The New Zealand FMA has a List
The New Zealand FMA has created a list for suspectable crypto related businesses. The list is kept regularly updated with the list of questionable ICOs and high yield crypto investment companies. The list is referred to as the “Warnings & Alerts” list.
The three most recent companies to be added to this list has been labelled as “Suspected Scams,”. The authority made this known is a statement which reads:
“We think the operations of the business/person bear the hallmarks of a scam. We strongly recommend that you do not deal with them.”
The Scam Companies
The report from FMA further enunciated its reasons behind adding these dubious companies to its list. The Agency made it known that the first company, CryptoGain appears to be a scam similar to BitConnect. Based on information from the company’s website, CryptoGain was promising about 2.6% for each investor. To make thing more interesting, the scam company is also offering cloud mining packages (with 30% weekly returns) and what is known as a retirement plan. CryptoGain was also accused of impersonation and identity theft, as it is claiming to be part of a company with similar name CryptoGainLimited. The company has however made it known that it is in no way related to the scam company. As a result of this ridiculous ROI that the FMA believes this is likely not legitimate.
The other companies – Russ Horn, Forex Equinox, and Zend Trade – are all suspected to be organized under Russ Horn’s leadership.
RussHorn.com and ForexEquinox seem to be a bit different in their approach to scamming people. They are accused of supplying unsuspecting victims with exaggerated marketing pitches for Russ’ forex trading system. The website content was also reported to include some outlandish claims, including “How To Legally Cheat The Forex Markets And Literally Line Your Pockets With Cash.” Particularly the, ForexEquinox.com website claims that the system sold on the page will “double your money every 30 days.”
Anyone who is conversant with the forex trading market can easily testify to the fact these claims are untrue. As a result of this, they deserve to be on the list along with other scammers.
