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New Zealand’s Financial Markets Authority Warning
New Zealand’s Financial Markets Authority (FMA) has recently raised concerns about an unlicensed crypto exchange impersonating BTCSWE. The impersonator has been reaching out to customers with promises to recover funds lost in previous unsuccessful investments.
Entities Added to Warning List
The FMA has added two fake entities to its warning list – BTCSWE and Grandeur Capital Pro. BTCSWE is a legitimate cryptocurrency exchange licensed under the FMA. The regulators have confirmed that the company has been impersonated as part of a wider recovery scam.
Modus Operandi of the Impersonators
According to the FMA, the clone crypto exchange provided fabricated documents to convince victims of the impersonator’s identity. Victims were then asked to pay a contract fee over several months to supposedly recover their lost funds. Additionally, victims were instructed to install “anydesk” software, granting the scammer remote access to their devices.
Warning to Customers
The FMA has advised customers who have allowed remote access software on their devices to seek assistance from IT professionals immediately to prevent further financial loss.
Grandeur Capital Pro Alert
The FMA has also flagged Grandeur Capital Pro, a purported forex, stock, and crypto trading platform with a New Zealand address. The regulator expressed doubts about the legitimacy of the platform, stating that there is false registration and licensing information on their website.
Rising Crypto Market in New Zealand
With New Zealand’s crypto market revenue projected to reach $102.2 million in 2024, more Kiwis are expected to embrace cryptocurrencies in the coming years. The Reserve Bank of New Zealand has intensified its surveillance of the crypto sector in response to this trend.
Previous Warnings by FMA
The FMA has previously issued warnings against crypto fraudsters and impersonators such as Krypto Security and Bay Exchange. These entities have been contacting citizens offering cryptocurrency services without regulation by the FMA.
New Zealand’s Stance on Crypto
The Finance and Expenditure Committee of the New Zealand House of Representatives has highlighted the risks associated with integrating cryptocurrencies into the country’s payment system. Central bank governor Adrian Orr has expressed concerns about digital currencies, particularly stablecoins, referring to them as “misnomers” and “oxymorons.”
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
