AMBD flags dishonest local Bitcoin mining company

by Fitri Shahminan
0 comment

The Autoriti Monetari Brunei Darussalam (AMBD) has denied claims made by local Bitcoin investment firm United Formula Company (UFC) that the business is recognised and approved by the sultanate’s central bank.

AMBD in a statement released today said UFC has been making false representations to potential and existing clients that its products and services have been approved by the country’s financial regulator.

“Members of the public should be aware that United Formula Company (UFC) has been listed on the AMBD alert list since January 10, 2018,” AMBD said in the statement.

Information on its Facebook page shows the company is involved in selling cryptocurrency mining machines and selling of cryptocurrencies.

Information on United Formula Company (UFC) taken from its Facebook page.

The monetary authority said it has received an “increasing” number of complaints from the public who have suffered losses as a result of taking part in unregulated financial investments.

“AMBD would like to reiterate its advice to members of the public to be extremely cautious when participating in any scheme or financial transactions that are not regulated under the laws administered by AMBD or are listed in the AMBD Alert List,” it added.

The central bank said the public should only engage persons or entities that are regulated, adding that its regulatory framework is aimed at protecting the interests of investors by ensuring that only competent and qualified persons may provide financial services.

The public is also told to be wary of investment opportunity that promises high returns with assurances of negligible risks or being risk-free.

AMBD also reminded the public to be alert when introduced to schemes that focus on attracting new clients to make investments.

“These are most likely to be financial scams or even Ponzi schemes that fall outside of AMBD’s regulatory protection,” the central bank said.

The public may refer to the list of individuals, companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by AMBD on the monetary authority’s website.

Related Posts

Leave a Comment