Lyoness changes its name to MyWorld – Details
Lyoness was in existence till an investigation by the Norwegian Gaming Board made Lyoness split the MLM side of the business into Lyconet.
It then followed that Norway concluded that while Lyoness had operated as a pyramid scheme, after splitting up, the pyramid issues had been addressed. But it happened that via Lyconet, Lyoness continued its Ponzi scheme.
Amid ongoing regulatory issues across Europe, Lyoness was dropped for Cashback World which operates from the Lyoness website. However Lyoness’ branding has been completely removed and mention of the brand is kept to a minimum.
Lyconet still seems to be operating and continues to exist on its own domain. The news now is that Lyoness has changed its name from Cashback World to MyWorld.
MyWorld appears to have come about as a result of Norway’s second investigation and an attempt to expand white-label services.
Norway’s Gaming Board opened a second investigation into the company after they realized that Lyoness’ business model hadn’t changed.
That investigation lead to the banning of Lyoness in Norway.
In an update on March 23rd, the Gaming Board revealed that on February 8th they became aware that ‘Lyoness has changed its name to MyWorld which resulted in a new dialogue between the parties.
On February 8, 2018, the Lottery Authority noted a letter from myWorld / Lyoness with comments on the decision that was notified.
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The letter in part reads: “We had a new meeting with the company on 14 March 2018 where new information was submitted.
Based on this information, we have asked the company to provide further information and documentation in the matter.
The deadline is set for April 6, 2018.”
Stay tuned …