Financial Authority New Zealand adds Cryptocurrency Platforms to the Blacklist

Three more cryptocurrency platforms where added to the blacklist of the New Zealand Financial Markets Authority (FMA). These platforms are alleged to be scams as revealed in the statement released by the FMA today 12th of December.

One of the platforms recently added to this blacklist is the OneLife Network Limited and its associated component known as OneCoin Limited. They were added to the list because they possess the features of a scam and the returns they promise their users are unrealistic.

The FMA also recently learned that these companies where offering investments and hosting promo events in New Zealand and this is a breach of the country’s rules as they are acting as unregistered financial companies.

Is Bitcoin Revolution Limited A Scam?

Bitcoin Revolution Limited is another cryptocurrency company suspected of being a scam. Reports from Finance Magnates show that the cryptocurrency trading company made unrealistic claims such as “Get up to $1000 per hour or more” on their website which shows its fraudulent characteristics.

In October, the FMA gave this Bitcoin Revolution Limited Company a warning after they claimed that New Zealand’s current and former prime ministers and Treasury officials had investments in Bitcoin (BTC).

There were also social media allegations and reports in 2017 that the previous prime minister of New Zealand, Sir John Key allegedly held $300 million in BTC from its first investment of $1000.

John Key denied all allegations, and he stated that a phony website posted the fake news under the pretense of being the largest newspaper in New Zealand, the New Zealand Herald.

The Authorities of New Zealand are closely following all the cryptocurrency platforms suspected to be scams as many people in the country have lost a lot of money because of these scams.

New Zealand’s Warning to Citizens

New Zealand’s police department warned citizens about online scams in the broad sense of things in September because a crypto investor lost NZD 320,000 ($213,000) to cryptocurrency fraudsters posing as legitimate business owners. The FMA blacklisted quite a large number of cryptocurrency companies in October and November.

These companies were blacklisted because of their promises of unrealistic earnings. Their failure to provide the necessary certification of incorporation from the local authorities was also an added factor that contributed to labeling them as fraudulent and non-existent companies. The FMA is taking all the necessary steps to blacklist all these fraudulent companies so legitimate ones can thrive.

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