FCA Latest Flurry Adds FX Merchants to Warning List

British investors have been warned not to take out any financial services with FX Merchants after the Financial Conduct Authority (FCA) on Tuesday said the company had faked its authorization.

FX Merchants is targeting UK investors by offering a full range of trading services, including 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, but the City watchdog has said the registration number on its website is a fake and the firm is not authorized to do business in the UK.

The FCA has recently issued multiple warnings to ‎investors advising them not to use the services of several clone/unregulated ‎investment firms.‎ Also, as we reported yesterday, the regulator is considering a ban on retail derivatives of cryptocurrencies, including CFDs, futures and options, as part of the UK authorities’ efforts to bring the virtual asset under its oversight.

As per usual, this seems like yet another instance of a scam operation where an unlicensed ‎company illegally assumes the identity of an authorized company so that traders will mistake ‎it for the legitimate entity.‎

The FCA warnings included contact details for FX Merchants, which operates through https://fxmerchants.com, and stressed that almost all companies who offer, promote or sell financial services or products in the UK have to be authorized by the regulator.

The FCA encourages traders or those considering online trading to exercise caution, strongly ‎advising against funding an account or investing via this specific company. Anyone who ‎chooses to sign up with the impostor should bear in mind that they will not receive the ‎financial authorities’ assistance should things go awry.‎

Tuesday's announcement is the latest in the FCA’s series of warnings about unregulated firms posing ‎as legitimate, approved businesses to con UK consumers into making Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for ‎investment services.‎