FCA Cautions Public About Crypto Offerings of First BTC FX

The British Financial Conduct Authority (FCA) has cautioned the people about First BTC FX, an alleged dubious company selling fictitious crypto related products. First BTC FX poses as an licensed firm First Global Limited company, according to an FCA notice issued on Sept. 20.

First Global is a registered trademark of the International First Committee Association of a non-profit organization. First BTC FX also asserts to epitomize First Global’s trade name on its firstbtcfx.com page.

The fraud company asserts to offer commodities, Forex, indices, equities and cryptocurrencies with top-quality trading facilities.

First BTC FX defines an investment plan in its crypto trading page, saying that even a minimum investment sum of $100 can “gain the effect” of $3,000.

The fake company again utilizes First Global’s information in its “Risk Disclosure” chapter, stating that the business does not provide facilities to citizens of the US, Canada, Israel, and Iran.

The FCA advised the public in its message against duplicate companies— unauthorized organizations that duplicate information of legal companies including title, blog, email or company contact numbers to mislead shareholders to believe they constitute the real company. The market watchdog issued the following statement:

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.”

The latest alert brings another crypto-related ponzi company to a comprehensive record of dubious firms operating in the UK. On May 25, after publishing a specific alert against unauthorized crypto-related company Next Coin Market, the FCA blacklisted an enterprise identified as ICAP Crypto.

The agency released its completed policy declaration on crypto in July, asserting that as portion of its guidelines on crypto assets, it will not supervise Bitcoin (BTC) and Ether (ETH).