A lesser-known cryptocurrency and FX broker called Get Financial was just blacklisted by the UK’s financial regulator after the company in question claimed that it operated with an FCA license.
The Financial Conduct Authority has clarified that the company in question does not, in fact, have any valid license of any kind, stating that Get Financial is not authorized to provide investment services or activities in the country.
Get Financial is the latest company to come under scrutiny by the watchdog. The broker is operating from the site www.getfinancial.com, purporting to be registered in the UK and Saint Vincent and the Grenadines.
This warning is yet another case in which British authorities seem to have stepped up their game and have gone after illegal cryptocurrency brokers. In November 2017, FCA issued a warning for investors in cryptocurrency contracts for difference (CFD), mentioning the risks involved.
How to Prepare for CySEC’s New Tiered LeverageGo to article >>
However, the watchdog decided in late December not to regulate the digital asset class, though it stated the decision is not indicative of the approval of investments in the cryptocurrency.
Back to the warning, FCA recommends traders to avoid Get Financial and all other shady brokers at all costs. It also revealed that investors should assume that in case they deposit money at the respective company they might end up losing all their money.
The UK watchdog further added: “You should be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”
The FCA again reminds traders who wish to conduct investment activities with an institution or person to beforehand check its official Register as to whether or not such providers are authorized to render financial services.