Changelly

Cryptocurrency

UK FCA Warns on Clone Firm Crypto-Trade 365

11 Mins read


The UK’s  Financial Conduct Authority (FCA  ) issued a warning on Monday about a clone firm that is impersonating Rational Foreign Exchange Limited. According to the advisory, Crypto-Trade 365 allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.

The website used for the purpose is www.crypto-trade365.com, and the watchdog is telling people to exercise caution when dealing with this clone firm. “Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses,” the FCA noted.

The FCA-authorized website to make deals under the name of the firm is rationalfx.com, the authority says. “This FCA authorized firm that fraudsters are claiming to work for has no association with the ‘clone firm,’” the British authority pointed out.

The  clone  firm’s website appears to be online as of press time, claiming to be a social trading platform.

The FCA issued the following warning as well: “If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing.”

Recent Advisories Issued

Early this month, the UK FCA said that ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA, and it’s allegedly targeting people in the UK. “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” the watchdog warned.

The authority mentioned that ETRADEFXLIVE also operated under the brand name ‘ETRADE FX LIVE,’ which might suggest that it could be a clone firm of the American financial services firm E*Trade, although the authority does not confirm this.

The UK’s  Financial Conduct Authority (FCA  ) issued a warning on Monday about a clone firm that is impersonating Rational Foreign Exchange Limited. According to the advisory, Crypto-Trade 365 allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.

The website used for the purpose is www.crypto-trade365.com, and the watchdog is telling people to exercise caution when dealing with this clone firm. “Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses,” the FCA noted.

The FCA-authorized website to make deals under the name of the firm is rationalfx.com, the authority says. “This FCA authorized firm that fraudsters are claiming to work for has no association with the ‘clone firm,’” the British authority pointed out.

The  clone  firm’s website appears to be online as of press time, claiming to be a social trading platform.

The FCA issued the following warning as well: “If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing.”

Recent Advisories Issued

Early this month, the UK FCA said that ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA, and it’s allegedly targeting people in the UK. “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” the watchdog warned.

The authority mentioned that ETRADEFXLIVE also operated under the brand name ‘ETRADE FX LIVE,’ which might suggest that it could be a clone firm of the American financial services firm E*Trade, although the authority does not confirm this.



Source link

Related posts
Cryptocurrency

BTC, BNB, XMR, ETC, MANA

5 Mins read
The Dow Jones Industrial Average has declined for eight consecutive weeks, the first such losing streak since 1923. On May 20, the…
Cryptocurrency

Bitcoin Cash Price Prediction for Today, May 22: BCH Poises for Downing

2 Mins read
BCH P0ises for downing– May 22The depression weight on the BCH/USD market operations appears not getting a reduction by now as it…
Cryptocurrency

So-Called ‘Pharma Bro’ Martin Shkreli Turns 'Crypto Bro' — 'I Started Using Uniswap in Prison' – Bitcoin News

3 Mins read
Following his release from prison, the former hedge fund manager and convicted felon, Martin Shkreli, discussed cryptocurrencies and using the decentralized exchange…

Leave a Reply

Your email address will not be published. Required fields are marked *