New Zealand's FMA Warns Against GrayWallet

The New Zealand's Financial Markets Authority (FMA) has published a warning on its website against GrayWallet.

According to the regulator, the firm is using or giving the following details:

Email addresses: GraywalletSystem@gwtpro.org;  graywalletservices@gmail.com

Websites: www.gwtpro.net; www.gwt-pro.org

Other: Wallet ID: 0x2F9d8ef4aC69ca988F96bf919896D78f93Aa0deA

As detailed in the notice, the regulatory body said that GrayWallet is operating a scam via www.gwtpro.net and www.gwt-pro.org. The websites offer cryptocurrency wallet services to investors. It is aware of investors using GrayWallet's wallet services to invest and being unable to withdraw their cryptocurrency. 

In addition, the regulator highlights that GrayWallet is not a registered financial service provider in New Zealand. It is also operating a referral system where referees are rewarded for referring a new user. FMA recommends exercising caution when dealing with this entity.

​Recently, FMA has announced the roll-out of three new self-assessment tools​ to help financial advice providers (FAPs) prepare for full licensing, which will be added to the FAP page of the FMA website when they become available.