New Zealand’s FMA has warned against two big crypto scams. The Financial Markets Authority issued a press release on 12 December against one Krypto Security an Bay Exchange. Both fraudulent platforms were charging fees for shady or non existent services, on top of offering unrealistic returns with cryptocurrencies. Neither of the firms are regulated by the FMA.
These scammers were contacting their clients while trying to imitate FMA representatives, using the official domain addresses. The FMA’s one and only domain is the .govt.nz, reminds the Kiwi regulator. The agency furthers that it will never requires fees and commissions from users, nor will it even solicit clients.
Krypto Security is one if those recovery agents, claiming that to be able to recover stolen or lost funds. Of course, Krypto Security it itself a thief, requiring a commissions before it can start “recovering”. The FMA notes a “barcode” payment that allegedly covers the local anti money laundering rules. The watchdog reminds all that there is no such “barcode” fee in New Zealand.
Bay Exchange promotes itself as an AI Software crypto exchange whose artificial intelligence systems supposedly allow for automated decisions making and trade executions. After investing however, clients of Bay Exchange cannot access their accounts.
Meanwhile, the FMA has made the customary warning against impersonators, including clone sites.
