The regulatory body of the UK financial markets, FCA, once again has brought a fraudulent clone entity to a public's attention. Have you heard about the clone firm Fair Oaks Crypto?
8 August, AtoZ Markets – The financial regulator of the UK markets Financial Conduct Authority (FCA) has issued a warning on its website, thus informing investors about the presence of the fraudulent clone firm called Fair Oaks Crypto.
FCA UK Warns Against Clone Firm Fair Oaks Crypto
According to the FCA, the firm is misrepresenting itself as a branch of the genuine firm Fair Oaks Capital. The latter firm is the investment firm that is authorized by the FCA. Almost all legal entities that are involved in financial services provision in the UK should be registered with the FCA. In its official statement, the FCA has also stated that the clone firm is targeting people in the UK by using the registration data of firms authorized by the regulatory body.
The UK regulator has also shared the contact details in the clone firm in order for potential investors to look out for them to avoid being tricked:
Address: 67-68 Jermyn Street, London SW1Y 6NY, Oxford Street 20726, London, England W1D 1NU
Telephone: +339 707 34394
Email: email@example.com, firstname.lastname@example.org
Fair Oaks is crypto is reportedly offering a full range of offshore investment services, including CFDs on Bitcoin, Litecoin, indices, metals, and energy.The FCA has also suggested that investors always check the Financial Services Register prior to dealing with any firms in order to ensure that it is a legitimate entity.
FCA Cryptocurrency Sandbox
While FCA does not see cryptocurrencies as regulated assets, it does oversee derivatives market. Just last month, the regulator has singled out a number of crypto-related firms that are now being accepted within its sandbox. Earlier, the watchdog has received as many as 69 submissions for the fourth phase of the regulatory sandbox. Out of them, 29 applications have satisfied all the requirements and were accepted to carry on with further testing.
FCA’s regulatory sandbox has been established in 2016. Since that time, the project has enabled more than 100 firms to test their innovations with real customers, but in controlled environment. The sandbox aims to provide the opportunity to new businesses to test their products on consumers for three to six months.
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