FCA Flags Two Entities as Unauthorized in Fight Against Scams

We are halfway through the working week, and already, a number of scams within the financial industry have been flagged. One of the latest regulators to do so is the Financial Conduct Authority (FCA).

This Wednesday, the British regulator has flagged two firms in the foreign exchange (forex) and cryptocurrency industries - Bealgo and 10 Capital (otherwise spelled as 10-Capital) - for operating within the United Kingdom without the proper authorization.

Specifically, the regulator posted the following for both entities: “This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

Taking a look at its website, https://bealgo.com, Bealgo claims to be an algo trading broker. According to the warning from the watchdog, the company is based in Bulgaria’s capital city Sofia.

“The Bealgo company was established and evolved by a devoted group of people, intending to harness the abilities of modern technology for creating the most accurate, precise and profitable trading tools. Putting their trust in Algo Trading/ Automated Trading, the company's customers are promised the best environment for growing their business,” the website states.

FCA Flags 10 Capital

10 Capital claims to be a trading platform that offers forex, contracts for differences (CFDs), commodities, indices, 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, and other assets. Via its website, the entity claims to be one of the fastest growing online brokers.

Specifically, the website states: “The 10-Capital trading platform was created to address the real needs of the traders and to bring a much needed level of understanding and service to the rapidly growing CFD landscape.”

“The 10-Capital platform was set up by a group of professional experts of the financial and internet industries who want to deliver a simple yet powerful trading experience which redefines CFD trading. Discover exactly how we did it by taking a look around the site today. The10-Capital personnel includes experienced professionals in derivatives, Forex, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, compliance, payment processing, international law & legislation.”