FMA New Zealand warns of BigUncle retail forex scam
New Zealand financial regulator Financial Markets Authority (FMA) has issued a warning about a suspected Retail FX broker scam, operating under the name BigUncle / Big Uncle.
The regulator said that BigUncle is operating a scam through website biguncle.work and other various websites. FMA received a report that a New Zealand resident is unable to recover crypto currencies invested through BigUncle’s MetaTrader App and the website.
Big Uncle is not a registered financial service provider or subject to regulation in New Zealand. The regulator recommends exercising caution when dealing with this entity.
BigUncle seems to be targeting mainly the Chinese language market. It shows a (fake) address in the UK at Unit 12, Ravenswood Industrial Estate, Shernhall St, London E17 9HQ. According to the FMA is operates from a number of websites including biguncle.work, biguncle.online, biguncle.co.uk and biguncle.uk.