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Regulation

Warning: Clone Broker Targets Investors with Fake CySEC and FSCA Licenses

  • The New Zealand FMA has warned about Mic-Market, which falsely claims to be registered in multiple jurisdictions.
  • As Finance Magnates learned, the company cloned the licensed Cypriot broker Colmex's website and credentials.
Tuesday, 03/12/2024 | 07:18 GMT by Damian Chmiel
Regulation

Beware of New Clones of These Three Popular FX/CFD Brokers

  • Spanish CNMV updates its warning list with copycats of AvaTrade, LCG, and JFD.
  • Despite the intense efforts of regulators and companies, the issue of clones seems unsolvable.
Monday, 09/09/2024 | 09:43 GMT by Damian Chmiel
Regulation

XTB Website Cloned by Scammers, The UK Financial Regulator Warns

  • FCA issued a warning about the impersonation of XTB Limited in the UK.
  • Fraudsters' site looks nearly identical to the official page of the Polish fintech.
Tuesday, 13/08/2024 | 08:03 GMT by Damian Chmiel
Regulation

This Regulator Warns against Clones of Two Popular Retail Trading Brands

  • Spanish CNMV updates the warning list with 10 new entities.
  • Clones of IG Group and StoneX are among those flagged.
Monday, 08/07/2024 | 10:59 GMT by Damian Chmiel
Retail FX

BaFin Unveils Unauthorized Financial Services: A Clone of Pepperstone

  • The regulator warns against pepperstone.vip's unauthorized financial services posing as Pepperstone GmbH.
  • Previously, the FCA warned of a clone firm falsely claiming affiliation with Pepperstone.
Wednesday, 22/05/2024 | 09:37 GMT by Tareq Sikder
Retail FX

Belgian Regulator Alerts on Clones of Two Popular Trading Brands

  • FSMA has warned against nearly 40 potentially fraudulent entities.
  • The list includes clones of BNP Paribas and CMC Markets.
Friday, 17/05/2024 | 08:32 GMT by Damian Chmiel
CryptoCurrency

Watch Out for This Popular Crypto Exchange Clone

  • A scam company is again impersonating Coinbase, this time in the UK.
  • Be wary of emails and phone calls from people posing as platform representatives.
Monday, 12/02/2024 | 10:41 GMT by Damian Chmiel
Retail FX

New Zealand's Fraud Victims Tricked by the Fake UK's FCA Financial Emails

  • FMA cautions against fraudsters impersonating the UK's FCA.
  • They offer alleged assistance in recovering funds lost in previous scams.
Tuesday, 30/01/2024 | 08:50 GMT by Damian Chmiel
Retail FX

Admiral Markets (Once Again) Impersonated by Fraudulent Clone, FCA Reports

  • The clone impersonated Admirals trading brand using false details to deceive investors.
  • Clone firms pose serious risks, including fraud and unregulated operations.
Thursday, 04/01/2024 | 10:01 GMT by Damian Chmiel
Retail FX

XTB Clone Scam: FCA Issues Urgent Investor Warning

  • The regulator issues alert on unauthorized XTB clone scamming investors.
  • "XTB Trading World" is not associated with the original brand in any way.
Thursday, 28/12/2023 | 13:10 GMT by Damian Chmiel
Retail FX

FCA Identifies Clone Firms Imitating Hargreaves Lansdown and Westpac

  • Clone firms impersonate popular financial brands in the UK.
  • This time, the FCA warns against clones of a popular bank and trading company.
Wednesday, 27/12/2023 | 16:06 GMT by Damian Chmiel
Retail FX

Beware the Clone: UK Watchdog Flags Fake Spreadex Site

  • Scammers use a domain name strikingly similar to spreadex.com.
  • Clone firms trick investors with false promises, leading to financial losses.
Friday, 22/12/2023 | 12:21 GMT by Damian Chmiel
Retail FX

eToro Impersonation Scam: FCA Issues Warning on Clone Firm Deception

  • The FCA recommends individuals to verify financial service providers' credentials and cross-check information.
  • Earlier, the CNMV issued a warning against a clone firm impersonating eToro.
Monday, 20/11/2023 | 10:16 GMT by Tareq Sikder
Retail FX

Clone Firm Impersonates Legitimate IG Markets: FCA Warning

  • Last week, the FCA revealed that a total of 54 entities were issued warnings.
  • If approached by an unauthorized or clone firm, individuals are urged to reach out to the FCA.
Monday, 13/11/2023 | 13:00 GMT by Tareq Sikder
Retail FX

eToro Clone among Eight Entities Flagged by CNMV

  • The Spanish market watchdog updates its warning list.
  • One of the entities has a name very similar to eToro.
Monday, 13/11/2023 | 10:29 GMT by Damian Chmiel
Retail FX

Santander’s Shadowy Twin Triggers FCA Warning

  • The British regulator warns against impersonating the popular bank.
  • This month is another warning from the FCA about a clone firm.
Wednesday, 08/11/2023 | 10:48 GMT by Damian Chmiel
Retail FX

FCA Issues Warning against Saxo Bank Impersonators

  • Clone firms imitate authorized entities to deceive people.
  • According to the regulator, there is an alarming surge in clone scammers.
Wednesday, 01/11/2023 | 13:44 GMT by Jared Kirui
Retail FX

Bitpanda’s Evil Twin: How Clones Are Undermining Trust in Crypto Exchanges

  • Bitpanda became another victim of fraudulent clone activity.
  • Spanish CNMV urges retail traders to exercise extreme caution.
Monday, 02/10/2023 | 11:24 GMT by Damian Chmiel
Retail FX

Beware the Doppelganger: UK FCA Exposes Fake BUX Trading Platform

  • FCA has warned against Trader BUX Markets.
  • As it turns out, it is the second clone of BUX in the UK within the last 12 months.
Tuesday, 19/09/2023 | 08:21 GMT by Damian Chmiel
Retail FX

News Nuggets | 16 August: eToro Partners with Reflexivity; BaFin Exposes Fortex Clone

  • Also, Brokeree adds new languages to the Social Trading app; Cboe fines Goldman Sachs.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Wednesday, 16/08/2023 | 10:58 GMT by Finance Magnates Staff
Retail FX

Clone Scams Are Killing It on Social Media

  • The first of the two-part series discusses the menace of rampant financial scams on social platforms.
  • "Clones are like mushrooms. You take down one, and ten more will take its place," an industry insider.
Thursday, 03/08/2023 | 08:51 GMT by Arnab Shome
Retail FX

Scam Website Adopts FinCom's Trademarks to Defraud the Public

  • The fraudulent website illegally copied the details of some of FinCom's members.
  • It fraudulently names Finance Magnates as a partner.
Thursday, 03/08/2023 | 08:09 GMT by Arnab Shome
Retail FX

Consob Blocks Access to Clone Sites of E*TRADE and ActivTrades

  • The number of clones has increased significantly in 2023.
  • Last week, CySEC and the FCA also warned against clone companies.
Thursday, 29/06/2023 | 09:08 GMT by Damian Chmiel
Retail FX

CySEC Warns against OANDA TMS Clone Website

  • The Cypriot regulator published a new list of warnings today.
  • Among nine illegal entities was an OANDA TMS clone.
Thursday, 22/06/2023 | 09:09 GMT by Damian Chmiel
Retail FX

FCA Warns against eToro Clone Misusing License Number

  • The warning was issued against ExpoToro and TraToro.
  • This has been another clone of a popular social trading platform in recent years.
Wednesday, 21/06/2023 | 12:05 GMT by Damian Chmiel
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