New Zealand's regulator added fake BTCSWE and Grandeur Capital Pro to warning list.
Despite NZ's lower overall number of scams, impersonators are a growing problem.
The New Zealand financial market regulator updated its warning list on
Wednesday, adding two new entities. The Financial Market Authority (FMA) has warned against the activities of the fake BTCSWE and Grandeur Capital Pro.
BTCSWE
Is a Clone and Recovery Scam
According to information provided by the FMA, BTCSWE is a legally operating
cryptocurrency exchange in New Zealand. However, in recent weeks, someone has
been impersonating its representatives, contacting consumers, and promising the
possibility of recovering funds lost during unsuccessful investments.
"Fabricated documents were supplied to help convince the victim of
this individual's identity and ability to access lost funds," the FMA
explained using the example of one victim. "In order to recover this money,
the victim was required to pay a contract fee over a period of months."
In this case, the victim lost a "significant amount of money"
after the scammers gained access to their account. The FMA contacted BTCSWE and
confirmed that it had fallen victim to a "recovery scam" in which
someone impersonated its employees.
Two months ago, local consumers fell victim to another recovery scam in
which scammers impersonated the British regulator, promising to help recover
funds.
Grandeur
Capital Pro Misled Clients
As for Grandeur Capital Pro, the second entity on the FMA's warning list,
investors who could not withdraw their funds reported to the regulator.
The FMA established that the company uses a fake address and is
not licensed or authorized in New Zealand. Therefore, it encourages investors
to exercise extreme caution.
"We consider that it is likely that Grandeur Capitol Pro is operating
an investment scam. We recommend caution when dealing with Grandeur Capital
Pro," the FMA explained.
Number
of Scams in New Zealand Decreases
Although the FMA has remained very active in warning against potential scams and
regularly updates its warning list, according to a report published in December
2023, the number of financial crimes in the country has decreased.
However, there has been an increase in the number of websites impersonating
registered entities that offer trading and financial services to retail
clients.
In total, the number of suspicious companies operating in the country
decreased from 111 in 2022 to 89 in 2023.
The New Zealand financial market regulator updated its warning list on
Wednesday, adding two new entities. The Financial Market Authority (FMA) has warned against the activities of the fake BTCSWE and Grandeur Capital Pro.
BTCSWE
Is a Clone and Recovery Scam
According to information provided by the FMA, BTCSWE is a legally operating
cryptocurrency exchange in New Zealand. However, in recent weeks, someone has
been impersonating its representatives, contacting consumers, and promising the
possibility of recovering funds lost during unsuccessful investments.
"Fabricated documents were supplied to help convince the victim of
this individual's identity and ability to access lost funds," the FMA
explained using the example of one victim. "In order to recover this money,
the victim was required to pay a contract fee over a period of months."
In this case, the victim lost a "significant amount of money"
after the scammers gained access to their account. The FMA contacted BTCSWE and
confirmed that it had fallen victim to a "recovery scam" in which
someone impersonated its employees.
Two months ago, local consumers fell victim to another recovery scam in
which scammers impersonated the British regulator, promising to help recover
funds.
Grandeur
Capital Pro Misled Clients
As for Grandeur Capital Pro, the second entity on the FMA's warning list,
investors who could not withdraw their funds reported to the regulator.
The FMA established that the company uses a fake address and is
not licensed or authorized in New Zealand. Therefore, it encourages investors
to exercise extreme caution.
"We consider that it is likely that Grandeur Capitol Pro is operating
an investment scam. We recommend caution when dealing with Grandeur Capital
Pro," the FMA explained.
Number
of Scams in New Zealand Decreases
Although the FMA has remained very active in warning against potential scams and
regularly updates its warning list, according to a report published in December
2023, the number of financial crimes in the country has decreased.
However, there has been an increase in the number of websites impersonating
registered entities that offer trading and financial services to retail
clients.
In total, the number of suspicious companies operating in the country
decreased from 111 in 2022 to 89 in 2023.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Saxo's Ownership Change: Sampo Sells 19.8% Stake in the Brokerage
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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