The Financial Markets Authority Issues a Warning against Crypto Bot

The Financial Markets Authority (FMA) has issued yet another warning against an online trading service provider. The warning has been issued for the consumers’ community in New Zealand. The particular community comprises of existing or potential investors that are easy targets for the particular (fraudulent) entity.

The regulatory authority has announced that the name of the particular platform is Crypto Bot. The firm has been offering its trading services to the locals of New Zealand without any permission.

The firm has even gone to great lengths of luring investors as it is also using the fake images and pictures of highly renowned personality in New Zealand to promote their platform.

The FMA has intimated the investment community not to interact with the platform and take precaution when dealing with it. It is strongly recommended by the regulator not to invest money through the platform at all.

There is a high chance the investors may end up losing their money to the firm as it may be running a scam. So far, the details the regulatory has collected against the firm have helped clearing out the doubt that it is a fraudulent entity.

Warning by the Financial Markets Authority

The Financial Markets Authority has issued a warning for the entire public of New Zealand to stay away from Crypto Bot. The firm may be involved in running a scheme only to lure people and take their money, depriving them of their hard-earned money and savings.

The most concerning part about the firm is that it has no license to operate in New Zealand but it is still targeting the New Zealand public. The website is trying hard to get as many NZ locals onboard as possible.

The firm is making several claims so it can gain the trust of the people and prove it is much more lucrative, and profiting than other platforms.

Unregulated and Unregistered

For an entity to operate in New Zealand and offer financial services to the locals, it is very important they are licensed from the respective regulatory authority. In case of financial offerings, it is the Financial Markets Authority in New Zealand that authorizes any firm.

The FMA has confirmed that Crypto Bot has acquired no such authorization from them to operate and offer financial services to the locals. Therefore, the firm is risky and may be running a scam, which is why it is claiming it is authorized.

The regulators have recommended the investors to take precaution when dealing with Crypto Bot.

Website is Making False Claims and Offerings

In addition to be unregulated, the firm is also using images/pictures of highly respectable figure from New Zealand when promoting its products. This way, the firm is trying to give people the impression that it is supported by the particular figure.

The website doesn’t stop here as it is also involved in making false claims surrounding the payouts and returns. On the website, Crypto Bot promises to give out unrealistically high returns on the investments made by the locals.

Even the veteran and highly trust online trading service providers cannot make such a claim as the trades are full of risks. There are no promises of high returns or huge profits when it comes to online trading. However, the firm is doing it, which is completely false, and leads the FMA to believe it is nothing more than a fraudulent scheme.

According to the FMA, the investors may refrain from dealing with the firm and exercise precaution when investing through it. If people end up losing money to the website, there will be no chance of recovering such funds.

Information about Crypto Bot

Crypto Bot claims to offer services in cryptocurrencies and offers people with investment opportunities promising huge returns that are unrealistic. The website of the fraudulent firm is www.nz04bg.btc-sys.com.