On December 11, 2025, the CVM's Superintendence of Market and Intermediary Relations published Declaratory Act No. 24,523 concerning 4Square SY Ltd, which operates the sites fxroad.com and fxroad.co.in.
The act declares to the market and the general public that these parties are not authorized by this Authority to act as securities intermediaries or to raise funds from investors for investment in securities, as they are not part of the distribution system set out in Article 15 of Law No. 6,385/1976. The regulator ordered the immediate suspension of any public offering, direct or indirect, to investors residing in Brazil, under a daily fine of R$ 1,000.00, without prejudice to liability for prior violations. The CVM's announcement of December 15, 2025 reiterates the order.
What the act does and does not establish
The act establishes that the CVM found evidence of the conduct described and that the company lacks the authorization required for it. The act does not state that fraud occurred, nor that anyone lost money. This page records the regulator's warning and will go on to record vetted reports, should any come in.
If you invested or were approached
The CVM asks that you get in touch through its Citizen Service Desk (Serviço de Atendimento ao Cidadão), providing details of the offer and the identities of the people involved. If you sent money, keep your payment records and file a police report. If you paid in crypto, CyberX's wallet lookup is free.
Websites, profiles and accounts linked to the scam
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Public acts about this scam
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Sources
- Ato Declaratório CVM nº 24.523, de 11 de dezembro de 2025, Diário Oficial da União.
- CVM alerta para atuação irregular da 4SQUARE SY LTD, CVM, December 15, 2025.
This is a registry of reports vetted by CyberX; it is not a ruling nor proof. Identifiers are shown with the period in which they were reported. Authority alerts link the public act. CyberX works in digital intelligence applied to investigation — OSINT, on-chain tracing, and fraud prevention. This content is informational and does not constitute legal advice.
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