The UK’s Financial Conduct Authority (FCA ) has issued a warning on Thursday about a clone firm that is impersonating Octopus Investments Limited. According to the advisory, AZOptions allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.
“Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm,” the British watchdog cautioned.
As of press time, the website remains operative and claims to be a financial company offering crypto-related services for both individual and institutional investors. “Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers, or physical addresses,” the UK FCA added.
Moreover, the authority commented: “If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing. If you would like further information about protection, the authorized firm should be able to help.”
XTB Clone Firm
Recently, the UK FCA warned that a financial company is illegally operating in the country and allegedly cloning XTB. According to the advisory note published on its website, the British watchdog believes xtbtradingfx.com may be providing financial services in the UK without their authorization.
The broker’s name seems to be a clear reference to XTB, a broker that belongs to XTB Group, whose branch in the UK, XTB Limited, is regulated by the FCA. However, it does not clone any of the logos or services offered by XTB Group. In fact, XTB Trading promotes itself as a crypto services provider based in London.
