New Zealand Financial Regulator Officially Warns Public of New Bitcoin Scam

Hey ninja’s, how’s the trading going? On the day, the crypto market is in the green zone with the majority of the top cryptocurrencies reporting daily gains. The largest cryptocurrency Bitcoin is up 6% in the last 24 hours and is trading at $7,209. 

According to a statement on the 6th of April, New Zealand’s Financial Market Authority (FMA) officially warns the public of a new bitcoin scam luring in investors with fake promises of quick profit. The FMA issued a warning to the public against “Profit Bitcoin”, the site promises daily profit to investors from trading bitcoin with its software. 

According to the Regulator, Profit Bitcoin is not a registered financial service provider in New Zealand and is mainly advertised on social media platforms like Facebook with the picture of New Zealand’s Prime Minister Jacinda Ardern and displaying false news on the government initiatives. 

Profit Bitcoin’s website reportedly lures potential investors by promising returns of $13,000 daily from simply signing up. The site offers a copy of its software for free and assures its members that they would only need to do minimal work as all trading will be carried out by the software.

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