Unregulated British Crypto firm, Financial.org has stopped operating. Most of the people who invested in this firm were from Asian countries. Financial institutions from Britain, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and the United Arab Emirate have put the company on alert lists of unauthorized investment firms.
According to a Reuters report, the firm had frozen investors funds and transferred them to Fion cryptocurrency which investors were unable to withdraw. Financial.org was also a former sponsor of F1 racing team Williams. The deal was expired in 2018, and it was not renewed.
Earlier this month a message saying ” We have stopped working” went up on the website and investors did not receive any prior notice. Financial.org was launched in 2016 in Singapore. The firm had also set up its offices in London and Abu Dhabi.
The amount that the firm blocked of investors is currently unknown, but it is speculated to be above $100,000. Previously the firm said on its website that it is an educational platform with 200,000 members and does not deal with investments, transactions or funds.
The company claims that they had instructed investors on how to obtain their tokens last month, but many investors have reported their attempts to withdraw funds were unsuccessful.