New Zealand Regulator Sounds Alarm on Crypto Clone: Beware of Impersonators! The Financial Markets Authority (FMA) in New Zealand has uncovered a
fake crypto exchange posing as BTCSWE, reaching out to customers with a tantalizing promise: recovering their
lost funds.
The FMA's warning list now includes not only BTCSWE but also
Grandeur Capital Pro, a dubious trading platform that seems to have no real presence in the country.
BTCSWE, the genuine exchange, has confirmed the impersonation and labeled it part of a
wider recovery scam, urging caution.
The clone exchange went as far as asking victims to install remote access software called "anydesk," leading to compromised passwords and
significant financial losses.
If you've fallen for this ruse and installed
anydesk, the FMA advises seeking help from an IT professional immediately. With New Zealand's crypto market expected to grow to $102.2 million by 2024, scams are on the rise, prompting increased surveillance from regulators
like the Reserve Bank and FMA. Remember,
the FMA has been diligent in its warnings against crypto fraudsters before, flagging Krypto Security and Bay Exchange as unregulated players in the past.
Even the central bank governor has expressed skepticism, calling digital currencies
"misnomers" and "oxymorons," emphasizing concerns about stability, especially with stablecoins.
