On Tuesday, the UK’s Financial Conduct Authority said that an unauthorized firm, BubbleXT, has continued to target consumers by setting up recovery rooms with promises of returning their funds for a small upfront fee.
According to the advisory, on October 6, 2020, the FCA already published a warning against them, saying that they may be providing financial services in the UK without FCA authorization. That said, the British watchdog pointed out that consumers are targeted by ‘scammers’ via BubbleXT.
“The scams have included false emails claiming that the FCA was sponsoring the recovery schemes. Consumers should be aware that: the FCA would never propose that consumers should make payments to recover lost funds,” the UK FCA commented.
Other Warnings Issued
The FCA said last month 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. A registration number is listed on the homepage of the website, stating that the broker is regulated by the FCA.
Meanwhile, the watchdog has warned that a clone company has impersonated Rational Foreign Exchange Limited. The FCA-authorized firm’s official details are allegedly being used by Crypto-Trade 365 to scam people in the UK. People are advised to exercise caution when dealing with this clone firm’s website, crypto-trade365.com.
