New Zealand Financial Authority Labels Crypto Gain, Russ Horn, and Zend Trade 3 Blockchain Scams

Financial Authority From New Zealand Blacklists Three Crypto Platforms

Recently, the Financial Markets Authority (FMA) of New Zealand has decided to add three local crypto websites to its black list of online scams. The three companies were listed on November 1, Thursday. Their names are: Crypto Gaiun, Russ Horn and Zend Trade and they all are considered scams with a very high risk of making their clients lose all of their money.

Crypto Gain Posed As A New Zealand Company

From the three alleged scams, the most elaborate one was Crypto Gain. The company affirms on its website that it provides consulting services for investors who are new to the crypto world.

In the case of this company, New Zealand’s authority affirmed that the company was posing as a local regulated company without having the proper permission to do it and that they are not sure whether the company is even based in the country.

According to the authority, the site is not associated with New Zealand in any way and there are no representatives from Crypto Gain Limited officially in the company.

The company affirms on its website that it has a certificate of incorporation granted by the local authorities in August 2017. This is, however, not the truth.

FMA Also Blacklisted Several Other Scams Recently

Before these last three scams, the authority has officially blacklisted several other companies. For instance, early in October, the FMA blacklisted a larger list of companies that claimed to offer quick crypto solutions to get money. Two of these companies were Fix Club Limited and Bitcoin Revolution Trading.

While Fix Club Limited was focused on trading and it offered a platform for users claiming that it was regulated in New Zealand (which it was not), Bitcoin Trading Revolution was listed on the black list for reporting that members from the current and former government (including the two Prime Ministers and Treasury officials) were investing in Bitcoin, something was not true at all.

These allegations, in fact, came from a fake news site pretending to be the New Zealand Herald, the largest newspaper in the country, and were used for several illicit companies in order to fool potential traders.

Aside from blacklisting crypto companies, the authorities from New Zealand, including the police from the country, have been reported to ask traders to always seek regulated financial advice before they spend their money on online investments that they are unsure of.

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