Switzerland’s forex bank and broker, Dukascopy, on Thursday said it believes that a cryptocurrency and FX trading provider has been falsely claiming affiliation with its authorised brand. The clone entity, called ‘GCG Asia,’ prompted action from the regulated company.
Dukascopy confirmed that it has no association whatsoever with the aforementioned website and advised everyone to avoid it entirely.
“GCG Asia is fraudulently using Dukascopy’s name and logo for attracting clients/investors, without Dukascopy Bank’s permission. We are taking actions against this dishonest organization,” Dukascopy said.
The fraudulent 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.
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Dukascopy ‘Real’ Crypto Offering
Dukascopy has been taking steps towards strengthening its budding cryptocurrency offering, including allowing clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking.
Dukascopy’s announcement came just a few weeks after it launched the official website of its own cryptocurrency, the Dukascoin. The website also publishes the first release of the Dukascoin White Paper, which outlines the token model and security measures, though it didn’t provide further details about the crowdsale mechanism that could be used in the future.
Earlier in December of last year, Dukascopy said it had become the first Swiss bank to win approval for an ICO by Switzerland’s financial market supervisor, FINMA.
This designation allows the broker to launch the public sale of its own cryptocurrency Dukascoin by early March 2019. Until then, Dukascopy has yet to finalize the ICO environment and to pass audit and bounty tests, though it was told by FINMA that there are no further regulatory obstacles.
Dukascopy also enabled crypto-related companies to open business accounts back in June 2018.