FCA Adds Crypto Exchange Pro to Warning List

The Financial Conduct Authority (FCA) has added another company to its blacklist as part of its attempts to protect consumers in the United Kingdom from potential scams, unauthorized operations, clone firms and more.

This Monday, the British regulator has warned against Crypto Exchange Pro, stating that the company is not authorized to provide financial services within the UK and could be running a scam.

According to its website, which can be found at https://cryptoexchangepro.com, the company claims to be “the future of currency trading.” Crypto Exchange Pro, as the name suggests, is a cryptocurrency exchange.

However, the firm is pretty vague about what it does exactly when it was established, and other background information. What can be discerned is that, via its website, consumers can open their own trading account and begin to trade 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 such as Ethereum, Ripple, Litecoin, Dash, Monero and more.

The firm has listed its address at No 1. Royal Exchange Avenue, London, EC3V 3LT. The FCA has warned consumers to be wary of being contacted by the following email addresses: info@cryptoexchangepro.com; davidthompson@cryptoexchangepro.com; accounts@cryptoexchangepro.com; williamrichardson@cryptoexchangepro.com and jordanballet@cryptoexchangepro.com.

For firms that have been flagged by the FCA, it’s a good idea to give them a wide berth and not associate with them. It’s also important to note that, if you decide to trade with this firm and something goes awry, you won’t be entitled to compensation.

FCA Remains Vigilant in Protecting Consumers

The FCA updates its warning list on almost a daily basis, thanks to an ever-increasing number of financial scams. These range from clone firms, unauthorized Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, and crypto brokers and more.

Only on Friday, Finance Magnates reported that the British regulator warned that people pretending to represent AllianceBernstein, who are calling themselves Bernstein Securities, have been contacting unsuspecting British citizens in an effort to steal funds from them.

Only one day before this on Thursday, the FCA also warned that a company called GMT Crypto was impersonating regulated firm GMT Communications Partners LLP to lure and possibly scam investors.

As is evident, scam artists are doing their best to trick residents. As a result, before parting with your hard earned cash, it’s a good idea to check with the FCA or your local regulator to make sure it’s not a potential scam.