UK FCA Issues a Second Warning against Unauthorized Firm BubbleXT
- A warning against the company was issued on October 6, 2020.
- BubbleXT is not authorized to offer financial services and products in the UK.

On Tuesday, the UK’s Financial Conduct Authority said that an unauthorized firm, BubbleXT, has continued to target consumers by setting up recovery rooms with promises of returning their funds for a small upfront fee.
According to the advisory, on October 6, 2020, the FCA already published a warning against them, saying that they may be providing financial services in the UK without FCA authorization. That said, the British watchdog pointed out that consumers are targeted by ‘scammers’ via BubbleXT.
Other Warnings Issued
The FCA said last month that Auxi Market is providing financial services in the United Kingdom without their authorization. Therefore, according to the advisory, caution should be exercised when dealing with the company. “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us,” the FCA warned. In short, the watchdog stated that the firm is not authorized by them and is targeting people in the country.
“You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” it noted. A registration number is listed on the homepage of the website, stating that the broker is regulated by the FCA.
Meanwhile, the watchdog has warned that a clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed. A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed. Read this Term company has impersonated Rational Foreign Exchange Limited. The FCA-authorized firm’s official details are allegedly being used by Crypto-Trade 365 to scam people in the UK. People are advised to exercise caution when dealing with this clone firm’s website, crypto-trade365.com.
On Tuesday, the UK’s Financial Conduct Authority said that an unauthorized firm, BubbleXT, has continued to target consumers by setting up recovery rooms with promises of returning their funds for a small upfront fee.
According to the advisory, on October 6, 2020, the FCA already published a warning against them, saying that they may be providing financial services in the UK without FCA authorization. That said, the British watchdog pointed out that consumers are targeted by ‘scammers’ via BubbleXT.
Other Warnings Issued
The FCA said last month that Auxi Market is providing financial services in the United Kingdom without their authorization. Therefore, according to the advisory, caution should be exercised when dealing with the company. “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us,” the FCA warned. In short, the watchdog stated that the firm is not authorized by them and is targeting people in the country.
“You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” it noted. A registration number is listed on the homepage of the website, stating that the broker is regulated by the FCA.
Meanwhile, the watchdog has warned that a clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed. A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed. Read this Term company has impersonated Rational Foreign Exchange Limited. The FCA-authorized firm’s official details are allegedly being used by Crypto-Trade 365 to scam people in the UK. People are advised to exercise caution when dealing with this clone firm’s website, crypto-trade365.com.