According to information provided by the FMA, BTCSWE is a legally operating cryptocurrency exchange in New Zealand. However, in recent weeks, consumers have been contacted by people pretending to be their representatives and promising to recover funds lost during unsuccessful investments.
“False documents are provided to help the victim believe in the person’s identity and ability to access lost funds,” the FMA explained, citing the example of one victim. "In order to recover this money, the victim must pay several months of contract fees."
In this case, the victim lost a "significant amount of money" after the scammer accessed his account. The FMA contacted BTCSWE and confirmed that the company itself had fallen victim to a “loss recovery scam” in which someone impersonated one of its employees.
Two months ago, a local consumer became the victim of another loss recovery scam. The scammer pretended to be the British regulatory agency FCA and promised to help recover funds. Related reading: "New Zealand FMA issues warning about fund recovery scam using FCA name"
The FMA determined the company was using a false address and was not licensed or authorized in New Zealand. "We believe it is likely that Grandeur Capitol Pro is operating an investment scam. We advise caution when dealing with Grandeur Capital Pro," the FMA explained.
Number of scams reduced in New Zealand
Although the FMA remains very active in warning about potential scams and regularly updates its warning list, the number of financial crimes in the country has dropped, according to a report published in December 2023, with fake registered entities offering transactions to retail customers. and financial services websites increased.
It’s a clone and loss recovery scam! New Zealand FMA issues warning against counterfeit BTCSWE
Overall, the number of suspicious companies operating in the country decreased from 111 in 2022 to 89 in 2023.
