Three more crypto exchanges are called ‘Suspected Scams’ by Financial Authority in New Zealand

Another bad news has struck the crypto industry of New Zealand. Financial Markets Authority of the country revealed the fact that 3 more crypto exchanges had been added to the blacklist of ones suspected of scams on December 12. Two companies OneLife Network Limited and OneCoin Limited have appeared on the list since they possess […]

By - December 14, 2018
New Zealand Crypto Platforms Scams

Another bad news has struck the crypto industry of New Zealand. Financial Markets Authority of the country revealed the fact that 3 more crypto exchanges had been added to the blacklist of ones suspected of scams on December 12.

Two companies OneLife Network Limited and OneCoin Limited have appeared on the list since they possess some scam features and guarantee returns that sound unrealistic. In addition, the authority has received information that the following companies organize promotional events encouraging people to invest money. By doing so, they violate state laws because they provide financial services that have not undergone registration.

The third company suspected of scam is Bitcoin Revolution Limited. The reason to that was a number of claims made by the company on its website. The authority considered encouragement to invest money and earn a thousand more in an hour suspicious as well.

Another reason for this company to be accused of scam was October announcements. Bitcoin Revolution Limited provided false information that either a prime minister or treasury employees made investments investments BBC already.

There used to be rumors that the prime minister of New Zealand Sir John Key invested $1,000 in cryptocoins and increased his fortune by $300 million. However, this information was denied by the prime minister and he called this news a real fake.

The authorities of the country are trying to prevent local population from frauds that happen in the crypto market and continue to look for other scams. A huge loss of the investor in September because of fraud encouraged the FMA to analyze the work of crypto platforms more thoroughly and warn people about unrealistic promises and the absence of the legal certificate.

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