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FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited

Richard M. DECEMBER 13, 2022 1 minute read

New Zealand’s FMA has warned investors against services and products being offered by unauthorized brands that, include Krypto Security, Bay Exchange, and CTRL Investments Limited.

The financial watchdog added Bay Exchange, Krypto Security, and a CTRL Investments Limited clone to its list of companies to be avoided. According to the FMA, the firms provide both consumers and corporations with a variety of financial services, notably trading in bonds, commodities, and equities.

The alert says that Krypto Security is accredited to offer financial services throughout New Zealand, but this is untrue. Furthermore, after contacting a resident to assist him in recovering his stolen cryptocurrency, New Zealand’s regulator is suspicious that the company is running a recovery fraud. Several significant costs have been incurred during the recovery period, including the cost of a “barcode” to satisfy New Zealand AML regulations.

“We also understand that the New Zealand resident has received an email from a person posing as being from the FMA, the sender’s email address is [email protected]. We note that .govt.nz is the email domain used by government agencies in New Zealand,” the alert added.

The regulator charged Bay Exchange with conducting a deceptive scheme after discovering that the platform continued to collect funds from citizens while being unable to repay customers in compliance with their requests.

“We are aware that a New Zealand resident has been unable to access their Bay Exchange trading account after a payment has been made to them. The person is no longer able to contact their account manager and broker at Bay Exchange,” the circular reads.

The FMA advises the public to avoid making investments with these brands and to exercise caution when responding to their solicitations. They are all prohibited from providing financial services in New Zealand because none of them authorized their companies to do so.

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