FCA warns against First BTC FX clone firm

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

September 10, 2019, | AtoZ Markets - The Financial Conduct Authority (FCA) has published a statement on its website, warning against First BTC FX as a clone firm of a legitimate company authorized by the FCA.

First BTC FX 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 warns against First BTC FX clone firm

The clone firm claims on its website to be a trading provider for cryptocurrencies. It also states that it is authorized and regulated by the FCA with reference number 190780.

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 “First Global (UK) Limited provides premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013,” the clone firm states.

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

Forex and crypto scams are on the rise

Clone firms are not only a big problem in the forex industry but also in the cryptocurrency sector. As AtoZMarkets reported, OctaFX, FXCM UK and AGM Invest, among others, have all been targeted by clone firms.

According to a recent report from the British and French authorities’, scams related to cryptocurrencies has become widespread. According to the FCA, investors lost about £27 million ($34.4 million) to forex and digital currency scams in the 2018/19 fiscal year. An Autorité des marchés financiers (AMF) in its annual report also noted that the number of crypto-related scams skyrocketed in 2018.

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