FCA Adds Further Scams To List

Two Firms Added to FCA Warning List

Financial scams in the United Kingdom relating to digital currencies aren’t slowing down. Subsequently, the industry remains potentially harmful for clients. This is evident with the continually growing warning list maintained by the Financial Conduct Authority. This week they’ve added two entities to this list. Those entities include Rendex Trading and Breckland Trading. However, both sites are inaccessible and are inactive. The FCA’s warning could’ve prompted the shutdowns. The FCA released details on these firms are as follows:

Breckland Trading

• Mail Address: [email protected]
• Website URL: brecklandtrading.com

Rendex Trading

• Location: 109-87 Main Street, GX11 1AA, Gibraltar
• Contact Number: 02071834156
• Mail Address: [email protected]
• Website URL: rendextrading.com

In their announcement regarding these two firms, the British Financial Regulator noted that both firms hadn’t received FCA approval. That they’re engaging in illegal activities against United Kingdom citizens. These finds are based on an analysis that showed prior regular trading without legal permittance.

Additionally, another examination was conducted by the Financial Markets Authority in New Zealand against Enigma Limited, Profitix and Dang Kang International Group. These three firms were found to be engaging in illegal trading. The FMA informed the Financial Conduct Authority in London, England. This has prompted the regulator to add these three sites to the warning list as well. These three firms have cloned other exchanges to trick clients into trading with them, but most of the time, funds are illegally stolen. These illegal exchanges open and regularly close to avoid prosecution.

Scams Rising

Financial scams relating to cryptocurrencies have been dramatically rising since the European Securities and Markets Authority implemented their product intervention measures. Rough USD 34.4 Million was stolen from FX & Crypto investors. These scams have plagued clients for the 2018 and 2019 Fiscal Years. Last year, the Financial Conduct Authority alone received more than 1800 scam reports. This is a 4x increase over 12 months. Unfortunately, the FCA hasn’t provided the number of scams that have been present in 2019. It’s expected that an update will come in the third quart of the fiscal year.

Author: Haydn Franklin

Hayden joined whichbroker.com in March 2019. He previously held positions at leading US facing financial news outlets. Hayden's focus is primarily Crypto and Forex news at whichbroker.com, however he is also whicbrokers long form content specialist leading him to write longer posts with an investigative angle. Hayden gradutated from the University of Chicago. Haydn Franklin can be contacted at [email protected], View all posts by Haydn Franklin