New Zealand FMA warns on USI-Tech
New Zealand’s Financial Markets Authority (FMA) has placed forex and Bitcoin trading operator USI-Tech on its warning list. The FMA claims Dubai-based USI-Tech is trading to NZ residents without permission.
Pyramid selling and ‘scam’ anxiety
There are also concerns about potential ‘pyramid-style’ selling. USI-Tech is not registered on the Financial Service Providers Register to provide financial services in New Zealand, confirmed the FMA.
“We consider that the operations of the entity bear the hallmarks of a scam. We therefore strongly recommend that you do not deal with the entity. We also note warnings by [other] overseas regulators.”
SBS Bank positive on blockchain
Elsewhere New Zealand’s SBS Bank is thought to be considering deploying blockchain. According to the Southland Times SBS CEO Shaun Drylie told the bank’s AGM in late July that “we think, and the common consensus is, that it [blockchain] has real merit”.
New Zealand’s population has a large number of people without easy access to bank branches. Many NZ towns have ageing populations who, in places, have limited internet access.