The Financial Conduct Authority (FCA) in the UK has issued a warning against Blue Trading (www.bluetrading.com) – a broker, offering crypto assets to British customers without proper authorisation.
“We believe this firm has been providing financial services or products in the UK without our authorisation”, FCA says in a statement, reminding investors that almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the them.
“However, some firms act without our authorisation and some knowingly run investment scams. This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation”, FCA warns.
The FCA advises all traders in the UK to deal only with companies, licensed by them, as well as to check the regulatory status of the brokers in the FCA supported Financial Services Register.
The British watchdog also notes, that any loss incurred by trading with unregulated brokers will not be covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme.
Financial Services Compensation Scheme guarantees traders with FCA brokers up to 50 000 GBP of their investment in the unlikely case that something with their broker goes wrong.
Earlier this year the Canadian securities regulator the British Columbia Securities Commission (BCSC) also warned against Blue Trading.