Dukascopy Bank Confirms It Has No Association With Questionable Crypto Firm GCG Asia
The forex bank and broker from Switzerland Dukascopy informed that it is not affiliated with the cryptocurrency and FX trading firm GCG Asia. This company has been claiming affiliation with its authorized brand. Indeed, Dukascopy confirmed they do not have any association with the website and advised investors to avoid contacting with it. The information was released by Finance Magnates a few days ago.
According to what Dukascopy explained, GCG Asia and the CEO of the company called Yaw Foo are using Dukascopy’s name and logo just to attract clients and investors. The firm will be taking action in order to shut down this dishonest organization or at least avoid having any connection with them.
It is worth mentioning that Dukascopy is not the first institution that warns about GCG Asia. The financial market supervisor of Switzerland (FINMA) warned about this firm saying that the brand has no presence or authorization in Switzerland.
The fraudulent company wants to attract investors by using the name and details of another authorized firm that operates with a similar name.
Nonetheless, investors should always be aware that the original company will not be able to help them in recovering these funds if the unauthorized entity scams users.
This is why Dukascopy has been trying to improve its cryptocurrency offering and allow users to withdraw funds in digital coins. They have also trying to enable free internal crypto-transfers between users of mobile banking. Moreover, the firm has already launched its own virtual currency called Dukascoin.
The main intention behind it is to improve the visibility of Dukascopy’s latest crypto product by offering general information and news. The FINMA has also granted the company approval to conduct an Initial Coin Offering (ICO).
Switzerland is one of the most friendly countries towards virtual currencies and blockchain technology. There are several companies operating in this jurisdiction and there are very crypto friendly regulations as well.