The first monetary regulator of the UK, the Monetary Conduct Authority (FCA), warned that ICAP Crypto is a clone agency in a public announcement on Could 24.

In line with the report, ICAP Crypto is a clone agency of ICAP Europe Restricted. Clone companies are a kind of rip-off during which the scammers use data from official companies in an try and persuade targets that they’re real.

On this case, ICAP Europe Restricted is a official agency that’s approved by the FCA, and its particulars are being propagated in scams utilizing the similarly-named ICAP Crypto “agency” which is neither approved nor registered by the FCA.

In 2018, the FCA issued warnings over not less than two nominally crypto-related clone companies. The primary clone, Honest Oaks Crypto, tried to confuse targets by claiming to be affiliated with Honest Oaks Capital. The second clone, Good Crypto, ran its rip-off by misrepresenting a few of the registration data of the official agency Arup Company Finance as its personal.

As beforehand reported by Cointelegraph, the FCA said this week that crypto and foreign exchange buyers within the U.Ok. had been scammed out of over $34 million from 2018–2019. The FCA went on to say that it was considering a ban on “high-risk spinoff merchandise linked to cryptoassets.”

The FCA additionally just lately accepted three blockchain companies into its regulatory sandbox. In line with the FCA, earlier blockchain tasks they’ve accredited embody:

“… digital identification options, platforms which tokenize issuance of economic devices, and companies aimed toward facilitating higher entry to monetary companies for susceptible customers.”

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