FCA Flags Another Clone Firm Atlasfx

The FCA has warned against a cloned firm, Atlasfx which claims to be an authorized firm but scams potential victims in the UK.

November 9, 2020 | AtoZ Markets The Financial Conduct Authority (FCA) has published a statement on its website, warning against Atlasfx as a clone firm of a legitimate company authorized by the FCA.

Atlasfx claims to be regulated by FCA

The warning from the FCA this Friday against First BTC FX, states that this entity is a clone firm of First Global (UK) Limited, which offers residents of the UK commodities and Forex trading services.

FCA Flags Another Clone Firm Atlasfx

“Trade and invest how you want with access to a variety of investment choices. Select from Stocks, Forex, Cryptocurrencies, CFDs. Diversify your trading portfolio, minimize risks, and maximize profits.” the clone firm states.

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The UK watchdog keeps a record of clone firms and publishes alerts when it has identified one.

FCA warns against clone firms posing as legal entities

In its statement, the FCA warned the public against clone firms — fraudulent entities that copy details of legal firms, such as their name, website. They also copy their address or firm reference numbers in order to mislead investors to think that they do represent the actual firm. The regulator added:

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

Clone firms are a big problem in the forex and cryptocurrency sectors. As AtoZMarkets has reported, Dukascopy Bank and Credit Suisse Securities, among others, have all been targeted by clone firms.

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