FCA Adds Nine New Financial and Crypto Companies to its Warning List

The Financial Conduct Authority (FCA) added nine new crypto and financial services companies to its warning list on Monday.

According to a report by FinanceMagnates, the list of companies includes Olympus Global, STS Royals, Bitcoin Evolution, Walker Bryan, Credit Union Fund, My Safe Market, Carter FS and Standard Bit Options. 

The FCA also issued a warning over a clone of the regulated platform Ignis Markets, which has been duping clients. 

The UK regulatory body said, 

We believe this firm has been providing financial services or products in the UK without our authorization.

They continued, 

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm or other details.

The report claims that crypto companies on the blacklist were accused of offering unrealistic investment services, with one platform, in particular, offering trading services with up to 200x leverage. 

Earlier in the month, the FCA issued a warning against cryptocurrency exchanges Kraken and BitMEX for offering unauthorized services in the UK. The regulatory body wrote: “we believe this firm has been providing financial services or products in the UK without our authorization.”

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