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UK’s Financial Regulators Warns People Of ‘ICAP Crypto’ As A Scam Clone Firm.

Within an official ‘public announcement‘, Financial regulatory authority of United Kingdom, the FCA [Financial Conduct Authority], warned that ICAP Crypto is a clone firm.

As per the report, ICAP Crypto a is a clone firm of ICAP Europe Ltd. Clone  firms are a sort of scam within which the scammers use formal info from legitimate companies in an attempt to convince targets that they’re real.

However in this case, ICAP Europe Ltd. is a legitimate firm that’s licensed by the FCA, and its details are being propagated in scams employing the similarly-named ICAP Crypto “firm” that is neither licensed nor registered by the FCA.

Earlier in 2018, the FCA issued warnings against two nominally crypto-related clone firms. The 1st clone, named Fair Oaks Crypto, tried to confuse targets by ‘claiming‘ to be related with Fair Oaks Capital. The 2nd clone, Good Crypto, ran its scam by misrepresenting a number of the registration info of the legitimate firm Arup Corporate Finance as its own.

As ‘reported‘ earlier, the FCA revealed earlier this week that crypto and forex investors within the U.K. were scammed out for over $34 Mln from 2018–2019. Explaining further, FCA added that it had been considering a ban on “high-risk derivative product associated with cryptoassets.”

The FCA conjointly recently ‘accepted‘ 3 ‘blockchain‘ businesses into its regulative sandbox. As per FCA, previous blockchain projects they have approved include:

“… digital identity solutions, platforms that tokenize issuance of financial instruments, and services aimed towards facilitating greater access to monetary services for vulnerable consumers.”

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