The UK Financial Conduct Authority (FCA) has warned that cryptocurrency company ICO Crypto is using information from a company registered with the regulator to defraud customers.
The regulator said that the fraudulent cryptocurrency company ICO Crypto is using the reference number of the company registered with the regulator in an attempt to give legitimacy to its business. The reference number used by the fraudsters belongs to Swiss Re Capital Markets, a division of one of the largest reinsurers, Swiss Re.
“Please be aware that fraudsters may provide other false information or mix it with real data of a registered company,” the FCA warning says. “Over time, they can change email addresses, phone numbers or physical addresses to new ones.”
All firms and individuals providing financial services in the country must be registered or authorized by the FCA. The regulator strongly recommends that users only deal with financial firms that are approved by the UK Financial Conduct Authority.
As a reminder, the UK financial regulator recently extended the temporary registration regime for cryptocurrency companies until March 2022, as most of them still “do not meet the required standards”.
In March, the CryptoUK digital asset trading association called on the UK Treasury Secretary to take action over delays in the start-up registration process with the FCA. According to the association, the firms are faced with a “difficult process”, and most of the companies belonging to the association have not yet received a response from the regulator.
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