The UK Financial Conduct Authority (FCA ) has flagged down ‘FX Plus500’, a clone of UK-based FX/CFDs broker Plus500, warning that “the firm is not authorized by us but has been pretending to be an authorized firm.” The clone firm operates the website ‘www.fxplus500.co.uk/', the FCA said.
The British financial industry watchdog issued the warning on Friday, noting that all firms and individuals require its permission before offering financial services in the country.
“Fraudsters copy the details of firms we authorize to try and convince people that their firm is genuine,” the FCA pointed out, further warning that: “scammers may give out other false details, including email addresses, telephone numbers, postal addresses and Firm Reference Numbers.”
CONSOB Blacks Out Four Websites
Meanwhile, the Italian Companies and Exchange Commission (CONSOB), Italy’s financial regulatory authority, disclosed on Friday that it has ordered the blockage of four websites offering financial services and products in the country illegally.
The websites are ‘XTB Empire’ (https://xtbempire.com and related page https://client.xtbempire.com), ‘VirtuFinace’ (www.virtufinancial.eu and related page https://webtrader.virtufinancial.eu), Activ4X (https://www.activ4x.com and related pages https://client.activ4x.com and https://trade.activ4x.com) and Goldy Deal (www.goldydeal.com).
CONSOB noted that the platforms comprise "three illegal financial intermediation websites and one website through which an offer of financial products is carried out in the absence of a prospectus.” The latest action ramps up websites blacked out by CONSOB since July 2019 when it was empowered to do so reach 890.
“Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” CONSOB explained.
Meanwhile, in late April, Spain's financial watchdog warned against six illegal trading platforms including clones ‘Pepper Stone Ltd’ and ‘PRIMUS FX’. Furthermore, in the same month, CONSOB blocked the websites of Aquilafx, EuroCryptoFX, MTinvesting and two other illegal platforms.
