New Zealand FMA warns on USI-Tech

August 16, 2018
Chris Wheal

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. 

Dubai-based USI-Tech is under the FMA spotlight

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.”

Dubai’s Marina aerial view 

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. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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