Austria’s FMA Flags Unauthorized Firm Top10Coins

Another potential scam has been identified in the financial industry. This Friday, we head to Austria, with the Financial Market Authority (FMA) posting a warning on its website against Top10Coins.

According to the statement published by the Austrian regulator, Top10Coins is providing banking services within the country that require a license. However, as can be anticipated - the company does not hold such a license.

Specifically, the Austrian FMA also points out that the company is not allowed to accept funds from other parties on a commercial basis for management purposes, or as deposits.

Because of this, Top10Coins has the making of a scam. This is largely due to the fact that the operations of legitimate firms are covered by a financial license, so the absence of one raises a lot of red flags.

What does Top10Coins do?

According to its website, which can be found at www.top10coins.pro and its blog can be accessed via www.top10coins.blogspot.com, Top10Coins helps traders participate in the cryptocurrency market by setting up accounts across different trading platforms.

The firm describes its business as so: “Without having to become an expert and without investing a lot of time. You simply authorize us to set up accounts for you and in your name at the trading platforms for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term [sic] for you."

“We will take care of setting up your accounts for you. You can then simply and conveniently make a bank transfer in euros to your own trading accounts at the trading platforms. Usually, you can already use your accounts on the next working day and buy the crypto currencies [sic] you want easily and conveniently."

The company also repeatedly states that it does “not keep your funds,” “We accept no funds from you” and similar statements. However, as per the warning, it appears that Top10Coins might not be telling the whole truth.

Either way, when a financial regulator issues a warning about a suspicious company, it’s best to avoid dealing with them to be on the safe side.