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UK's FCA warns of Good Crypto and Fair Oaks Crypto clone firms

 

UK's Financial Conduct Authority (FCA) has issued warnings against two clones of properly regulated firms: Good Crypto and Fair Oaks Crypto. Although neither of the two explicitly claims to be licensed by the FCA, they are in fact using the details of regulated companies in an attempt to convince investors that they work for a genuine, authorised firm.

 

 “… Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called,” the FCA reiterates in its notices.

 

According to the FCA, Good Crypto operating from the website www.good-crypto.com and Fair Oaks Crypto (fair-oakscrypto.com) are not authorized to offer, promote or sell financial services or products in the UK. Both companies offer cryptocurrency trading, but their offers are lacking any specifics.

 

Good Crypto is allegedly operated by SYSTEM TECH 5 LTD, but uses the official address of Arup Corporate Finance Ltd., a company authorized by the FCA. Fair Oaks Crypto, on the other hand, obviously tries to get investors into thinking that it is operated by Fair Oaks Capital Limited – a firm properly licensed in the UK. According to the FCA, these authorized firms have no association with the ‘clone firms’. 

 

We always advise our readers to look for the company names of forex and CFD brokers on their websites and to check whether the they are licensed in the respective jurisdictions. The UK financial regulator keeps a Financial Services Register, where investors can look up their (potential) broker’s name. Also, it is a good idea to do a due diligence check before you deposit and google the broker name to see whether there have been warnings against it or user complaints.

 

>> Check out a list of brokers authorized by FCA <<

 

TAGS: FCA  warning  UK  Good Crypto  Fair Oaks Crypto 

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