FMA Warns Against BTCSWE, Grandeur Capital Pro

The FMA urges caution and highlights the decline in financial crimes but notes an increase in websites impersonating legitimate entities.

On Wednesday, the financial market regulator of New Zealand added two new entities to its warning list. The fraudulent entities BTCSWE and Grandeur Capital Pro are cautioned against their activities by the Financial Markets Authority (FMA).

Based on data furnished by the FMA, BTCSWE is a duly operational cryptocurrency exchange operating within the jurisdiction of New Zealand.

In recent weeks, however, consumers have been contacted by individuals impersonating the company’s representatives and making false promises regarding the recovery of funds lost on unsuccessful investments.

Using one victim as an example, the FMA explains, “Fabricated documents were supplied to help convince the victim of this individual’s identity and ability to access stolen funds.” “Over several months, the victim was obligated to remit a contract fee to recoup this money.”

A “considerable sum of money” was lost by the victim in this instance after the fraudsters obtained entry to their account. The financial market regulator informed BTCSWE that it had been the target of a “recovery scheme” in which its employees were impersonated.

Two months ago, local consumers were duped once more by fraudsters posing as the British regulator and claiming they could assist with the recovery of funds.

FMA’s Caution Regarding Grandeur Capital Pro

Concerning the second entity on the FMA’s warning list, Grandeur Capital Pro, investors who could not withdraw their funds notified the regulator.

The FMA determined that the organization operates without a license or authorization in New Zealand and employs a sham address. As a result, investors are advised to exercise the utmost caution.

“We believe that Grandeur Capitol Pro is possibly conducting an investment fraud.” The FMA explained, “We advise exercising caution when interacting with Grandeur Capital Pro.”

The FMA maintains a proactive stance in alerting the public to potential schemes and updates its warning list regularly. However, a report released in December 2023 indicates that the incidence of financial crimes in the nation has declined.

Nevertheless, the number of websites impersonating registered entities that provide retail clients with trading and financial services has increased.

The overall tally of dubious enterprises operational within the nation fell from 111 in 2022 to 89 in 2023.