New Zealand’s Financial Authority Blacklists Three Local Crypto Platforms

New Zealand’s Financial Authority Blacklists Three Local Crypto Platforms

Bitcoin Regulation News
November 12, 2018 by XNews Editor 4
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The Financial Markets Authority (FMA) of New Zealand has added three new crypto-based websites to its list of online scams
New Zealand’s Financial Authority Blacklists Three Local Crypto Platforms

The Financial Markets Authority (FMA) of New Zealand has added three new crypto-based websites to its list of online scams, a declaration by the FMA discloses Thursday, Nov. 1.

On Nov. 1, the FMA entitled three companies — Crypto Gain, Russ Horn, and Zend Trade — on its “scam” list, where citizens are cautioned about the potential risk of trading with certain websites.

In regards to Crypto Gain, the FMA states that the company is posing as a New Zealand company with the same name without permission to do so, noting:

“The website www.cryptogainlimited.com is not associated with, nor a representative of, the New Zealand registered company Cryptogain Limited.”

Crypto Gain Limited (not to be confused with the other Cryptogain — a desktop app to track one’s cryptocurrency assets) claims on its website that it has a certificate of incorporation granted by local authorities in August 2017. According to the website, the company provides consulting services for those who are new to crypto trading.

Earlier in October, the FMA had blacklisted several other cryptocurrency-related companies. Fix Club Limited, a crypto trading platform, was mentioned because of false claims that it belonged to the New Zealand regulated crypto area. Bitcoin Revolution Trading was listed for reportedly claiming that country’s current or former prime ministers and Treasury officials were investing in Bitcoin (BTC).

As Cointelegraph previously wrote, rumors spread on social media in late 2017 that former New Zealand Prime Minister Sir John Key held $300 mln in BTC from his initial investment of $1,000. However, Key denied all the allegations, revealing that the initial piece was posted by a fake website pretending to be the New Zealand Herald — the largest newspaper in country.

New Zealand’s police have also warned citizens about cryptocurrency related online scams in September, shortly after an investor lost $320,000 NZD ($213,000 USD) to crypto fraudsters. “Members of the public should seek advice before making any online investments they are unsure of,” the police sergeant said at the time.


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