FCA Updates Warning List, Adds Two Suspicious Trading Entities
- The entities in question are Breckland Trading and Rendex Trading.
As financial scams within the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and trading industry remain a threat to consumers, the Financial Conduct Authority (FCA) has yet again updated its warning list to include two new entities.
The entities in question are Breckland Trading and Rendex Trading. Although neither of the websites appears to be active, or at least this Editor can’t access them, the UK watchdog has supplied the following details for the entities:
Breckland Trading
Email: info@brecklandtrading.com
Website: www.brecklandtrading.com
Rendex Trading
Address: 109-87 Main Street, GX11 1AA, Gibraltar
Telephone: 02071834156
Email: info@rendextrading.com
Website: www.rendextrading.com
For both warnings, the British regulator has supplied the following statement: “This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
The warning from the FCA comes on the same day New Zealand’s Financial Markets Authority (FMA) flagged two entities - Dang Kang International Group and Profitix and Enigma GRC Limited.
However, the FMA is not the first regulator to warn against Dang Kang. Towards the end of July this year, the FCA also posted a warning against the company, stating it was a clone firm.
FCA: scams are on the rise
Financial scams, particularly regarding 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, are on the rise. As Finance Magnates reported, £27 million ($34.4 million) was lost by investors to FX and cryptocurrency-related scams in the 2018/2019 fiscal year.
According to the FCA, authorities received 1,834 scam reports last year. That was almost a four-fold increase in the prior twelve-month period.
Although the FCA did not disclose the makeup of the number of scams, the Autorité des marchés financiers (AMF) said in its annual report that there had been a switch in scammers’ preferred asset class, with the number of crypto scams skyrocketing in 2018.
As financial scams within the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and trading industry remain a threat to consumers, the Financial Conduct Authority (FCA) has yet again updated its warning list to include two new entities.
The entities in question are Breckland Trading and Rendex Trading. Although neither of the websites appears to be active, or at least this Editor can’t access them, the UK watchdog has supplied the following details for the entities:
Breckland Trading
Email: info@brecklandtrading.com
Website: www.brecklandtrading.com
Rendex Trading
Address: 109-87 Main Street, GX11 1AA, Gibraltar
Telephone: 02071834156
Email: info@rendextrading.com
Website: www.rendextrading.com
For both warnings, the British regulator has supplied the following statement: “This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
The warning from the FCA comes on the same day New Zealand’s Financial Markets Authority (FMA) flagged two entities - Dang Kang International Group and Profitix and Enigma GRC Limited.
However, the FMA is not the first regulator to warn against Dang Kang. Towards the end of July this year, the FCA also posted a warning against the company, stating it was a clone firm.
FCA: scams are on the rise
Financial scams, particularly regarding 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, are on the rise. As Finance Magnates reported, £27 million ($34.4 million) was lost by investors to FX and cryptocurrency-related scams in the 2018/2019 fiscal year.
According to the FCA, authorities received 1,834 scam reports last year. That was almost a four-fold increase in the prior twelve-month period.
Although the FCA did not disclose the makeup of the number of scams, the Autorité des marchés financiers (AMF) said in its annual report that there had been a switch in scammers’ preferred asset class, with the number of crypto scams skyrocketing in 2018.