Life is not easy when you are one of the largest cryptocurrency exchanges by volume and number of clients. On the one hand, you deal with regulators in different parts of the world, and on the other, with scammers who try to impersonate your brand. Coinbase is well aware of this and has again fallen victim to a clone company with the catchy name Coinbaseie.

Coinbaseie is Not Coinbase, Beware of Fraudsters

The UK financial regulator FCA recently warned British investors and savers against the activities of people who cold call consumers and send them emails from the Coinbaseie.com domain, posing as representatives of the popular cryptocurrency exchange Coinbase.

During the conversation, they encourage setting up a trading account, referring to Coinbase's regulations and reputation. However, as the FCA warns, they have no affiliation with the real exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, and sending them any money may involve a serious risk of losing it.

Notably, the FCA has flagged several phone numbers|: +447766855941, +35351571608, +447766855941, +35351571616, +31637827703. The regulator also advises caution with email addresses from martinharvey@coinbaseie.com and anthonycollins@coinbaseie.com.

Misspelling the names of fully registered entities is a popular strategy among scammers. The names Coinbase and Coinbaseie differ by only two letters, so many people may not notice the slight difference and think they are contacting a representative of the popular platform.

Clones Everywhere

Finance Magnates has repeatedly reported in recent months about fraudsters impersonating popular companies offering their services to retail investors. In January, scammers in the UK posed as Admiral Markets and a few days earlier as XTB.

Victims of clones also included Westpac and Hargreaves Lansdown, as well as the broker Spreadex. In November, the FCA warned against an eToro and IG Markets clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term, and, in October, against a counterfeit version of the Bitpanda cryptocurrency platform.

In order to better combat regulatory and cloning issues, Coinbase decided to hire a former UK minister who joins the broker's advisory council in connection with its global expansion. George Osborne, the previous Chancellor of the Exchequer, will advise the exchange on regulatory affairs and global expansion.