By Staff Writer
Poland’s competition watchdog, the Office of Competition and Consumer Protection (UOKiK), has fined two US-based trading education firms, iGenius and International Markets Live (IML), after concluding that their business models operated as prohibited pyramid-type incentive schemes.
According to UOKiK, both companies presented themselves as providers of online financial education, but participants’ ability to earn income depended primarily on recruiting new members, rather than on the sale of genuine educational products. Under Polish and EU law, such structures meet the legal definition of pyramid schemes and are banned due to the high risk of consumer losses.
UOKiK found that iGenius offered access to online investment training in exchange for one-time fees ranging from under USD 100 to around USD 1,500, alongside ongoing subscription payments. Participants were strongly encouraged to join an affiliate programme, where commissions were largely tied to recruiting additional users rather than selling educational services.
The regulator also noted that iGenius’ promotional materials frequently highlighted luxury lifestyles and rapid financial success, a characteristic commonly associated with pyramid-type schemes. As a result, UOKiK imposed a fine of PLN 14.67 million and ordered the company to cease the unlawful practices. The decision is not yet final and may be appealed.
International Markets Live operated a similar model through its im.academy platform, which has since been rebranded as iyovia.com. The company sold monthly subscriptions to educational packages covering forex, cryptocurrencies, and e-commerce.
Participants who joined IML’s affiliate programme, referred to as Independent Business Owners, paid upfront and recurring fees and earned commissions mainly by building recruitment networks. UOKiK determined that the compensation structure depended primarily on enrolling new members rather than product sales and imposed a fine of PLN 9.48 million.
The regulator noted that IML ceased the prohibited practices in May 2025, making the decision final.
UOKiK warned that modern pyramid schemes increasingly disguise themselves as educational or technology-driven platforms, often offering trading tools, algorithms, or training programmes to create an appearance of legitimacy.
The authority said it is continuing investigations into other suspected schemes and has initiated proceedings not only against companies but also against individual promoters, stressing that promoting pyramid schemes is illegal under Polish law.
