The Financial Conduct Authority (FCA) in the UK warns against Options Tech Limited, which is providing financial services in the UK without a license, and Good Crypto – a clone firm of a FCA authorized company.
Options Tech Limited, registered in the Commonwealth of Dominica, is the company behind multiple forex and CFD brokers, operating in the UK without authorization. The illegitimate brokers in the eye of the investigation are: Unitedmarkets4you, United & Equal, UBS Investment, UBS InvestmentOptions Tech Limited, Cryptex Markets and Block Chain Exchange Pro.
“We believe this firm (Options Tech Limited) has been providing financial services or products in the UK without our authorization”, FCA says in a statement, published on its website today.
The British regulator reminds that almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by the institution and warns that “some firms act without our authorization and some knowingly run investment scams”.
In a separate warning FCA exposes Good Crypto (www.good-crypto.com) as a clone of a legit FCA licensed company.
“This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm”, FCA says.
According to the watchdog the FCA authorised Arup Corporate Finance Ltd, that fraudsters are claiming to work for, has no association with the ‘clone firm’ – Good Crypto.
“This is what we call a ‘clone firm’ and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called”, FCA warns. “They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm or other details. Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.”
FCA strongly advises all investors in the UK to deal only with authorized brokers and to check the Financial Services Register to ensure they really are authorized.