Financial scams continue to be a significant and painful thorn in regulators’ sides. This Friday, the Financial Conduct Authority (FCA) announced yet another firm for United Kingdom residents to watch out for – this time it’s Market Gate Coin.
According to the FCA’s warning, Market Gate Coin is a clone firm. That is a company which has copied or “cloned” information from a legitimate company, to make its fraudulent operations appear legitimate.
Market Gate Coin has set its sights on Central Markets Investment Management Limited, a legitimate company registered by the FCA. The clone firm is copying the details of this company and claiming to be associated with it.
However, the regulator claims: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’.”
Market Gate Coin is a cryptocurrency firm. The company operates via its website www.live-crypto.net, which appears to be blocked on Google. According to the FCA warning, the firm claims that it is based at 5 Laurence Pountney Hill, EC4R 0HH, London, UK. However, the regulator reminds consumers to be wary of any details presented by the company, as they have a high chance of being fake or copied.
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The true and correct details of Central Markets Investment Management Limited, the legitimate firm are:
Address: Warnford Court 29 Throgmorton St, London, EC3N 2AT, London, UK
Another day, another clone for the FCA
It is important to be aware that Market Gate Coin may continue to copy these details to appear authentic and therefore, trick investors into buying into their suspected scam. As a result, consumers should do themselves a favor and give this company a wide berth.
Market Gate Coin is the latest suspected scam on the FCA’s long warning list. Last week, the regulator flagged ‘Leleux Associated Brokers’ as a clone firm which has been posing as a regulated trading broker under the same brand name, as Finance Magnates reported.