UK FCA Warns on Clone Firm Impersonating Zenfinex

The UK’s Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) issued a warning on Monday about a clone firm that is impersonating Zenfinex Group. According to the advisory, zfxtrade.com allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.

The watchdog is telling people to exercise caution when dealing with this clone firm. “Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm,” the FCA noted.

The FCA-authorized website to make deals under the name of the firm is zenfinex.com, the authority says. “Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses,” the British authority pointed out.

The clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm’s website appears to be online as of press time, claiming to be the company and using the legit details of all the licenses it holds in several jurisdictions.

Moreover, the FCA issued the following warning: “If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing.”

Crypto-Trade 365's Clone Firm

Recently, the FCA warned that Crypto-Trade 365 allegedly uses the FCA-authorized firm’s legit details, Rational Foreign Exchange Limited, to scam people in the UK. The watchdog told people to exercise caution when dealing with this clone firm.