misleading statements about eCredits and copy trading.

Screenshots and chat log material (Telegram/WhatsApp, 2024–2025) archived.

Personnel research

Werner Kaiser: former management and sales roles at Lyoness/Lyconet/myWorld; CSO/promoter at Safir/Zeniq (2021–2022); international recruitment at XERA/XPRO.

Marina Graf: Black Diamond/Lyconet promoter; ÖWA/Hannover team; appearance on the call on 26 November 2025.

Publicly available analyses

BrokersReviewer.com, TraderKnows.com: indications of a lack of regulation and payout problems at Tag Markets.

BEKM.eu: Research on Lyconet promoters and marketing structures.

Further watchdog analyses on Safir/Zeniq/XERA.

User reports

Complaints about refused payouts, internal simulation profits, account suspensions and non-transparent support (Reddit, Trustpilot, Telegram groups).

Own verification (editorial team)

Comparison of FSC data, domain/company check, backup of the call and all relevant screenshots.