March 17, 2020 | AtoZ Markets – The UK Financial Conduct Authority (FCA) has warned crypto investors and traders that Bitcoin Evolution isn’t authorized to operate in the United Kingdom as their service could be a scam.
The FCA has flagged Bitcoin Evolution, which provides a crypto trading application, of operating in the U.K. without being proper authorization by the regulator.
The watchdog stressed that almost all companies and individuals providing, promoting, or selling financial products and services in the UK must be authorized. Nevertheless, some firms knowingly run their businesses without authorization, and some even operate investment scams.
Related: UK FCA Warns Against Crypto Exchange Bitmex
The FCA didn’t specifically refer to Bitcoin Evolution as a scam. Nevertheless, the regulator’s tone was as if it had put the firm in the same basket with crypto-related fraudsters.
"Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” the UK regulator stated in the warning.
Bitcoin Evolution has been targeting potential traders in the UK, conducting regulated activities without seeking authorization.
The regulator called traders and investors to check the Financial Services Register in order to make sure that the company they deal with is reliable. The register has the names of all the firms and individuals approved by the FCA.
Is Bitcoin Evolution scam or reliable?
Bitcoin Evolution has been promoting itself online, with many reviewers praising the platform and app for its features. The platform acts as a trading bot that allows users to generate profits from fluctuations in the crypto market.
However, the firm has used the images of Hollywood stars Hugh Jackman and Daniel Radcliffe, as well as former Manchester United coach Alex Ferguson, to promote its image. Clearly, the aforementioned superstars don’t even know or care about the service.
Have you traded with Bitcoin Evolution before? Let us know your experience in the comments section below!