As financial scams within the foreign exchange (forex) 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:
Address: 109-87 Main Street, GX11 1AA, Gibraltar
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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, 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.