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FCA Continues Battle In opposition to Scams, Flags eToro Clone Agency

The Monetary Conduct Authority (FCA) continues in its fixed battle towards suspected scams. This Tuesday, the regulator has warned towards two entities throughout the overseas trade (foreign exchange) and crypto industries – Bitcoin FX Choice and Bitprofiting.

In accordance with one of many warnings posted immediately, Bitcoin FX Choice is working in the UK with out the right authority from the FCA. Usually, this implies the entity is concerned in suspicious actions.

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Nevertheless, there may be one other strike towards Bitcoin FX Choice’s identify because it has been fraudulently copying particulars from eToro (UK) Ltd, the British subsidiary of eToro, a social buying and selling brokerage.

The warning from the British regulator immediately towards the clone agency clarifies that eToro has no affiliation or affiliation with Bitcoin FX Choice, including that the unauthorised entity has copied eToro’s particulars illegally.

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On its web site, the corporate claims to be a: “legally licenced buying and selling firm dealing in foreign exchange, shares and cryptocurrencies markets.” It additionally states that it’s regulated by the FCA, nonetheless, as might be clearly seen from immediately’s warning, it is a lie.

Bitcoin FX Choice additionally claims to have entities licensed by the Cyprus Securities Trade Fee (CySEC) beneath the license # 109/10 and the Australian Securities and Investments Fee (ASIC). Nevertheless, if the clone agency is mendacity about its FCA authorisation, it’s not too far of a stretch to imagine it’s doing the identical for these two different regulators.

FCA blacklists Bitprofiting

Right now, the FCA additionally warned towards Bitprofiting, a bitcoin buying and selling platform, which is operated by Finance Advisory GMBH & Co. The corporate has come beneath the British regulator’s magnifying glass for working throughout the UK with out the right authorisation.

The corporate, which operates by way of its web site https://www.bitprofiting.com, claims to function the “finest Bitcoin Buying and selling Platform”. Particularly, the monetary watchdog has flagged the corporate for focusing on residents within the UK.

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