The UK’s Financial Conduct Authority (FCA) has warned against ten companies suspected of providing or promoting financial services without its authorization. The regulator mentioned GLOBAL SKY TRADING, SUPERMININFX.LTD, ELITEGLOBALMINERS, FLOWSGLOBAL, AND LEGITIMATEFXPRO.COM, and SOLID-TRADES UNIT.

According to the FCA warning list, these companies operate websites globalskytrading.com, supermininfx.ltd, eliteglobalminers.com, lowsglobal.net, legitimatefxpro.com, and solidtradesunit.live, respectively.

The latest warning list also includes World Crypto Coin Save, FIELDFIN.LTD, Crypto Flips, and WALL OF TRADER. The companies operate under the websites world-cryptocoinsave.net, fieldfin.ltd, crypto-flip.com, and walloftra.ltd, respectively.

FCA Flags Unauthorized Services

FCA has warned users that some of the companies in its warning lists may use incorrect contact details, including postal addresses, telephone numbers, and email addresses. Additionally, the regulator has cautioned users that some businesses may provide details that belong to other companies.

"You won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it's unlikely you'd get your money back if the firm goes out of business," the FCA mentioned. "You can check our Financial Services Register to make sure a firm is authorized and has permission for the service it's offering you."

Elsewhere, the German financial services regulator, BaFin, has issued a warning regarding the website Trade211.com, accusing the platform of offering unauthorized financial services. An investigation conducted by BaFin revealed a concerning trend where entities are engaging in financial activities without the necessary authorization, potentially putting investors at risk.

Bafin Adds Trade211 to Warning List

Bafin highlighted discrepancies regarding the ownership and operation of the website. While in one instance, the company Hooya Plus Capital Inc. based in Labuan, Malaysia, is mentioned, in another instance, the South African entity Trade211 (Pty) Ltd is cited, with no clear indication of its exact business address.

BaFin emphasized that any entity offering financial or investment services in Germany must obtain authorization from the regulatory body. The authority has urged investors to exercise caution and conduct thorough due diligence before engaging with any financial services platform. Verifying company authorization status through BaFin's company database can provide valuable insights into its compliance with regulatory requirements.