UK’s FCA warns against Blue Trading

UK’s FCA warns against Blue Trading

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.

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7 Comments

  1. Whilst I understand the FCA’s stance in trying to protect the public, Bluetrading.com offer a unique managed service. I have been with them since August 18 and they have doubled my initial investment since then. They are very transparent and offer excellent customer service. Bluetrading are very clear as they make a statement on their website highlighting that they are unable to come under regulatory bodies like the FCA and would welcome membership if the FCA and other regulatory organisations would open up to it. They are not a scam and are totally transparent. This is their statement:

    “At this time major regulators such as the British FCA or German BaFin do not regulate this type of trading therefore registration opportunities still remain unavailable. We look forward to pursuing new registration opportunities as they become available”.

    I cannot recommend them highly enough!

    Paul (UK)

  2. But it can be for some simple or unfair reason. Here is an example from me and what I did which caused a “warning”. These warnings are not investigated by the govt “agency”, but rather just automated onto the web page. Please read on to understand.

    I used postings online for their referral program. In other words, I have an account and have invested into it, and saw they have a “referral” program and I advertised to get clients. Though their intent with it is to just tell your group of friends or professionals you work with or network with (because that will not get anyone in trouble). I get that now. But at that time I posted online and as a result because it reached in a jurisdiction where it was not allowed they got sanctioned. You will note some countries are not allowed and BlueTrading lists those countries in the FAQ section on website. And then even in same country some states/provinces may not allow but others will (and that’s what happened with me).

    But my actions actually got them sanctioned and this stupid “Caution List” for that jurisdiction was now including them. But it was me who did it. I got a “Cease and Desist” letter from their law firm. Yes, they have law firms. So the one from North America contacted me with a “cease and desist” which I did once I realized the problem.

    But at the time I dint realize and apologized, and even emailed the lawyer with a letter stating it was me not them to use if helpful. But the “Caution List” still shows them on it. And just like any government agency (useless for the most part) they continue to list them after a “complaint”. But they are useless to actually hear information or make a decision to reverse it.

    So yes, they had nothing to do with this, but there they still are on that list. Since I am an account holder I don’t like this smear they got for no fault on their part. They were nice enough not to suspend my account after I told them what I did unintentionally. So sure, how many of those lists you see are just from a “complaint” of some sort someone made (frivolous or similar) and they get automatically listed. That’s exactly what happened in my case.

    1. I too have invested in Blue trading. Based on the concerning events in the past few hours, it looks like FCA advice was the correct one.

      1. Yes, it’s a scam and they made their scam exit today!

    2. So what now they seem to cease trading and made loss of the amount we deposited, Just another Scam may be

  3. Yes, there seems to be some issues in the past few hours. Not sure how far this is accurate.. Wonder how such an error can occur overnight.. Awaiting revert from them..

  4. I became a member on the 21st of februari and made a deposit of 3000Euro. I want it back but the automated replied emails and the disconnected phonenumber wont help me to get it back real soon

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