The Financial Conduct Authority (FCA) has warned people of a cryptocurrency clone firm, going by the name – ICAP Crypto. It is a crypto-clone company of the ICAP Europe Limited. Their modus operandi is that they use the information of people taken from a credible firm and show themselves as a legit organization.

The original firm goes with the name ICAP Europe Limited, which is registered and legalized by the FCA. The clone company has been using the credentials of the true company and scamming people.

FCA, in the past too, have warned investors of two such companies that were cloning themselves as cryptocurrency firms. The firms went by the names Fair Oaks Crypto and Good Crypto. Fair Oaks Crypto targeted people by cloning itself with Fair Oaks Capital, while the latter, Good Crypto tagged itself with Corporate Finance and scammed people by misrepresenting the registered information of the people.

Forex and crypto backers have been scammed to the tune of $34 million by these companies in the near past, according to a statement by the FCA. The FCA is also looking at banning “high-risk derivative products connected to cryptocurrencies”. FCA has given permission to three blockchain enterprises to work under its regulatory body.

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