Watchdog Issued Warning on Crypto Investments after Bitcoin’s Price Drop

According to an official statement released in the NZ Herald, New Zealand’s monetary watchdog is worried regarding the most recent “rollercoaster relocation” seen in the bitcoin (BTC) cost. “Cryptocurrencies are not regulated in New Zealand as well as are frequently exploited by scammers as well as hackers,” claimed an FMA representative.

However the regulator’s caution is not the just one seen over the last couple of days. As a matter of fact, the FMA quoted its U.K. equivalent, the Financial Conduct Authority (FCA), as stating:

The FMA shares the FCA’s concerns that some crypto exchanges are promising high returns and customers should be prepared to lose all of their money.

The consultatory includes a warning on uncontrolled abroad crypto exchanges. Per the FMA representative, exchanges without link to New Zealand make it very hard to figure out that is offering, exchanging, acquiring or selling cryptocurrency.

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