The City watchdog has sounded an alarm over yet another fraudulent clone, this time shedding light on a firm called ‘FCcoin’ that has been posing as the UK-based FX trading brand, Hantec Markets Limited.
Hantec Markets is the official FX partner of iconic east London football club West Ham United. Last year, the Stratford-based team signed a three-year deal with the FCA-regulated broker.
The FCA warning comes just a few hours after the authority warned the public against the suspicious operation of Easy FX Trade, which has been revealed to be manipulating investors by claiming the reference number of the FCA-regulated Hantec Markets.
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Although FCcoin doesn’t explicitly claim to be licensed by the FCA, they are in fact using the details of regulated companies in an attempt to convince investors that they work for a genuine firm.
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Specifically, FCcoin provides contact details, which the FCA warns may be false or mixed with details of Hantec Markets. But according to the financial regulator, FCcoin operating from the website www.fccoin.co.uk is not authorized to promote financial services in the UK and has no association with the authorized firm.
Finance Magnates recently reported on Hantec Markets after the company revealed a notable advance in its operating revenues, which came in at $6.97 million (£5.3 million) – this figure shows an uptick from the $5.41 million (£3.84 million) reported back in the same period a year ago, namely higher 38 percent year-over-year.
Also in November, the FCA was reportedly eyeing a complete ban on the sale of crypto-CFDs to retail investors. In a consultation with relevant stakeholders, the regulator touted the possibility of excluding derivatives referencing “cryptoassets that qualify as securities.” But in all cases, CFDs on cryptos would remain subject to ESMA’s restrictions on cryptocurrency CFDs, including lowering the maximum leverage that companies can offer.