New Zealand’s FMA Updates Blacklist, Adds Two Suspected Scams

The companies in question are Fix Club Limited and ABS International PTY Limited.

New Zealand’s Financial Markets Authority (FMA) on Tuesday updated its blacklist, adding two new warnings against potential scams. The companies in question are Fix Club Limited and ABS International PTY Limited.

Taking a look at Fix Club Limited’s website, which can be found at www.fix.club, it’s not really clear what exactly the company does. According to its website, the company operates within the cryptocurrency space and provides crypto trading software solutions.

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Specifically, the site says: “we decided to establish an independent platform connecting and securing continuous income for blockchain technologies, mining, and cryptocurrency trading.”

The company claims to be backed by a number of well-known firms such as Accenture, Standard Chartered, Google Ventures, and Santander bank. Furthermore, it states it is licensed in New Zealand.

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Specifically, it claims that: “New Zealand competent financial regulatory authorities have approved Fix Club Ltd. (registered no.: 6822013). Fix Club Ltd. is registered with the Ministry of Business Innovation and Employment of New Zealand. (registered no.: NZBN 9429046748393).”

However, the FMA has warned that the firm is not registered as a financial service provider in New Zealand. Because of the false and misleading information on its website, the watchdog warns that Fix Club has the characteristics of a scam. As a result, residents of New Zealand should take care when dealing with this firm.

ABS International PTY Limited

ABS International is a provider of technology that allegedly helps traders “maximise your returns.” On its website (www.absaust.net.au) the company claims to be an Australian registered company.

The warning from the New Zealand regulator states: “The FMA are concerned that ABS Financial Software Australia – New Zealand has characteristics of a scam, including cold calling New Zealand residents and marketing unrealistic returns.  We recommend exercising caution before purchasing the software promoted by ABS.”

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