New Zealand FMA Warns against Possible Scam Bitcoin Future

New Zealand financial regulator Financial Markets Authority (FMA) warns public against an entity named Bitcoin Futures.

New Zealand watchdog states that it is concerned that Bitcoin Future has the hallmarks of a scam. FMA recommends exercising caution before dealing with this entity because it is not a registered company or financial service provider in New Zealand. 

On 31 Oct 2019, the Malta Financial Services Authority (MFSA) has also cautioned the public about Bitcoin Future. In the warning statement, MFSA said: “This entity appears to present the same deceitful characteristics as another entity, Bitcoin Revolution, against which the MFSA has already issued public warnings on 25 January 2019 and on 29 August 2019.

Such entities have been constantly resurfacing on the internet as adverts, and are operating under various names. These fake adverts claim to provide a “Way to build your life better” and a “Unique opportunity for Maltese”, 

Bitcoin Future is promoting itself by means of fake news articles which misuse images of local personalities and images of local government institutions. The fake articles are advertised on various social media platforms and falsely claim to be linked to these individuals.

Bitcoin Future is NOT a Maltese registered Company, NEITHER is the entity operating under the transitory provision in terms of Article 62 of the Virtual Financial Assets Act (Cap 590 of the Laws of Malta) NOR is it authorised to provide any financial services in or from Malta.

Furthermore, information available to the MFSA suggests that Bitcoin Future is likely to be an international “get-rich-quick” cryptocurrency scam. The public should therefore refrain from undertaking any business or transactions with the entity operating under the abovementioned names.

The MFSA strongly advises investors and consumers of financial services that prior to making any investment or entering into any financial services transaction they should make sure that the entity with whom the investment or transaction is being made is authorised to provide such services by the MFSA or another financial services regulatory authority as applicable.