SMS Crypto Not Authorized by FCA, Despite Claims

The Financial Conduct Authority (FCA) in the United Kingdom has identified a new suspected scam, adding yet another entity to the regulator’s long and ever-growing watch list. Today, the company in question is SMS Crypto Limited.

According to the warning released today, SMS Crypto Limited is not authorized to provide financial services in the UK. However, the regulator believes that the firm is still operating in the region and targeting British consumers nonetheless.

Taking a look at its website, www.smscryptomanagement.co.uk, one of the first things you can see is a stamp of the FCA logo, implying that the entity is regulated by the British watchdog.

Adding insult to injury, when you scroll down to the bottom of the home page, SMS Crypto says in no uncertain terms that it is in fact authorized by the FCA. However, as today’s warning clearly illustrates, this is a flat out lie.

SMS Crypto is likely a scam

Because of this, it is not unreasonable to assume SMS Crypto is a scam. A legitimate company would have no need to lie about authorization and would not try to trick or lie to its customers in such a way.

Under the heading “why choose our platform” on its website, SMS Crypto states: “SMS Crypto gives Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term asset investors a platform to secure, exchange and manage wealth inside one beautiful application. Blockchain assets (also called digital currency or cryptocurrency) are a young, fragmented new frontier. New people buy bitcoin and miss out on exciting, new opportunities.

“Diversifying means learning about keys, seeds, wallets, blockchains, mining fees, Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term, and more. Not only do you give up control of your identity, privacy, and money; everything quickly turns overwhelming with too much to learn. SMS Crypto was created to shift power back to you to control your assets – with no banks, no brokers or institutional oversight.”

The company claims to have an address at 152-160 City Road, London EC1V 2NX, UK; Tower 42, 25 Old Broad St, London EC2N 1HN, UK and another at SMS Crypto, Sofia West, Boulevard Totleben 53-55, 1606, Sofia.

Regardless of the well-designed website and clever lies, due to the FCA’s warning, you should avoid dealing with this entity altogether if you don’t want to lose any money.