The regulator advised investors to exercise extreme caution.
The Financial Markets Authority warning concerns Baliex Limited and baliex.com. It says Baliex Limited is a New Zealand company using NZBN 9429053362438 and the address 125 Queen Street, Auckland Central.
According to the FMA, a complaint involved a report presented as having been prepared by Baker Tilly Staples Rodway. The regulator identified several issues:
- Baker Tilly had never audited Baliex;
- Baker Tilly had not performed the blockchain verification described in the document;
- a passport supplied for the person claiming to be a Baliex director was confirmed by a credible source to be not genuine;
- signatures on company-registration documents differed materially from the passport signature;
- Baliex appeared to provide, or present itself as providing, financial services without being registered on the FSPR.
The FMA said there were grounds to suspect false identity information may have been used in connection with establishing or operating Baliex Limited. It advised investors to “exercise extreme caution” before dealing with Baliex, its website or promoters.
FMA New Zealand — Baliex Limited warning
No Baker Tilly entity audited Baliex or verified its blockchain activity.
On 28 July 2026, Baker Tilly Staples Rodway published a notice about documents using its name in connection with Baliex. The firm said its name, logo, letterhead, office address, an audit partner's name and a forged signature had been used without authorization.
Baker Tilly stated that no member firm in New Zealand or internationally had audited Baliex Limited or provided it with audit, assurance or blockchain-verification services. It referred the matter to New Zealand authorities.
Baker Tilly's notice describes the documents, not who created or distributed them. It explicitly says the firm makes no allegation or finding regarding the conduct or intent of Baliex Limited or any individual.
The denial is part of the public record, but remains unverified.
On 5 and 10 August 2026, Baliex contacted Baker Tilly and said it did not create, approve or distribute the fraudulent documents and was investigating their origin.
Baker Tilly published the response to acknowledge Baliex's right of reply, while stating that it had not independently verified Baliex's position. The FMA subsequently issued its warning on 25 August and said it had reasonable grounds to suspect an association between the documents and Baliex Limited.
This chronology preserves both the company's denial and the later regulator warning. It does not identify who produced the documents.
A registry name does not resolve the FMA's identity concerns.
New Zealand corporate records list Derek Wood as the sole director and shareholder of Baliex Limited. Promotional material also presents that name as the company's leader.
The FMA, however, said the passport supplied for the person claiming to be the director was confirmed as not genuine and that signatures appeared materially inconsistent. The presence of the name on the company register is therefore not sufficient, on its own, to verify the identity of the person controlling Baliex.
Incorporation confirms an entity exists; it does not authorize investment services.
Baliex Limited is a registered New Zealand company. Company registration and authorization to perform regulated financial activities are separate matters.
The FMA stated that Baliex was not registered on the Financial Service Providers Register at the time of its warning despite appearing to provide, or present itself as providing, financial services.
The registered address at 125 Queen Street is also marketed as a serviced- and virtual-office location. That fact does not mean the company does not exist, but the address alone does not prove that a substantive trading operation is conducted there.
Published packages advertised daily returns from 0.8% to 3.6%.
Baliex's website and compensation-plan reporting described packages based on capital and term. The figures below document advertised terms; they are not independently verified trading results.
| Package | Capital | Advertised return |
|---|---|---|
| Basic | $50–$1,000 | 0.8–1% per day |
| Basic Pro | $1,000–$2,500 | 1.1–1.3% per day |
| Advanced | $2,500–$15,000 | 1.35–1.55% per day |
| Advanced Pro | $15,000–$50,000 | 1.6–1.8% per day |
| Premium | $50,000–$150,000 | 1.85–2.1% per day |
| Premium Pro | $150,000–$1 million | 2.15–2.35% per day |
| Expert Pro | $50–$50,000 | 2.85–3.1% per day |
| Master | $50,000–$100,000 | 3–3.25% per day |
| Elite | $100,000–$500,000 | 3.35–3.6% per day |
Some packages were described as running for approximately 150 to 365 trading days. A separate Leader Pro offer was published with a range reaching up to 5% per day.
KOLcheck has not identified an independent MyFXbook-style record, audited brokerage statements or sufficiently transparent on-chain data substantiating these returns.
The public evidence does not establish how the advertised returns were generated.
Baliex describes its core activity as algorithmic cryptocurrency trading that combines automated systems with professional-trader oversight. The FMA advised investors to independently verify claims about returns, business operations and audits.
The document that appeared to support the platform's audit and blockchain credibility was itself identified by Baker Tilly as fraudulent.
Baliex — public websiteRecruitment and downline deposit volume carried significant incentives.
Baliex's published affiliate structure contains 12 ranks, from Newcomer to Grand President. Rank thresholds rise from roughly $50,000 in downline investment volume for Contender to $30 million for Grand President.
The published structure extends commissions across as many as 20 levels. At Grand President rank, the table lists 20% on Level 1, 15% on Level 2, 10% on Level 3 and 0.5% on Levels 4–20. One-time rank bonuses were reported from $1,000 to $100,000.
The compensation plan is documented as a marketing structure. These figures do not establish that every commission or bonus was earned or paid.
A $500 million Form D notice reported $0 sold and zero investors.
On 20 April 2026, a New York entity named Baliex Ltd. filed Form D with the U.S. Securities and Exchange Commission under Rule 506(c). The filing lists CIK 0002129571 and names Derek Wood as an executive officer, director and promoter.
Form D is a notice filing for an exempt offering. It is not a licence, SEC approval, certification or verification of an investment product. The filing itself states that the SEC has not necessarily reviewed the information or determined it is accurate and complete.
The New Zealand and New York entities should be distinguished.
The FMA warning concerns Baliex Limited — NZBN 9429053362438 — New Zealand. The Form D names Baliex Ltd. — New York corporation. The available primary records do not establish that they are the same legal entity.
Both records use the name Derek Wood, but that link also requires caution given the FMA's concerns about identity documents supplied for the person presented as the New Zealand director.
From domain registration to an official warning.
The baliex.com domain was registered.
Baliex Limited was incorporated in New Zealand.
A separate Baliex Ltd. was registered in New York.
The New York entity filed Form D for a $500 million offering, reporting $0 sold and zero investors.
Baker Tilly Staples Rodway warned about fraudulent audit documents using its name.
Baliex denied creating, approving or distributing the documents and said it was investigating.
The FMA issued its official warning concerning Baliex Limited and baliex.com.
The FMA warning materially changed the risk profile.
Before August 2026, Baliex already presented several indicators requiring scrutiny: very high advertised returns, no independently verified trading performance, a multi-level referral structure and difficulty verifying leadership identity.
The FMA then raised the possibility that Baliex may be operating a cryptocurrency investment scam and identified concerns involving fraudulent audit documents, false identity information and lack of FSPR registration.
Official Regulatory Warning — High Concern.
Information still not independently verified
- who actually controls Baliex and the true identity behind the name Derek Wood;
- which wallets hold investor funds and how much customers deposited or withdrew;
- what trading activity, if any, generated the advertised returns;
- the exact relationship between the New Zealand and New York entities;
- the source of funds used to pay investment returns and multi-level commissions.
Editorial disclosure
This insight separates regulator statements, official filings, company claims, third-party reporting and unresolved evidence gaps. KOLcheck does not make an independent finding of fraud, civil liability or criminal liability. Baliex, Derek Wood and other named parties are invited to provide corrections, supporting records or a right of reply.
Public records and materials reviewed for this insight.
Regulator and professional-firm statements are attributed precisely. Baliex pages document the platform's own representations. Third-party reporting is used for historical package terms and is not treated as independent proof of trading performance.
Official warnings and records
First-party and supporting material
Evidence and right-of-reply note
Baker Tilly records Baliex's denial that it created, approved or distributed the fraudulent documents and says it did not independently verify that position. KOLcheck preserves that response and does not identify the document creator. The FMA's suspected-scam language is a regulator statement, not an independent KOLcheck verdict.
Last reviewed 5 September 2026
Change history Initial publication of the Baliex insight, including the FMA warning, Baker Tilly notice, Baliex response, identity concerns, return packages, affiliate structure, SEC Form D distinction and unresolved questions.