The United Kingdom’s financial services regulator Financial Conduct Authority has warned the public against Markets Pilot, a digital currency trading platform. The Financial Conduct Authority stated that the company did not get the necessary licenses to offer financial services in the country. “We believe this firm has been providing financial services or products in the U.K. without our authorization,” the financial regulator claimed in its warning statement. Crypto platform Markets Pilot claims to be based in the Caribbean island nation of Dominica.
Market Pilots is targeting U.K. residents with its investment and trading platform.
Market Pilots has been targeting U.K. residents with its investment and trading platform, according to the FCA. “Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers, or physical addresses,” the financial watchdog added. Markets Pilot describes the platform as a “one-stop trading place for any asset in the world of digital currency markets.” It also claims to offer stocks, indices, currencies, and commodities, accepting deposits in AUD, EUR, USD, and GBP.
The FCA asked investors who invested with the crypto firm to report.
The FCA urged investors who had placed their funds with Markets Pilot to report urgently. Markets Pilots joins a long list of digital currency firms that the watchdog has issued warnings against. The FCA has also taken other steps to protect digital currency investors, the latest being banning digital currency derivatives’ sale to retail investors. According to the regulator, retail clients can’t reliably value these products. The financial regulator cited some of the underlying risk factors; the volatile nature of cryptocurrencies, prevalence of market manipulation, inadequate understanding of digital currencies by retail investors, and the lack of a reliable basis for valuation.
