New Zealand’s FMA Alerts The Public About ‘Profit Bitcoin’ Scam | Latest World News - Breaking News & Top Stories
New Zealand’s FMA Alerts The Public About ‘Profit Bitcoin’ Scam

New Zealand’s FMA Alerts The Public About ‘Profit Bitcoin’ Scam

The Profit Bitcoin AKA Bitcoin Profit scam was originally launched during 2018 and since then it has been promoted by a variety of affiliate networks and media agencies. Recently New Zealand’s Financial Markets Authority, which is the official financial licensing and regulatory entity has clearly stated that this fraudulent software has “the hallmarks of a scam”. In other words, this trading platform is blacklisted by the authorities in New Zealand, and the people who are orchestrating this scam are now liable by law.

Why Is This Happening?
Virtual currencies such as Bitcoin, Ethereum, and Ripple, have grown increasingly popular and gained much publicity in the media and social networks such as Facebook. This has not escaped the attention of scammers and online fraudsters who are constantly on the lookout for easy prey. But when you start adding offshore Forex brokers into the equation, then the scam takes on a whole different dimension.

Affiliate Commissions Create A Conflict Of Interest
Many review websites looking to collect referral commissions for paying clients are not particularly concerned about the legitimacy of the products they are promoting. In fact, in many cases promoters are not really concerned about the legitimacy of the systems they endorse. They only want to know if it sells or not, and Forex brokers are also not to picky about how their clients are procured as long as they invest and keep trading. So there you have it, on one side you have the referring affiliate, on the other you will find the broker, and in the middle you will always find the victims who are literally paying to keep the scam alive.

What Does The Profit Bitcoin System Offer?
There are many cloned versions of this software, but the original one promised a way to generate money from Bitcoin even when the markets are down. Other copied websites offer access to an exclusive group of new Bitcoin Millionaires, and a “laser-accurate” trading software which performs at a 99.4 level of accuracy. Either way you look at it, you will notice the scammers are offering you a short-cut to success and access to the “laptop lifestyle” if you simply join the software and invest the minimum amount which is €250 in most cases (sometimes its twice as much).

What Exactly Is The FMA Saying?
The New Zealand Financial Markets Authority is saying that they are aware that the Profit Bitcoin (AKA Bitcoin Profit) is being freely advertised on Facebook. They are also saying that promoters are using manipulative and misleading false news tactics in regards to the government’s cryptocurrencies initiatives. They are also saying that they know promoters are using an image of New Zealand’s Prime Minister Jacinda Ardern specifically for that purpose. The alert ends abruptly by saying that Profit Bitcoin “is not registered as a financial service provider in New Zealand and is therefore not permitted to provide financial services/products to New Zealand residents”. 

Get-Rich-Quick Schemes Are Not Going To Disappear Anytime Soon!
Given the fact that offshore Forex and CFD (contract for difference) brokers are willing to pay massive commissions for paying customers, it’s only logical that this fake news trend will not abate anytime soon. In fact, quite the opposite is true, so various watchdog sites are advising their members to stay alert and start asking the hard questions. For example, is the broker licensed, are there any restrictions on withdrawals, and are there any dormant fees for inactive accounts. If you don’t get prompt responses it is always recommended you seek alternative investment opportunities.


0 0 votes
Article Rating
Bilal Ali
Bill founded Byte Bell with an aim to bring relevant and unaltered news to the general public with a specific view point for each story catered by the team. He is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research. With ample knowledge about the finance and education industry, Bill also contributes his knowledge for the Finance and Education section of the website.
Would love your thoughts, please comment.x