FCA Issues Caution Against Cryptocurrency Firm June 25, 2018 June 25, 2018 Tim Glocks
Legislation NewsJune 25, 2018 by Tim Glocks

FCA Issues Caution Against Cryptocurrency Firm

Financial Conduct AuthorityThe financial regulatory authorities across the globe continue to issue caution notice against cryptocurrency firms which are operating without their approval. The FCA (Financial Conduct Authority) of the UK is actively involved in protecting the interests of investors. Still, shady firms try to take advantage of the unregulated cryptocurrency market and target unsuspecting individuals with their deceptive marketing tactics.

The FCA has issued caution against one such cryptocurrency firm operating without regulatory approvals. The firm named ‘Cryptorobot365 has been offering investment services in the UK without authorization from the agency.

Cryptorobot365, which claims to provide an auto trading robot, is operating from an unspecified jurisdiction. The website and the official email address of the company are https://cryptorobot365.com/ and admin@cryptorobot365.com, respectively.

FCA has once again warned that promoting or selling financial products or services in the UK is allowed only after receiving an authorization from the FCA. The regulator has also advised cryptocurrency investor to check with its Financial Services Register before dealing with any firm offering financial services.

The FCA has also suggested calling their helpline if a firm or individual does not appear on their register, but offers financial services of any form. Notably, the FCA had issued a similar warning about ‘Apex Tradex’ last week. Apex Tradex showcased itself as a subsidiary of FCA authorized firm ETX Capital, which is owned by Monecor (London) Ltd., It was later found that Apex Tradex is a Marshall Islands registered firm and is no way connected with ETX Capital.

The FCA states

“You should be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

AuthorTim Glocks

Tim is a retired professor in economics, this background has enabled him to provide a insight into the cryptomarket. His indepth analysis as well as news on legislations around the world will help you to understand what the state of play is.