New Zealand’s FMA Expands Crypto Scam Blacklist: Everything You Need to Know

New Additions to the Blacklist

In a latest effort to protect investors, New Zealand’s Financial Markets Authority (FMA) has beefed up its list of crypto platforms that exude shady vibes. As of December 12, the agency announced the addition of three new culprits aimed at swindling unsuspecting Kiwis. At the top of the list? OneLife Network Limited and its partner in crime, OneCoin Limited, both of which have been tagged as scams thanks to their promise of outlandish returns.

Why They Made It on the List

OneLife and OneCoin are elbowing their way into New Zealand by hosting promotional events and aggressively pushing investment opportunities. However, the FMA is having none of it, stating that these companies are flouting local laws by operating as unregistered financial services. Spoiler alert: if something sounds too good to be true, it probably is.

The Case of Bitcoin Revolution Limited

But wait, there’s more! Another crypto entity, Bitcoin Revolution Limited, has also been flagged for its dubious activities. The firm is making grandiose claims on its website, suggesting that investors could pocket a mind-boggling $1000 an hour or more. Seriously? If only making money was that easy, we’d all be on a beach sipping piña coladas.

False Claims and a Shocking Denial

Adding insult to injury, the FMA has reiterated warnings about Bitcoin Revolution’s misleading statements that current and former political bigwigs, including prime ministers and treasury officials, are getting in on the Bitcoin frenzy. Perhaps they missed the memo that former Prime Minister Sir John Key already debunked those rumors back in late 2017, which mistakenly claimed he was sitting on a BTC goldmine after investing just $1,000.

A Tough Stance on Crypto Scams

With the stakes increasing and digital fraud on the rise, authorities in New Zealand are stepping up their game on all fronts. In September, police issued warnings after a whopping $320,000 NZD (approximately $213,000 USD) was lost to crypto scams. The FMA is also keeping tabs on various other platforms, having previously blacklisted several companies that promised unrealistic returns or skipped the paperwork with local authorities. If nothing else, this shows that while the crypto jungle may be full of risks, there’s a dedicated safety net trying to catch slipping investors.