On 24th May, the United Kingdom’s major financial regulator, the Financial Conduct Authority (FCA), cautioned about a cryptocurrency clone firm. In accordance with the report,
ICAP Crypto is a clone organization of ICAP Europe Limited. Such firms are a kind of scam in which the associated scammers use information from credible firms in attempts to convince the desired audience that they are legit.
ICAP Europe and ICAP Crypto
ICAP Europe Limited is a legal firm that is legalized by the FCA. Its credentials are being propagated in scams applying the same-named ICAP Crypto “firm”. It is neither registered nor even authorized by the FCA.
In 2018, the FCA gave cautions over not less than two nominally crypto-related clone firms. Fair Oaks Crypto, being the initial one which tried to confuse various targets by giving claims of affiliation with Fair Oaks Capital. Good Crypto is the second one. It operated its scam by misrepresenting a few of the registration intel of the legitimate organization Corporate Finance as its own.
Earlier, the FCA said this week that forex and crypto investors in the U.K experienced scamming of over $34 million. It transpired between the year 2018 and 2019. The FCA went on to comment that it was considering a ban on “high-risk derivative products connected to cryptocurrencies.” Also, the FCA recently allowed three blockchain enterprises into its regulatory sandbox. Previous blockchain projects they had approved according to the FCA include digital identity solutions. Also, platforms that tokenize issuance of financial tools, and services pointed at facilitating better access to cash services for seemingly vulnerable customers.