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Crypto scam alert: FCA UK Next Coin Market warning

Maya Mandz | Mar. 8, 2019
Crypto scam alert: FCA UK Next Coin Market warning

March 8, 2019, | AtoZ Markets - The FCA UK Next Coin Market warning was issued on the 6th of March. The crypto scam alert comes after the recent FCA's Crypto investors report, which shows that crypto investors are high-risk takers and want to get rich quick. Through the new warning on the crypto firm Next Coin Market, the UK regulator hopes that crypto investors do their due diligence before they invest any funds. 

FCA UK Next Coin Market warning: Redirection to a fake website

In February 2019, FCA reported that losses from investment frauds, including those related to cryptocurrency, in 2018 amounted to more than $ 255 million. Periodically, the Financial Conduct Authority of Great Britain advises the public against trade with certain firms. According to the UK financial watchdog’s statement, the flagged firm is based in Bulgaria and claiming to be an FCA authorized firm. According to the FCA UK Next Coin Market warning, the company offers cryptocurrency-related services to UK residents.

FCA explains that Next Coin sends users a link to a fake website, which gives the impression that the firm is officially authorized by FCA. However, according to the British Financial Supervisor, Next Coin is not registered with the authorities. FCA stressed that the company is involved in criminal activities. The FCA UK Next Coin Market warning reads:

“The company was sending consumers a link to a fake website, which gives the impression they are by the FCA when they are not. This is a criminal activity.”

FCA asks investors to contact them for Crypto scam alerts

The financial regulator asked the public to report such crypto scam alerts or false claims about the FCA. In the event that money has been transferred, the authorities advise the public to report problems to the UK's national fraud and cybercrime reporting center, Action Fraud.

The financial authority also stressed that anyone who deals with an unauthorized company is not protected by the Financial Services Compensation Scheme and, therefore, cannot file complaints with the Financial Ombudsman Service, the official expert of the US Parliament on financial matters. Therefore, investors need to be aware of FCA's crypto scam alerts. 

Swiss bank warning against fake Forex traders

Recently, Dukascopy a cryptocurrency bank that is based in Switzerland warned customers against the trading company Forex GCG Asia, which fraudulently stated that it represents an authorized bank company.

Dukascopy published an announcement on February 27th to address these claims, saying that there is no association between any entity of Dukascopy Group and GCG Asia, despite what the letter says. The warning states,

“GCG Asia is fraudulently using Dukascopy's name and logo for attracting clients/investors, without Dukascopy Bank's permission. We are taking actions against this dishonest organization. We invite to extreme caution toward such organization basing its promotion on a lie."

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.