Admiral Markets, a multi-regulated FX and CFDs brokerage firm, today said it believes that a cryptocurrency trading provider has been falsely claiming affiliation with its FCA-authorised brand, Admiral Markets UK Ltd.
The clone entity operates under the domain name admiral-crypto.com, which prompted action from the regulated company. Admiral Markets confirmed that it has no association whatsoever with the aforementioned website and advised everyone to avoid it entirely.
Admiral-crypto is indeed attempting to mislead investors into thinking that it is offering a legal product by using the details of an authorised firm operating under a similar name name. It also claims to be licensed by the FCA, using the regulated firm’s registered address and making reference to its actual website, a typical move for a scam company to gain the trust of unsuspecting clients.
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Commenting on the news, the Member of the Admiral Markets AS Group, Jens Chrzanowski, said: “Spam emails used to be the trendy bad habit. Now, even web pages are getting scammed. If you ever see a web page that you think is suspicious, please double check that it’s authentic!”
Admiral Markets Crypto Offering
Admiral Markets has recently enhanced its cryptocurrency CFDs offering. The firm has once again expanded its virtual coins list to include Dash, Monero, and Zcash. The introduction of new instruments adds to its rapidly expanding suite of cryptos, following strong demand from clients over the past few months.
The original company, Admiral Markets (UK) Ltd, is licensed by the UK Financial Conduct Authority (FCA) to offer a set of financial services and also approved to provide cross border services across the EU / EEA under European passport rights.
In its statement, Admiral Markets was keen to spell out to investors the risks of dealing with fraudulent providers. It further stated: ”As you know, Admiral Markets UK Ltd. is fully regulated by the Financial Conduct Authority (FCA Register No. 595450) and follows all requirements and laws regulating the industry. Any other unauthorised persons, companies or websites using the Admiral Markets brand for fraudulent activities, not only break the applicable laws, but also do not comply with the basic rules of investor protection, information disclosure, claims handling and other regulatory obligations.”