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FCA Warns Against Unlicensed Iranian Currency Exchange

Maya Mandzikasvili | Feb. 15, 2019
FCA Warns Against Unlicensed Iranian Currency Exchange

February 15, 2019, | AtoZ Markets - FCA the British financial authority, which is involved in control and supervision of the financial firms in the UK warns investors not to trade with the Javan Currency Exchange which has Iranian origin.

Iranian currency exchange lures the British investors

Periodically, the Financial Conduct Authority of Great Britain advises the public against trade with certain firms. As a rule, such companies ultimately turn out to be fraudsters which operate under the label of a legal organization, in other words, become clones of the real-life trading companies.

Most of these firms work in English, but according to one British news portal, in many parts of the UK today 10 percent or almost a million people do not speak this language.

Therefore it is not surprising that this Thursday, the British financial regulator added an Iranian currency exchange company to its endless list of firms that traders should not deposit their money.

Javan, which website has a very basic design (pictured below) and looks like it was created using the Windows 98 clip-art, is clearly trying to convince investors in the UK to part with their hard-earned money.

However, the firm claims that, although it was launched in Iran in 2000, it is now based in the UK and approved and regulated by the British authorities. One way or another, the Javan Exchange looks like it was designed to help circumvent sanctions against Iran. 

Iran and UK relationship never was easy

Politicians in Iran regularly call Britain an “old fox” because many centuries ago the British used their cunning to create a big empire. The same Iranian politicians call Britain "the great Satan."

In its turn, the United Kingdom in June 2009 criticized both the alleged irregularities in the 2009 presidential elections in Iran and Iran’s response to street protests after the vote. Similar negative statements by the representatives of both countries make it clear that the relations between them quiet strained.

Yet the Iranian people seem to consider the British authorities more reliable than their own. In the opposite case, choosing the British and not Iranian regulator to confirm the currency exchange legality would not make sense. Despite that the company is not regulated by any financial institution it has an office in north London and a list on the UK Registration Chamber page.

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Tags U.K Iran FCA
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.