The UK financial regulator, the Financial Conduct Authority (FCA), has issued a warning against Alpha Crypto Trade FX Ltd, as it’s not an authorized company to provide financial services or products in the country.
According to the advisory organisation, the company is allegedly targeting people based in the United Kingdom and has warned the following: “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”
Alpha Crypto Trade FX Ltd is operating under a US-based address, and its website remains functional. “Be aware that some firms may give out other details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” the British regulator commented.
The FCA notes that if you use an authorized firm or registered firm, you will have access to the Financial Ombudsman Service and FSCS protection, depending on the amount of your investment, the services it provides and the permissions it has. In addition, a registered or authorized firm should be able to provide you with more information about protection.
Prior Warnings on Other Firms in January
In January, the UK FCA issued warnings on Falcon Financial Solutions Ltd and Thestral Financial Services Ltd.
The following statement was made on the FCA website at that time: “We have removed permissions from Falcon Financial Solutions Ltd and Thestral Financial Services Ltd. They are no longer permitted to carry out any regulated activities. Any investments with Falcon or Thestral may not be protected, and you could lose all your money if you invest with them.”
The warning comes due to Cavendish Incorporated Ltd., which has been linked to Falcon Financial Solutions. The same individual controls both Falcon and Thestral. The FCA issued a warning on Cavendish in August 2021.
