REASON FOR WARNING:
We have received complaints regarding a mobile investment app promoted to New Zealand residents called Cloud 2.0, developed and operated by Cloud Technology & Investments Pty Ltd.
Cloud Technology & Investments Pty Ltd is not registered on the New Zealand Financial Service Providers Register as a financial service provider in New Zealand and is therefore not permitted to provide financial products to New Zealand residents.
FMA notes a recent warning issued by the British Columbian Securities Commission (BCSC). The regulator has raised concerns that the app conducts crypto-asset trades which the user does not control and that the app’s referral scheme resembles a pyramid scheme. The regulator has noted this app and the entity behind the app is not recognized as an exchange or otherwise authorized as a marketplace or dealer in its jurisdiction.
Link to the warning is available here.