UK’s FCA Has Not Authorized SMS Crypto Limited Despite The Claims It Is Making In Suspected Scam
FCA Has Not Authorized SMS Crypto Despite The Claims It Is Making
SMS crypto has been making claims that it has received official authorization from the FCA. But despite the repeated claims, the regulator has released a warning to the entity stating that this is not the case.
New Suspected Scam
The FCA (Financial Conduct Authority) in the UK recently identified a new crypto entity that they suspect is a scam. The suspected scam entity goes by the name of SMS Crypto Limited. The company has been added to an ever-expanding watch list started by the Financial Conduct Authority with the sole aim of protecting investors from fraudulent companies.
According to the FCA warning, the entity operating with this name has not been authorized by the regulator to provide any finance related services to investors and crypto enthusiasts living or working in the United Kingdom. Despite releasing this statement, the watchdog trusts that the company could still be operational in the UK and maybe targeting unsuspecting British consumers.
SMS Crypto Limited Website
When you visit the official company website, you will come across the first logo displayed prominently on its welcome page. This is meant to show that the entity has in fact received official authorization from the British watchdog in charge of regulating the financial services and allied sectors.
And to make matters even more interesting, the statement incorporated at the bottom of its homepage clearly states that SMS Crypto has been authorized to offers financial services by the FCA. But based on the warning released today by the financial regulator, it means that this statement does not hold any water and should not be taken seriously.
SMS Crypto May Be A Scam
Taking into consideration the contents of the warning sent out by the FCA, it will not be unreasonable to take it that SMS crypto is in fact not mandated to operate in the country. A company operating legitimately does not have to lie about being authorized to offer services to interested consumers.
In addition, a legit company would not need to try and trick customers in order to get them to work with them. When you visit one of the pages on why you should work with the entity, the organization states that it provides blockchain investors with a platform where they can manage, exchange, and secure their wealth using a single application.
It is important to note that cryptocurrency or digital currency or blockchain assets as they are referred by some people are fairly new and unknown by many people. It goes on to state that many people purchase BTC and often end up missing out on new opportunities that may prove to be more interesting and worthwhile.
SMS crypto further states that by diversifying ones’ digital assets, they get to learn about blockchain, keys, cold storage, wallets, and mining fees. This is an indication that the people behind the organization have gone into a lot of trouble to try and dupe unsuspecting crypto investors. As such, if you do not want to lose your hard earned money, you should heed the warning sent out by the FCA.