British Regulator 'FCA' Warns Public Against 'Next Coin Market' Crypto Firm.

British Regulator 'FCA' Warns Public Against 'Next Coin Market' Crypto Firm.

2019-03-08 | Eddy Morgan

British Regulator 'FCA' Warns Public Against 'Next Coin Market' Crypto Firm.

In line with a recent official 'announcement' published, British monetary regulators, the FCA [Financial Conduct Authority], has issued a warning against illicit crypto-related firm named ‘Next Coin Market’.

As per FCA, Bulgaria based Next Coin Market 'illegally' claims to be licensed with the U.K’s monetary authority to provide cryptocurrency-related services to British residents.

The FCA additionally stated that the Next Coin Market was transferring users a link to a faux web-site that replicates the impression that the firm is formally licensed by the [FCA]. However, Next Coin Market isn't registered with the authority, the [FCA] aforementioned, claiming that the firm is also involved in criminal activity.

The monetary regulators has additionally asked the general public to report cases related to false claims of being licensed with the FCA. In case, where money transfers are involved, the authorities advises the public to report any such fraud cases to U.K’s national reporting center for fraud and cyber crime, 'Action Fraud'.

The FCA also stressed that anyone who deals with the unauthorized firm isn’t protected by the Financial Services Compensation Scheme, and therefore can’t file a complain to the Financial Ombudsman Service, the official U.K. Parliament’s expert in simplifying finance related issues.

Recently, 'Swiss' crypto bank Dukascopy also 'warned' its customers against a popular forex trading company namely ‘GCG Asia’, that fraudulently claimed to represent the bank’s licensed firm.

Even earlier in Feb., the FCA 'announced' that losses from common investment scams — as well as those crypto-related — amounted nearly to over $255 Mln, last year.

Also last month, U.K. based cryptocurrency liquidity startup named B2C2 OTC Limited has received approval from the country’s FCA [Financial Conduct Authority]. While an another 'announcement' notes that B2C2, that additionally provides electronic OTC [over-the-counter] commercialism, will now also offer CFDs [contracts for differences] to eligible counter parties and pro clients.

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