The Bermuda Monetary Authority (BMA) issued a public warning about sponsored social media postings and a linked multi-page PDF that falsely present themselves as official materials from the BMA and direct readers to the PrimeAurora online crypto-currency trading platform, which is not licensed or registered to conduct any regulated activity in Bermuda. The content appears to include a fabricated report attributed to the Royal Gazette claiming that “the Central Bank of Bermuda” is suing a Member of Parliament, and an “Official Bank Statement” bearing an unauthorised version of the BMA’s logo. The BMA noted it does not provide retail banking services, and therefore the bank statement has been fabricated. The BMA warned that dealing with unregulated entities carries increased risk for potential investors, particularly where introductions are made through fraudulent statements, and that anyone doing so does so at their own risk.
Bermuda Monetary Authority 2025-02-03
Bermuda Monetary Authority issues public warning on fraudulent posts promoting unlicensed PrimeAurora crypto trading platform
The Bermuda Monetary Authority (BMA) warned about fraudulent social media posts and a PDF falsely claiming to be official BMA materials, promoting the unlicensed PrimeAurora crypto-currency platform. The content includes a fabricated report and unauthorized BMA logo, misleadingly suggesting legal actions by the "Central Bank of Bermuda." The BMA emphasized the risks of engaging with unregulated entities, especially those introduced through fraudulent claims.