New Zealand’s Regulator Warns Over Three Crypto Projects

New Zealand’s Financial Markets Authority (FMA) has sounded the alarm over three cryptocurrencies projects, claiming that they bear characteristics of Ponzi schemes. Bitcoin Revolution Ltd, OneLife Network and a related project called OneCoin are working in violation of the country’s laws, the regulator said on Wednesday.

Bitcoin Revolution, which operates two virtual asset trading websites – bitcoinrevolutionapp.com, and pro-net-system.com – “could be involved in a scam,” according to the FMA. In previous months, the company posted promotional ads on social media, claiming that New Zealand’s Treasury as well as current and former prime ministers had been investing in Bitcoin (BTC). Those posts are “false,” the agency sa…

This article appeared first on Cryptovest

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