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UK’s FCA warns GalaFX, CryptoBrain are clones

 UK’s Financial Conduct Authority (FCA) has issued a warning against two clones of FCA-registered companies: GalaFX and CryptoBrain.


The first one is GalaFX – a forex broker, apparently targeting Turkish traders. According to FCA, it is using the registration number of a Bulgarian company called Enterpays Global Payment Solutions that is registered as an EMD agent with the FCA. It provides gateway payment solutions for various types of (mostly) online businesses.


On the other hand, we have already expressed our suspicions regarding GalaFX and have already advised our readers to avoid dealing with this broker.


The other clone FCA is warning against is a site called CryptoBrain. According to FCA, it is using the information of a regulated UK accounting company – Robson Laidler, but has absolutely nothing to do with it. Our check at CryptoBrain’s site leaves us with the impression that there is something quite dubious about this company and apparently it is using the cryptocurrency fad to attract unsuspecting victims.


It claims to be an asset management company of financial professionals and promises high returns from trading in cryptocurrency. To be more precise: “your investment will be involved in trade on cryptocurrency exchanges, and you will get a part of profit. In addition, you can become company partner and actively promote Crypto-Currencies platform and our asset management services to get extra reward.” Clients can invest from $10 to $30 000 and earn a lot. Oddly, however, neither the registration information, nor the financial performance reports can be found: the link returns an error message. The only verifiable information is the registration of the company in the Companies House registry. The company was set up in September 2017, with a capital of GBP 8,750. Our advice in this case is to avoid dealing with this company.


 

TAGS: fca  uk  warning  cryptobrain  galafx 
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