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

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.

Specifically, the site says: “we decided to establish an independent platform connecting and securing continuous income for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.

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 Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term unrealistic returns. We recommend exercising caution before purchasing the software promoted by ABS.”