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FCA Blacklists Cryptocurrency Clone Agency World Techno Commerce

Monetary scams litter the international alternate (foreign exchange), cryptocurrency and buying and selling markets and right this moment, sadly, is not any totally different, with the Monetary Conduct Authority (FCA) but once more warning in opposition to an organization committing fraudulent actions.

This Tuesday, the British regulator has flagged World Techno Commerce, a clone agency of True Commerce Restricted. Clone companies, because the identify suggests, are unlawful entities that duplicate data, resembling identify, handle or registration particulars to trick shoppers into parting with their hard-earned money.

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It seems that World Techno Commerce is not any totally different as if you check out the fraudster’s web site at https://wtt-g.com/ the corporate is claiming to be related to the authorised agency True Commerce Restricted and it’s utilizing the corporate’s FCA registration quantity to make itself seem as official.

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True Commerce Restricted’s Agency Reference Quantity is 726463 with the FCA. In response to the warning, the corporate’s handle is 32 Threadneedle Road, London, EC2R 8AY. Nonetheless, In October of this yr, the corporate up to date its handle through UK’s Corporations Home to Mansion Home 33 Queen Road London London EC4R 1BR to 32 Threadneedle Road London London EC2R 8AY.

Residents of the UK ought to be conscious that clone companies typically combine their very own faux particulars with the official particulars of an FCA-regulated agency. That’s why you will need to consistently examine the watchdog’s web site for warning updates to guard your self in opposition to scams resembling these.

What’s World Techno Commerce?

In response to its web site, World Techno Commerce permits its clients to commerce cryptocurrencies in opposition to fiat currencies. The clone agency makes use of a set of testimonials to attempt to make its web site look extra credible, nonetheless, it’s fascinating that not one in every of these testimonials point out the corporate immediately and solely discuss of Bitcoin.

The principal exercise of True Commerce Restricted is to hold out trades of foreign exchange and spot metals. It has been regulated by the FCA since November 22, 2016. For the agency’s 2017 monetary yr, it recorded a revenue of £26,100 ($33,507).

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