UK FCA Warns on Clone Firm Crypto-Trade 365

The UK’s Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) 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 Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term 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 is 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 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.