Clone of UK Fintech Revolut Draws France AMF’s Attention
- The cloned site has a link encouraging potential victims to make deposits, with almost identical wording to the real company.
France’s top financial regulator has published a new list of investment websites that do not have authorization to operate within the country, including the so-called digital asset service providers (DASPs).
This time, one of the internet domains that came under the spotlight of the AMF called revolut.acces-premium.com which raises a number of red flags characteristic of investment scams. Specifically, this copycat website has been posing as a London headquartered FCA regulated financial technology startup, Revolut.
Additionally, the cloned site has a link encouraging potential victims to make deposits with almost identical wording to the real company.
Moreover, the Autorité des Marchés Financiers (AMF) warned investors to watch out for other websites that claim their services were developed or authorized in France to lure and possibly scam them.
The list of recently identified sites includes the following domain names:
- revolut.acces-premium.com
- helveafunds.com
- www.bitcoinrevolution.org
The AMF said that the full list of unauthorized sites is available on the regulator’s website, and emphasized that these domains may change very quickly and that the list is not meant to be exhaustive.
Revolut Bolstered Its Regulatory Profile
Finally, the AMF recommends that traders seeking to invest in France do so only with financial institutions authorized to do business in the country. Further, the AMF warns market participants that “any unauthorized intermediaries run the risk of criminal sanctions” and advises against responding to offers from any broker on the published lists.
Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via www.regafi.fr. A list of authorized intermediaries in additional investor adviser categories can be accessed on orias.fr/search.
Revolut has recently bolstered its regulatory profile, having applied for a bank charter with the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions. Further, it has been among a number of app-only Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
The neobank made a big splash last week with the addition of four new Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to its trading catalog available to customers in Europe.
France’s top financial regulator has published a new list of investment websites that do not have authorization to operate within the country, including the so-called digital asset service providers (DASPs).
This time, one of the internet domains that came under the spotlight of the AMF called revolut.acces-premium.com which raises a number of red flags characteristic of investment scams. Specifically, this copycat website has been posing as a London headquartered FCA regulated financial technology startup, Revolut.
Additionally, the cloned site has a link encouraging potential victims to make deposits with almost identical wording to the real company.
Moreover, the Autorité des Marchés Financiers (AMF) warned investors to watch out for other websites that claim their services were developed or authorized in France to lure and possibly scam them.
The list of recently identified sites includes the following domain names:
- revolut.acces-premium.com
- helveafunds.com
- www.bitcoinrevolution.org
The AMF said that the full list of unauthorized sites is available on the regulator’s website, and emphasized that these domains may change very quickly and that the list is not meant to be exhaustive.
Revolut Bolstered Its Regulatory Profile
Finally, the AMF recommends that traders seeking to invest in France do so only with financial institutions authorized to do business in the country. Further, the AMF warns market participants that “any unauthorized intermediaries run the risk of criminal sanctions” and advises against responding to offers from any broker on the published lists.
Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via www.regafi.fr. A list of authorized intermediaries in additional investor adviser categories can be accessed on orias.fr/search.
Revolut has recently bolstered its regulatory profile, having applied for a bank charter with the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions. Further, it has been among a number of app-only Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
The neobank made a big splash last week with the addition of four new Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to its trading catalog available to customers in Europe.