According to the press releases published on 12 December 2022, Krypto Security and Bay Exchange are contacting New Zealand citizens to offer access to cryptocurrency services. However, none of these companies are regulated by the FMA, New Zealand’s regulatory market watchdog.
“We are concerned that Bay Exchange is providing financial services to residents without complying with the New Zealand financial markets legislation. Bay Exchange is not registered on the Financial Service Providers Register to provide their services in New Zealand,” the FMA stated.
According to Bay Exchange, is a London-based cryptocurrency exchange offering ‘AI Software’ for automatic decision-making and trade execution. However, New Zealand’s residents cannot access their accounts after making their initial deposits.
