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New Zealand’s Financial Regulator Warns against Profit Bitcoin Scam

The New Zealand Financial Market Authority, which is the national financial watchdog in the country, recently issued a warning against a crypto scam going by the name Profit Bitcoin. According to the warning, the entire investment platform appears to be a scam.

Using the Photo of New Zealand’s PM

According to the warning, the platform was using the photo of the nation’s Prime Minister Jacinda Ardern. Besides that, it was making several other false claims to promote its financial schemes. The warning claims that the FMA has been aware Profit Bitcoin has been promoting itself on Facebook by making false claims about the government activities while using the photo of the nation’s Prime Minister.

An Obvious Scam

According to the website listed by the FMA, the platform claims to offer trading services via digital currencies on its platform. The website claims that members who join the scheme can make a minimum of $13,000 a day. Another outrageous claim is that members only need to work 20 minutes or less daily. The reason for this is that they have a software, which handles most of the work. As a result, the amount of work a member has to do is little.

Another method used to lure in victims is by claiming that they can make anyone a millionaire in 61 days. The FMA stated that the Profit Bitcoin platform was not registered under New Zealand law, which is required for any organization making such an offering. Consequently, the platform was not authorized to offer any type o financial services in New Zealand.

In general, the FMA is quite vigilant when it comes to financial scams. Besides that, it keeps a watchful eye over existing financial platforms to ensure that they are operating within the law. For instance, the FMA once issued a warning against Tiger Brokers (NZ) Ltd because it did not have the right AML protections in place. The warning was issued even though the broker was accredited in NZ.

In general, crypto investors should be on the lookout for investment schemes that promise unrealistic returns while using the images of famous people.

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