New Zealand’s financial regulator issued a warning alert to local cryptocurrency investors and traders amid the recent bitcoin’s price action. The Financial Markets Authority (FMA) asks people to remain cautious because cryptos are “high risk and highly volatile assets.”
FMA Warns About Unregulated Overseas Crypto Exchanges
According to an official statement published in the NZ Herald, New Zealand’s financial watchdog is concerned about the latest “rollercoaster move” seen in the bitcoin (BTC) price. “Cryptocurrencies are not regulated in New Zealand and are often exploited by scammers and hackers,” said an FMA spokesman.
But the regulator’s warning is not the only one seen over the last few days. In fact, the FMA quoted its U.K. counterpart, the Financial Conduct Authority (FCA), as saying:
The FMA shares the FCA’s concerns that some crypto exchanges are promising high returns and customers should be prepared to lose all of their money.
The advisory includes a warning on unregulated overseas crypto exchanges. Per the