UK Financial Watchdog Blacklists Clones of Two Major Financial Firms

The United Kingdom’s Financial Conduct Authority warned investors of two fraudulent clones of financial firms.

The British Financial Conduct Authority (FCA) has warned investors of a fraudulent company posing as the Swiss Investment Corporation, an FCA-authorized firm offering crypto investments, and another company that is a clone of Goldman Sachs, the regulator announced on June 14.

The financial regulator has blacklisted a firm operating under the domain swissinvest.biz. According to the announcement, the fraudulent clone firm offers services on its website swiss-investissement.com and is involved in scam activity.

On the website, the alleged clone firm divides its proposed investments into the safest —  assets such as precious metals, and the most successful — major cryptocurrencies including bitcoin (BTC), ether (ETH) and ripple (XRP).

The FCA released another warning against Goldman Sachs Asset Management International, a clone of major global investment bank Goldman Sachs. The popular investment bank has recently denied its plans to launch a crypto trading desk, claiming that multiple media reports suggesting otherwise were incorrect.

In both cases, the FCA has expressed the particular danger of cold calls from companies pretending to be legitimate financial institutions.

Earlier in May 2019, the FCA warned investors against another clone firm posing as ICAP Europe Ltd.

Also in May, the British regulator reported that local crypto investors lost more than $34 million due to cryptocurrency and foreign exchange (forex)-related scams over 2018 and 2019.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Helen Partz


This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.

USSANews.com USSANews.com