Fiji Financial Intelligence Unit (FIU), has issued a warning to members of the public about a fraud that is being published in the country.
According Razim Buksh (FIU Director) says the cryptocurrency scam is asking potential investors to invest funds in the country. Bitcoin. These schemes are advertised via Viber together with the official logo of the government agency.
Razim Buksh (director of FIU) stated that the advertisements are false. Fake advertisements claim that Fijians can buy bitcoin, foreign currency, and binary trading with their mobile money wallets, or bank transfers. For further inquiries, the advertisement gives two numbers. There are two numbers available for further inquiries: a local number and one that is international.
Razim stated that there is no Virtual Asset Service Provider that has been legally approved to work in the country. The fiat note is the only legal tender in Fiji. The Exchange Control Act will penalize any attempt to conduct transactions other than those approved brokers.
FIU advised residents that they should be careful about investing offers. It also provided a list that indicates red flags to look out for when considering a partnership with an acclaimed investment company.
The Fiji Times report noted that red flags include “Use the existing marketing material from government agencies or reputable organizations.” These are often false. They ask you to deposit funds into accounts held in the name of individuals, rather than businesses or financial institutions. Grammatical errors frequently depict the work of nonprofessionals.
Scams are commonplace within the crypto world. Investors continue to lose billions annually to these fraudulent investment offers. Scams don’t just happen in one country. Authorities around the world are well-known for issuing warnings, such as this one by Fiji regulator.
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