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Financial Regulator of UK warned people of Crypto Clone Firms

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Financial Regulator of UK warned people of Crypto Clone Firms

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Financial Conduct Authority [FCA]  considered as the primary financial regulator of the UK announced that ICAP Crypto is a clone firm.

A report pointed out that the said firm [ICAP Crypto] is a clone company of ICAP Europe Limited. There has been a steady increase in such illicit activities. In scams like these, the scammer makes use of original information from the already existing companies and later look at convincing their victims to believe that they are a genuine organization.

With reference to the case here, ICAP Europe Limited is an original company which has been authorized by the FCA and the details of the company were used by ICAP Crypto to con people, the clone was not authorized as well as registered with the FCA.

In the year 2018 also FCA had proclaimed about two other nominally crypto- related clone firm. Fair Oaks Crypto had obscured people by showcasing themselves as a part of Fair Oaks Capital. The other one being Good Crypto, they scammed people misrepresenting information from the original firm Arup Corporate Finance and claimed it to themselves. 

FCA has also earlier notified people of how crypto and forex investors were duped to the tune of $34 million between 2018 and 2019. FCA is also exploring the option of banning “high-risk derivative products linked to cryptoassets.”

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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