The UK’s Financial Conduct Authority (FCA) has issued a statement today revealing another fraudulent entity. Its latest warning concerns Markets DL, a clone of an established FCA-registered entity and follows a recent clone warning on a further unregistered firm pretending to be Interactive Brokers, as reported by Finance Magnates.
Currencies Direct vs Markets DL
Currencies Direct is an FCA-registered financial services provider based at One Canada Square, Canary Wharf, London, UK. The fintech firm which operates online via the website www.currenciesdirect.com is one of Europe’s largest foreign exchange specialists offering specialist currency services to corporate and personal clients.
By contrast, the clone, Markets DL, is a forex brokerage which, according to its website, is based at Office 7, 35-37 Ludgate Hill, London, UK and operates via the website www.marketsdl.com. The firm which offers range of services via its MetaTrader 4, mobile and web-based platforms, purports to provide its clients “with the latest technology, fast execution of orders while maintaining the security of their investment”.
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Currencies Direct maintains no relation or affiliation with the clone group. The FCA has also confirmed that this authorised firm that fraudsters are claiming to work for has no association with the clone firm Markets DL.
FCA Clone Warnings
The FCA has warned investors and market participants against dealing with Markets DL since the clone is not under the jurisdiction of any regulatory body. This is one of many instances of a clone attempting to scam individuals through the deployment of illicit tactics and ambiguous details.
In its statement, the FCA reminds investors that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and urges caution in the event they are contacted by anyone claiming to work for the firm in question. Scammers often give out false details or mix these with some correct details of the registered firm.
The watchdog has further advised investors to only deal with financial firms that are authorised by checking the Financial Services Register.