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New Zealand’s FMA blacklisted WiseBanc, Solid Global Investment Ltd. and Bitcoin Revolution

Dec 13 2018
By
Jonathan Smith

 

New Zealand’s Financial Markets Authority (FMA) has updated its warning list of unregistered businesses and suspected scams with WiseBanc, Solid Global Investment Ltd. and Bitcoin Revolution earlier this week.

 

WiseBanc (operating via the www.wisebanc.com) is an unregulated forex and CFD broker that seems to have really scammed a lot of investors, judging by the numerous complaints submitted below our review. It allegedly operates out of Bulgaria and has also been blacklisted by UK’s Financial Conduct Authority (FCA).

 

Solid Global Investment Ltd. operates forex brokerage brand NewSolid (www.newsolid.com) and according to the FMA is a clone firm that could be involved in scam. It has also been flagged by the Hong Kong Securities and Futures Commission (SFC).

 

As regards Bitcoin Revolution, this is a website (www.bitcoinrevolutionapp.com) allegedly offering algorithmic trading in cryptocurrencies. This is a relatively new type of scam commonly referred to as “Crypto Robot”. Like most such websites, the Bitcoin Revolution fails to provide any relevant company information, and is obviously not regulated in New Zealand, nor in any other country.

 

Generally, we always advise traders to avoid dealing with unregulated financial services providers, as most of these are involved in investment frauds. There are a number of properly licensed brokers to choose from, like the ones regulated by the FCA or the Australian Securities and Investment Commission, or the NZ’s FMA.

 

TAGS: FMA  WiseBanc  NewSolid  Bitcoin Revolution  New Zealand  warning  scam 

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