FCA Reveals Another Clone Firm – First BTC FX

The regulator warns that the entity is a clone firm of First Global (UK) Limited.

With scams continuing to be an increasing threat in the foreign exchange (forex) and cryptocurrency markets, the Financial Conduct Authority (FCA) has added a new warning to its list this Friday.

In particular, the UK regulator has flagged First BTC FX as a clone firm of a legitimate company authorized by the FCA – First Global (UK) Limited. According to the warning, the clone firm operates via the following URL – https://firstbtcfx.com/.

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As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.

Taking a look at the entity’s website, First BTC FX claims to be a provider of forex and commodity trading, alongside other assets such as cryptocurrencies, indices, and shares. In its about section, the company calls itself First Global (UK) Limited, hence the warning from the British watchdog.

On its website, the clone firm says: “FirstBtcFx is one of the most accessible ways to become richer.” It also claims to have been created in 2013 and be based at the following address: PARK LANE MAYFAIR London W1K 1QW UNITED KINGDOM.

FCA: consumers be aware

According to the FCA, the details of the legitimate company, which First BTC FX is a clone of, are:

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Firm Name: First Global (UK) Limited

Firm Reference Number: 190780

Address: 4 OLD PARK LANE, MAYFAIR, London, W1K 1QW, UNITED KINGDOM

Telephone: +44 20 8904 4942

Email: uk@fglobal.com

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the statement from the authority said this Friday. “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm.’”

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