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Abstract：Bay Exchange was offering cryptocurrency services without the necessary permission. Krypto Security was attempting to imitate FMA personnel in order to extort customer payments.
On Monday, the Financial Markets Authority (FMA), New Zealand's regulatory market watchdog, issued two crypto scam alerts, warning of a possible charge of non-existent fees and unregulated activities.
Krypto Security and Bay Exchange are approaching New Zealand individuals to provide access to cryptocurrency services, according to separate news releases made on December 12, 2022. However, none of these businesses are governed by the FMA.
Bay Exchange claims to be a cryptocurrency exchange situated in London that provides 'AI Software' for automated decision-making and transaction execution. However, after making their first contributions, New Zealand citizens are unable to access their accounts.
“We are worried that Bay Exchange is offering financial services to New Zealand people in violation of New Zealand financial markets regulations. Bay Exchange is not listed on New Zealand's Financial Service Providers Register to deliver its services” According to the FMA.
Bay Exchange offers its services through the website bayexchange.com. The New Zealand authority advises extreme care.
On Monday, Krypto Security became the second firm to be listed on the FMA's fraud warning list. Its agents approach New Zealand people, saying that the business can assist in the recovery of stolen cryptocurrency. However, before beginning the recovery procedure, Krypto Security needs a large commission payment.
“Several hefty costs were levied throughout the recovery process, including a payment for a 'barcode' in order to fulfill New Zealand Anti-Money Laundering legal requirements. We note that no such requirement exists in New Zealand” In a separate statement, the FMA noted.
Scammers have been contacting victims via phone and email, posing as FMA officials and using @gmail.com domain addresses. The FMA reminds everyone that the agency, like all other government agencies in New Zealand, exclusively utilizes the official.govt. NZ domain. Furthermore, the regulator never approaches customers to collect commissions or other costs.
Keep an eye out for imposters.
This is not the first time fraudsters have impersonated the New Zealand FMA in order to defraud consumers and investors. The regulatory market watchdog issued a warning in October about a person pretending to work for the regulator. The fraudster was cold-calling people in order to gather personal information.
“If you get an unwanted call, please hang up and contact us immediately using the details given on our website,” the FMA said.
Furthermore, the agency has often cautioned about firms imitating approved trading businesses. Previous warnings included clone websites such as nzglobaltrading.com and horizon capital.ltd, and goldenchaseltd.com.
Conclusion
Use the WikiFX App often to prevent encountering bogus or copycat brokers. The WikiFX App can determine the validity of your selected broker. It has over 40,000 forex brokers listed on its platform and collaborates with 30 financial authorities worldwide.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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