Financial Conduct Authority (FCA) Warns Against Fake Crypto-Clone Company ICAP Crypto

The FCA, Financial Conduct Authority Warns Against Cryptocurrency Clone Firms

The FCA, also referred to as the Financial Conduct Authority has gone ahead to remind people of the crypto clone firm called the ICAP Crypto. It has been designed as a clone company of the ICAP Europe Limited. How they work is taking the information of different individuals from a credible company, then from here, they show themselves as being a legit organization.

Beware Of The Clone Company

The real company is called the ICAP Europe Limited, one that has been adequately legalized and registered through the FCA. As for the clone company, they have been using the credential of the legal company and scamming the poor investors within the space.

But this is not the only company that the FCA has warned investors about; there have been two other companies. The companies being Good Crypto and Fair Oaks Crypto. They could misrepresent the information that has been registered by the people.

These companies were able to scam crypto backers and Forex amounts of about $34 million; this is all according to a statement made by FCA.

Thus, this has led the FCA to look into ways of banning the high-risk derivative products that have been connected to the crypto coins. And from this, the FCA has allowed about three blockchain enterprises to be part of their regulatory body.