Admiral Markets, a multi-regulated FX and CFDs brokerage firm, on Thursday 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 https://admiral-markets.com/FR/, 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.
The fraudulent crypto brand is indeed attempting to mislead investors into thinking that it is offering a legal product by using the details of an authorized firm operating under a similar 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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Admiral Markets ‘Real’ 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: ”This company has also been publishing ads on social media and have active sales staff following up with people who register on their website. Admiral Markets is not associated with nor related to this clone website and strongly advises everyone to avoid it entirely. Admiral Markets has taken actions with relevant regulators, as the clone website appears to be a fraud.”