The UK’s Financial Conduct Authority (FCA ) said on Friday that Auxi Market is providing financial services in the United Kingdom without their authorization. Therefore, according to the advisory, caution should be exercised when dealing with the company.
“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us,” the FCA warned. In short, the watchdog stated that the firm is not authorized by them and is targeting people in the country. “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,” it noted.
The company is operating under the domain auximarket.com and as of press time, it remains online. The broker claims to be an FCA-regulated one on the homepage, even stating an FCA registration number.
“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 FCA pointed out.
Other Recent Warnings
Recently, the British watchdog issued a warning about a clone firm that is impersonating Rational Foreign Exchange Limited. Crypto-Trade 365 allegedly uses the FCA-authorized firm’s legit details to scam people in the UK. The website used for the purpose is www.crypto-trade365.com, and the watchdog is telling people to exercise caution when dealing with this clone firm.
The FCA-authorized website to make deals under the name of the firm is rationalfx.com, the authority says. “This FCA authorized firm that fraudsters are claiming to work for has no association with the ‘clone firm,’” the British authority pointed out. The clone firm’s website claims to be a social trading platform.
In April, the UK FCA said that ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA.
