The Financial Conduct Authority (FCA) in the United Kingdom has identified a new suspected scam, adding yet another entity to the regulator’s long and ever-growing watch list. Today, the company in question is SMS Crypto Limited.
According to the warning released today, SMS Crypto Limited is not authorized to provide financial services in the UK. However, the regulator believes that the firm is still operating in the region and targeting British consumers nonetheless.
Taking a look at its website, www.smscryptomanagement.co.uk, one of the first things you can see is a stamp of the FCA logo, implying that the entity is regulated by the British watchdog.
Adding insult to injury, when you scroll down to the bottom of the home page, SMS Crypto says in no uncertain terms that it is in fact authorized by the FCA. However, as today’s warning clearly illustrates, this is a flat out lie.
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SMS Crypto is likely a scam
Because of this, it is not unreasonable to assume SMS Crypto is a scam. A legitimate company would have no need to lie about authorization and would not try to trick or lie to its customers in such a way.
Under the heading “why choose our platform” on its website, SMS Crypto states: “SMS Crypto gives blockchain asset investors a platform to secure, exchange and manage wealth inside one beautiful application. Blockchain assets (also called digital currency or cryptocurrency) are a young, fragmented new frontier. New people buy bitcoin and miss out on exciting, new opportunities.
“Diversifying means learning about keys, seeds, wallets, blockchains, mining fees, cold storage, and more. Not only do you give up control of your identity, privacy, and money; everything quickly turns overwhelming with too much to learn. SMS Crypto was created to shift power back to you to control your assets – with no banks, no brokers or institutional oversight.”
The company claims to have an address at 152-160 City Road, London EC1V 2NX, UK; Tower 42, 25 Old Broad St, London EC2N 1HN, UK and another at SMS Crypto, Sofia West, Boulevard Totleben 53-55, 1606, Sofia.
Regardless of the well-designed website and clever lies, due to the FCA’s warning, you should avoid dealing with this entity altogether if you don’t want to lose any money.