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UK Financial Regulators Sound the Alarm on Yet Another Crypto Clone Firm

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UK regulator the Financial Conduct Authority (FCA) has issued its second warning of the week on, Wednesday August 8th, regarding crypto related frauds claiming to be FCA authorized.
A rogue firm called Good Crytpo was giving out “false details or mix[ing] these with some correct details of the registered firm,” which in this scenario was London based Arup Corporate Finance.
“This FCA authorized firm that fraudsters are claiming to work for has no association with the ‘clone firm,’” the regulator said in his statement.
Good Crypto is a fake firm with its own website and contact details, which the FCA warns are either 100% fake or mixed with details of the legitimate firm Arup.
This news comes directly on the heels of regulators calling attention to another suspicious crypto operation the day prior.  This organization also was falsely affiliating itself with the legit investment firm Fair Oaks Capital.
Regardless of a late start on regulation of the local cryptocurrency industry, the FCA has now begun formally assessing if token operators and other entities conform with the standard legal requirements.
As of May, a grand total of 24 businesses have come under the FCA’s radar.
In March, the UK went straight to the headlines when a ‘shell’ company registered in the country was linked to stolen funds from a now inoperative cryptocurrency exchange, Mt. Gox.
UK regulators are warning crypto investors to be aware and take heed before giving your money to just any crypto firm.  Always make sure they are legitimate and FCA authorized before handing over your hard earned cash.

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