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FMA Warns: Impersonator Targeting Crypto Investors

Financial Markets Authority has raised a red flag concerning an illicit clone of the licensed crypto exchange BTCSWE
March 28, 2024

In a cautionary tale shaking New Zealand's burgeoning crypto landscape, the Financial Markets Authority (FMA) has sounded the alarm on an unlicensed clone of BTCSWE, a legitimate cryptocurrency exchange. This imposter, masquerading as BTCSWE, has been preying on unsuspecting customers, offering false promises of recovering lost investments. The saga unfolds against the backdrop of a rapidly growing crypto market in New Zealand, rife with opportunities but also vulnerable to scams.

The FMA's warning, issued this Wednesday, highlights the emergence of two fraudulent entities – BTCSWE and Grandeur Capital Pro. While BTCSWE holds a legitimate license under the FMA, nefarious actors have exploited its identity to orchestrate a deceitful recovery scam. Victims, lured by the promise of reclaiming lost funds, have fallen prey to fabricated documents and coercive tactics, including demands for contract fees and installation of remote access software.

The ramifications of this elaborate ruse have been severe, with victims suffering significant financial losses as scammers gained unauthorized access to sensitive information. The FMA urges affected individuals to seek immediate assistance from IT professionals if they've installed remote access software at the behest of impersonators.

In a parallel development, the FMA raises red flags over Grandeur Capital Pro, a purported forex, stock, and crypto trading platform with dubious credentials. Suspicions surround the authenticity of its New Zealand address, casting doubts on the legitimacy of its operations.

As New Zealand's crypto market experiences exponential growth, fueled by projected revenues surpassing $100 million by 2024, the allure of digital assets is undeniable. However, this meteoric rise also attracts nefarious elements seeking to exploit unsuspecting investors. The FMA's vigilance against fraudulent schemes underscores the need for heightened awareness and due diligence among crypto enthusiasts. With regulatory scrutiny intensifying and warnings against fraudulent entities proliferating, stakeholders must remain vigilant to safeguard against the rising tide of crypto scams in New Zealand.

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