FCA Continues Battle Against Scams, Flags eToro Clone Firm

The Financial Conduct Authority (FCA) continues in its constant battle against suspected scams. This Tuesday, the regulator has warned against two entities within the foreign exchange (forex) and crypto industries - Bitcoin FX Option and Bitprofiting.

According to one of the warnings posted today, Bitcoin FX Option is operating in the United Kingdom without the proper authority from the FCA. In most cases, this means the entity is involved in suspicious activities.

However, there is another strike against Bitcoin FX Option’s name as it has been fraudulently copying details from eToro (UK) Ltd, the British subsidiary of eToro, a social trading brokerage.

The warning from the British regulator today against the clone firm clarifies that eToro has no association or affiliation with Bitcoin FX Option, adding that the unauthorized entity has copied eToro’s details illegally.

On its website, the company claims to be a: “legally licenced trading company dealing in forex, stocks and 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 markets.” It also states that it is regulated by the FCA, however, as can be clearly seen from today’s warning, this is a lie."

Bitcoin FX Option also claims to have entities licensed by the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10 and the Australian Securities and Investments Commission (ASIC). However, if the clone firm is lying about its FCA authorization, it’s not too far of a stretch to assume it is doing the same for these two other regulators.

FCA Blacklists Bitprofiting

Today, the FCA also warned against Bitprofiting, a bitcoin Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, which is operated by Finance Advisory GMBH & Co. The company has come under the British regulator’s magnifying glass for operating within the UK without the proper authorization.

The company, which operates via its website https://www.bitprofiting.com, claims to operate the “best Bitcoin Trading Platform.” Specifically, the financial watchdog has flagged the company for targeting residents in the UK.