The Financial Markets Authority (FMA) has added three suspected scams, WiseBanc, Bitcoin Revolution Limited and OneLife Network Limited (OneCoin Limited) to its warning list.
December 12, 2018 | AtoZ Markets - The financial regulator of the New Zealand, the Financial Markets Authority (FMA) has added three suspected scams to its warning list on Wednesday morning in a bid to protect residents of the country from financial fraud.
The government agency responsible for financial regulation issued a warning on its website warning investors against dealing with a forex broker WiseBanc, and two crypto firms, Bitcoin Revolution Limited, and OneLife Network Limited and its associated entity, OneCoin Limited.
WiseBanc on FMA Warning List
The online brokerage firm, WiseBanc headquartered in Sofia, Bulgaria operates via its website https://wisebanc.com but is allegedly registered in the Marshall Islands. A visit to the website reveals what the broker claims:
“We have helped more than 200,000 traders make money, and we want to help you do the same. Our aim as an online Forex broker is to help you join the league of successful traders and change your life.”
As per the warning from the FMA, the broker is not registered on the Financial Service Providers Register. As a result, the broker does not have the authorization to offer financial services, such as forex trading, to New Zealanders.
New Zealand watchdog, however, is not the first financial regulator to issue a warning to consumers against this brokerage firm. Earlier, The UK Financial Conduct Authority and the Central Bank of Ireland blacklisted the firm as well as Orion Service EOOD, which is WiseBanc’s alleged payment agent. The FMA has also flagged Orion Service EOOD as suspicious.
FMA Flags Bitcoin Revolution Limited
In a related development, a cryptocurrency trading provider, Bitcoin Revolution Limited, has also been added to the regulator's warning list as the firm could be involved in a scam. On its website, the Bitcoin broker claims: “Earn up to $1000 per hour or more, starting today!”
The FMA has warned that the bitcoin brokerage has posted articles on social media about the New Zealand Treasury and/or current or former prime ministers investing in Bitcoin all of which are completely false.
Reason FMA Warns Against OneLife and OneCoin
The FMA has also warned the public to exercise extreme caution before investing with OneLife Network Limited and its associated entity OneCoin Limited. The regulator has warned that these two firms bear the characteristics of a scam, which includes withholding client funds and promising unrealistic returns.
AtoZMarkets discovered that OneLife Network Limited, located at Belize City, Belize with OneCoin Limited, situated at the Republic of Bulgaria has received a series of warnings from 14 overseas regulators, mostly from European countries.
Moreover, the firms are holding promotional events and seminars in New Zealand where they offer investment services – unauthorized activities in breach of the country's law. FMA finally added:
"If you have invested with OneLife or OneCoin we would like to hear from you. Please contact us on 0800 434 566 or by email email@example.com."
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