The Consumer Council of Fiji has issued a warning to the public regarding a surge in illegal virtual asset-related training activities being heavily promoted on social media platforms, especially TikTok. These fraudulent schemes are targeting local individuals by promising high returns through questionable educational trading programs that entice participants into paying fees for both online and in-person sessions.
Chief Executive Seema Shandil revealed that investigations have uncovered a group known as “VitiCrypto” which purportedly offers paid training sessions, charging around $300 for access to online classes conducted via Zoom. She further explained that these programs mislead participants into engaging in cryptocurrency transactions, falsely asserting that, although banks are unable to process these transactions, alternative money exchange platforms can be utilized.
Shandil emphasized that the provision, promotion, facilitation, or marketing of virtual asset services is illegal in Fiji. She encourages the public to remain vigilant and avoid any schemes suggesting otherwise. Additionally, she referenced a public advisory issued by the Reserve Bank of Fiji on September 5, 2025, which clarifies that under the RBF’s Budget Amendment Act 2025, no individual or entity may operate in, facilitate, or market virtual asset provider activities within Fiji or to Fijian residents.
Breaching this law is considered a criminal offense, with penalties that could reach up to one million dollars and/or imprisonment for up to 14 years. Shandil cautioned that these misleading schemes not only deceive individuals but also expose them to significant financial loss and legal repercussions.
The Consumer Council’s alert serves as a crucial reminder for individuals to be wary of such fraudulent activities and to stay informed about the legalities surrounding virtual assets in Fiji.
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